Cardano is cryptocurrency, but it is not in its entirety a cryptocurrency. It is also a decentralized public blockchain project that is completely open source. The project involves the developing of a smart contract platform that will deliver advanced features than what we are currently used to. Cardano and Etherum have some similarities. Just as Ether is the crypto coin used for transactions on the Etherum platform, ADA is the crypto coin used for transaction on Cardano platform. But that is just about the similarities it has with Etherum, because Cardano offers various technological advancement when compared to Etherum and other altcoins. Also, ADA crypto coin can be used to transfer of digital funds.
The brain behind Cardano is Charles Hoskinson, one of the co-founders of Etherum. It was launched in the year 2017 as the first blockchain platform to be birthed out of a scientific and research philosophy, and the developer team of this platform were majorly researchers – scientists and engineers. Cardano is built in layers, making it a good platform for subsequent upgrades and possible forks. It is supported by 3 entities in its entirety; Emurgo, IOHK, and Cardano Foundation. Cardano owns its own wallet called Daedalus. The trustless mechanism on which the decentralized platform runs on is PoS (Proof of Stake). Plust and it runs its own protocol which is called Ouroboros.
INVESTMENT HISTORY OF CARDANO (ADA)
Cardano was launched in October 2017, after two years of development and anticipation on the side of investors. The Cardano plan and whitepaper was made public in 2015, which kind of made it stand out from other coins because they stayed away from promotion between the year of conceptualization and the year of the launch. When it was eventually launched, Bittrex became the first cryptocurrency exchange platform to launch it. Within a month of its launch, Cardano became very popular and other cryptocurrency exchange platform just had to list it on their platforms. At the time of launch, Cardano was $0.021 and by January 2018, it hit an all-time high of $1.22. Its market grew from $0.56 million to $31 billion in just three months. Most investors invested in this project because of its solid technological improvements that had over other cryptocurrencies. Unfortunately, the crypto winter of 2018 didn’t care about the sophistication in technology as Cardano crashed, just like every other cryptocurrency. However, Cardano has been showing the green light as it recently tripled its price and market cap value in the last 30 days. Trading between $0.035 – $0.05 USD.
The major competitors of Cardano are Litecoin and IOTA. This is because of the close similarities that they share both in their functions and their market capitalization shares. Hence, the demand for for any of these currencies will likely affect the prices of others. But then again, Crdano stands out in the following ways;
The team behind Cardano does not comprise of just developers, but also engineers and scientists from different part of the world. Cardano remains the first and only cryptocurrency that has introduced the peer-review concept of every single activity on the platform. It is also backed by three super organizations.
Cardano is not just a cryptocurrency as Litecoin is. It makes available an entire platform for the building of decentralized applications alongside smart contacts. It also offers technological improvement with the possible provision of a solution to the scalability issue that most cryptocurrencies are experiencing today. It is also more sustainable on the long run.
With the Ouroboros protocol, Cardano can achieve high level of security details and scalability simultaneously. This means that even though the probability of its security being compromised is low, Cardano can overturn the effect of a hack faster than its major competitors.
As established earlier, Cardano offers its own wallet which is called Daedalus. The Daedalus is the place you store your ADA coins. According to Cardano’s team, they are working on upgrading and improving the design of Daedalus so that integration with third parties through APIs will be less complicated.
In conclusion, the long term goal of Cardano for it to be a cryptocurrency that supports both smart contracts and decentralized apps. At the same time, for it to be used as a secured payment method. It is still in its child phase, but with all the innovation it brings to the table, it has a great future.