Started by RoboForex, Apr 20, 2022, 01:11 pm
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Cardano is a blockchain platform meant for creating smart contracts and decentralized apps. Thanks to being fast and scalable, it can compete with Ethereum.
The platform was created by Charles Hoskinson, who also founded Ethereum alongside Vitalik Buterin and six other experts. In 2014, Hoskinson left Ethereum, created his own project - Cardano - and started working on it actively.
By an IPO, the platform gathered about $80 million in the BTC. The project was officially launched in 2017, and coins got on sale on 1 October already.
Cardano uses its own token ADA that has confidently got on the list of Top-10 cryptocurrencies with the largest capitalisation. Instead of classic mining, the coins are created by so-called forging, based on the Proof-of-Stake (PoS) algorithm.
The ADA reached its high at the beginning of September 2021 when it rose to almost $3.1. However, the coin started falling and hit the low of $0.8.
The token got its name after a famous mathematician Ada Lovelace. The minimal unit of the ADA - 0.000001 of coin - is called Lovelace. The project itself is is named after an Italian mathematician Girolamo Cardano who got in the history of cryptography because he created the Cardano Grid - a device for ciphering messages.
The development of Cardano can be divided into 5 stages, or epochs. Each stage is worked on simultaneously, while new functions are implemented one by one. Creators of the project never name the exact dates when new opportunities will appear.
This is the first blockchain platform based on a research approach. A lot of researchers work on this. According to Charles Hoskinson, the smart contract platform has unique functions, unavailable in any other network.
The developers are now focused on three main characteristics of Cardano: scalability, compatibility, and stability. The project uses sidechains, improving compatibility not only with other blockchain networks but also with other financial structures. As for control over the financial side of the network, it will be a task for users of the network.
The structure of Cardano is planned to consist of several levels. For example, Cardano Settlement Layer will deal with crypto only, and Cardano Computation Layer - with DApps and smart contracts.
One more characteristic is that the network is based on the Ouroboros protocol. Safety is provided by most up-to-date algorithms.
In 2020, Cardano got onto the top-50 list of the most innovative crypto projects. NASDAQ called the ADA best green token to buy: it is million times more efficient than the Bitcoin network.
The project realizes a unique staking model, chiefly focused on ordinary users instead of major investors. This approach allows for making additional money on staking even with small wallets.
Fast and cheap transactions, a trustworthy blockchain system with high-quality protection from fraud - all this makes certain experts call Cardano an alternative to Ethereum.
Like any other crypto asset, the ADA can be bought on large crypto exchanges. The token is usually traded against the Bitcoin, Ethereum, and Tether.
It can also be bought for fiat money - USD, EUR, and GBP. Also, online exchanges and crypto wallets support the ADA. RoboForex supports trading the ADA/USD pair.
The ADA crypto takes a well-deserved place on the top-10 list of assets with the largest capitalisation. The project has not reached its final stage of development but yet attracted the attention of investors by a unique staking model. However, note that this model is already being used by other networks - Solana, Terra, and Ethereum 2.0.
For the success of Cardano, it is vital to complete development and launch all the stages of development. Users notice that the coin has growth potential, and all which is necessary is to follow the plan step by step.
The recent decline of the ADA is a good opportunity to look for signals to buy; it is always better to invest in an underpriced asset than in an overpriced one.
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