It’s impossible to be an active crypto investor without having heard or seen Cardano’s abilities. The Cardano project, which birth the cryptocurrency ADA has been moving quite fascinatingly since its first release in 2015.
Cardano was developed by a technology company, INPUT-OUTPUT HONG KONG, owned by Charles Hoskinson. Charles, a major developer in the Ethereum Foundation and the development of the popular Ethereum, saw the need for a third-generation cryptocurrency. He then started the project Cardano and plotted every move, and named the coin ADA. Currently, Cardano is trading at $1.59 with a circulating supply of approximately 32.1 billion and a maximum supply of 45 billion. This shows how enticing the growth rate of Cardano will be in the few years to come or in the next decade. However, it is essential to note that Cardano has a 3.25% market dominance and is rated top 4 out of the several thousands of crypto coins in the community.
Cardano works almost the same way as ethereum, but one of the differences between them is Cardano is better adapted to smart contracts than ethereum will ever be. Charles worked on the shortcomings of Ethereum to build the PERFECT Cardano.
What is Cardano?
Cardano is a PoS (Proof of stake) project with general usage. It’s a third-generation project that has been programmed to solve the issue of scalability amongst most 2nd generation cryptocurrencies like ethereum and its “more than high” gas fees. Cardano is one of those projects that have undergone several research and scientific reviews with a five staged roadmap of how the project has been strategically planned. If you don’t have Cardano in your wallet, you can buy it from all exchanges where it’s trading at the said value currently. You can’t fall at a loss when you buy Cardano, especially from a reputable exchange.
How Does Cardano Work?
As mentioned above, Cardano is a third-generation cryptocurrency created to solve the issue of scalability of both generation one (Bitcoin) and generation two (ethereum). It’s rapidly becoming the project it was designed to be, as an innovative technology deployed into the crypto community. Note that these first and second generations are prone to low transaction per sec rates with very high gas fees than Cardano. These factors are some of the limitations Charles saw fit, and he used Cardano as an alternative in solving these issues. Hence, Cardano is built such that it has very low transaction charges with high transaction per sec with Proof of Stake network upgrades. These attributes set Cardano ahead of the first and second generation of crypto.
Ouroboros, ADA’s proof of stake protocol is designed such that efficiency is vital. POS reduces the energy used up per transaction on the network compared to proof of work without sacrificing the network’s security.
Another essential step in the ADA network is Hydra. Hydra is designed to accommodate infinite scalability such that it could withstand new nodes joining the network. Also, ADA allows a hard-fork combination feature which enables the network to hard-fork without any interference on the blockchain, and It’s working perfectly.
The PoS enabled on the ADA network makes it a force to reckon with compared to ethereum and Bitcoin. Unlike these two giant cryptos, ADA makes use of little energy and low transaction cost. The network has the capability of carrying out a large chunk of transaction with pocket-friendly charges. It should be noted that the price of ADA is still very affordable, making it quite possible to accumulate as many as possible.
Depending on the investor’s discretion, you can decide to engage in active trading or long-term holding. Either way, Cardano is a win/win project for all. It’s not rated 4th because of its price but its capability and rate of adoption. ADA, as explained above, is used to provide modern blockchain infrastructure by using various mathematical and technological concepts. Cardano is such that it could become a dominant smart contract platform, although it still has quite a number of years along with its development. In the years to come, Cardano is not only causing a revolution in the crypto community but also a real force to reckon with by both financial institutions and private investors. You can buy Cardano now that its price is still pocket-friendly before it prepares for the moon.
With Cardano in place, you can be sure of being on the right track as your investments are going to yield bountifully once the price of Cardano skyrockets.
