Charles Hoskinson, the founder of Ethereum, commenced working on developing Cardano in 2015. However, he did not launch the platform until 2017. It’s worth mentioning that both Etherum and Cardano are used for similar purposes. However, if you ask about Cardano, many will tell you that it serves as an updated version of Ethereum. It works faster with lower transaction rates, thereby making it highly convenient.
Cardano (ADA) is a popular cryptocurrency by market cap designed to be a flexible and sustainable blockchain for running smart contracts. It works on a well-designed proof-of-stake blockchain protocol known as Ouroboros. Being a third-generation proof-of-stake blockchain platform, the digital coin is specially made to be more efficient and an alternative to proof-of-work networks. It’s worth noting that Cardano is a blockchain, while ADA is the cryptocurrency which fuels the blockchain. So, if investors say they have invested in Cardano, they actually mean they invested in ADA.
A Bit About Cardano
The Cardano blockchain contains two main components. One of them is known as the Cardano Settlement Layer (CSL), which serves as the unit of the account. It’s the same place where token holders can receive and send ADA immediately without incurring hefty fees. The other one is known as the Cardano Computational Layer or CCL. CCL can be referred to as a set of different protocols that serve as the engine of the blockchain.
It’s the one used to initiate and run smart contracts, compliance, and ensure security. Also, CCL enables improved functionality, such as identity recognition and blacklisting. ADA’s open-source code is created using Haskell, which is a globally recognized and safe programming language. ADA also operates on a consensus mechanism known as Ouroboros.
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While Cardano and Ethereum share some similarities, there’re a few important features that make it stand out. In the past years, Cardano has won the hearts of many potential users across the globe. It’s also somewhat less volatile compared to many other digital currencies you might have already come across. That’s the reason many media outlets like to write about its progress and the changes it has brought to the world of cryptocurrencies.
According to Cardano, ADA is the very first third-generation of crypto. It also looks to solve various infrastructure and scaling challenges that affected BTC some time back. Note that Bitcoin was the world's first digital coin that many people believed to be the best thing to ever happen in the financial industry. Cardano’s main aim is to solve issues related to interoperability, scalability, and sustainability in the world of crypto.
Utility of Cardano?
ADA enables you to skip intermediaries like banks and other financial institutions. As a result, you can transact directly on a permission-less basis with other entities as well as individuals.
The platform attracted media attention by being the first blockchain to include a peer-reviewed research policy in its core principles. Its currently one of the biggest cryptocurrencies in the world, commonly referred to by analysts and investors as a third-generation cryptocurrency.
Bitcoin was the first generation used to store and transfer virtual money though plagued with scalability issues. Ethereum started the second generation and brought about smart contracts. Although it improved scalability, it was not enough to make it a global currency.
The third generation aims at improving the previous two generations by creating a stable cryptocurrency ecosystem as well as solving problems related to interoperability, sustainability and scalability on cryptocurrency platforms.
Cardano Price detailsContract address: 0x3ee2200efb3400fabb9aacf31297cbdd1d435d47
›› Details & Tokenomics
›› ADA tokenomics and social media
Advantages of Cardano+ Give developers opportunity to create advanced smart contracts.
+ Created by one of Ethereums co-founders, Charles Hoskinson.
+ Can handle scaling issues way better than Bitcoin.
+ Cardano offers decent staking rewards.
Disadvantages- ADA is still in development and can be improved.
- Cardano got some issues with ledger synconisation.
- Almost 3/4 of all Cardano tokens are staked.
- It faces an uphill battle with Solana, one of its fast-growing rivals.
Costs▪ Rated at 9/10
Cardano costs may vary depending on several factors. Both Cardano and ADA influence the value of each other. Network value is linked to the native coin value, so the price of one will affect the value of the other.
At the time of writing, the price of ADA when buying or selling was $1.05, the lowest being $1.02 and the highest being $1.07 according to coinmarketcap.com.
Cardano (ADA) transaction costs are not constant. However, the cost ranges to approximately $0.4, which means 0.16 ADA per transaction. The transaction cost is calculated based on an ADA cost per Byte and a fixed ADA amount as well as the transaction size.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
As a third-generation cryptocurrency, Cardano focuses on improving issues relating to cryptocurrency platforms, such as high fees due to increase in transaction volume. And though it comes with several advantages, Cardano faces several challenges, including dealing with the dominant players, Bitcoin and Ethereum.
What is the highest value Cardano ever had?
Though Cardano is one of the newest digital coins in the market, it reached its highest value on 13/05/2021, which was 2.98 USD, before going down one more time. That means you shouldn’t feel discouraged to invest in Cardino since it has proven to be one of the less volatile currencies out there.
Where can you invest in Crypto?
If you check the internet, you’ll notice that many websites out there claim to be the best starting point for your success as an investor. However, to be certain that you’re on the right track, you should use the company’s main website.
Is Cardano a safe cryptocurrency?
It all depends on what you intend to do with the virtual currency. For instance, if you want to use the currency to shop, then only a few merchants can let you finish payments with ADA. But for trading, you can take an online course and hop into the system as an informed trader.
Is Cardano decentralized?
ADA got a high degree of decentralization since every individual can be a node validator.
History of Cardano
2017: The coin is launched in September by Cardano founder Charles Hoskinson, one of the co-founders of Ethereum.
2018: ADA hits a high of $33 billion in market cap for a brief period.
2019: Footwear manufacturer New Balance pilots a program on the Cardano blockchain to track the authenticity of a new basketball shoe.
2021: Cardano implements decentralized finance (DeFi) services in September, with an upgrade to enable smart contracts and the ability to build decentralized applications (DApps).
2022: The Vasil Hardfork is completed in Q3, improving various aspects of the Cardano network, and thus adding future value to the coin.