Cardano (ADA) is another promising project that has emerged in recent years in crypto. Because of Cardano’s interesting solutions, it is gaining more and more sympathy and attention from investors. Let’s take a look at what the fundamentals of Cardano are and what it can bring to the world of cryptocurrencies.
Brief history and technical aspects of Cardano (ADA)
Cardano (ADA) is a decentralized, open-source blockchain platform. The leading figure of the project is Charles Hoskinson – mathematician and CEO of Input Output Hong Kong (IOHK). He is a figure who became famous in the blockchain world as co-founder of Ethereum (ETH). Over time, however, he set his sights on a project of his own, and thus Cardano saw the light of day in September 2017. This project has its own cryptocurrency, known as ADA.
A key feature of Cardano is that it was co-developed and peer-reviewed by academics. As a result, Cardano’s development is largely based on real-world research. It is a smart contract platform that strives to enable the most advanced features. Cardano runs on Proof of Stake (PoS) and combines distributed systems and cryptography. It thus creates a strong and flexible cryptocurrency. The project’s protocol is mainly focused on protecting the privacy rights of users, but at the same time it takes into account the requirements of regulators. The solution is highly flexible and quite customizable. One of Cardano’s principles is the use of a lightning network, so that transactions can be carried out in just a few seconds.
Price development of Cardano (ADA)
Initially, 45 billion coins were put into circulation. Due to the fact that the first block was created on September 29, 2017, ADA did not benefit much from the previous bull market. The coin’s peak was set at $1.40 during this period. At the time of writing, ADA is trading above $0.40. However, the cryptocurrency is quickly gaining traction among investors and traders, quickly climbing the rankings of overall market capitalization. ADA is considered by many to be the black horse of the bull market that, at the time of writing, has just begun.
Capabilities of Cardano (ADA)
Cardano’s project is based on innovation, speed, and is backed by real data. The team of scientific experts is Cardano’s joker card and future. It is not without reason that Cardano (ADA) is seen as a very serious competitor to Ethereum (ETH), when it comes to handling smart contracts. Cardano is first and foremost a protocol that seeks out and bridges the current gaps of smart contract systems. The year 2021 could prove to be very lucrative for Cardano, and the project’s rapidly growing market capitalization should secure Cardano’s place in the top 10 cryptocurrencies for a long time to come.