Technical Price Analysis of Cardano(Nov.5th)

Cardano is a  computing platform that runs the blockchain for the Ada cryptocurrency. Bittrex was the first exchange and Daedalus was the first cryptocurrency wallet that holds Ada and allowes transfers to other wallet addresses, but there are more to choose from now.

While there are similarities between Bitcoin and Cardano SL, there are also many differences between these two cryptocurrencies. The most significant difference is that Bitcoin is a proof of work type cryptocurrency, while Cardano SL makes use of a proof of stake approach to reach consensus. This encourages honesty and long term participation.

Your money is as secure as the secret key that allows spending it. This means that storing your secret key on a USB flash drive in a safe is equivalent to having banknotes in a safe. Absolutely nobody can steal this money even by carrying out a successful cyberattack.

Cardano blockchain was created by blockchain development firm Input Output Hong Kong (IOHK) and led by Charles Hoskinson, former co-founder of BitShares, Ethereum and Ethereum Classic, and aims to run smart contracts, decentralized applications, side chains, multi-party computation, and metadata.

Some of the problems that cryptocurrencies are facing are: Scalability, Sutainability and Interoperability. Cardano here comes with its layer architecture structure making it stand out in safety and security of the smart contracts. As its divided into layers, the security is heightened as the processing done by the following layer [part] is made independently from the previous. Such the information is handled safely and not shared.

The price of Cardano (ADA) is set to increase by 8,000% before the close of 2018 according to supporters of the project. Despite the July 31 Cardano price chart showing a 9.45% 24-hour price drop, insiders remain bullish at the token’s long-term prospects.

It’s advisable to stop and not do anything until a sure rise begins in other to avoid another bad timing.

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