What is Cardano
In todays blog I'm going to show you exactly what cardano is. A very real competitor to Ethereum this crypto has been blowing up in the crypto community recently. I'm going to cover many topics about this layer one cryptocurrency. From the latest updates to the blockchain to when we can see the price rise to all time highs again. So make sure you read the whole blog to absorb all of the information we'll be discussing. Lets now get into the rest of the blog post now.
Why Was Cardano Created
This cryptocurrency was first created by the co-founder of Ethereum Charles Hoskinson after he had left the Ethereum project. His vision and goal for this crypto was to create a environmentally sustainable and scalable blockchain network that could give you a set fee and process transactions within seconds. This is why he stopped working on Ethereum because he didn't believe it would be the future considering it's gas fees and not instant transactions. Up and till recently Ethereum had the upper hand with smart contracts but now cardano has launched smart contracts. Which leads us to the next topic of discussion.
How Does Cardano Work
How Cardano operates is through a proof of stake model. It's also a layer 1 cryptocurrency meaning it's the main part of the ecosystem and is what holds the ecosystem together. Although another thing Ethereum has on cardano is their ecosystem. Cardano ecosystem is lacking as of right now. But with the launch of smart contracts you expect more development on the eco system. There are many projects being developed right now on the cardano blockchain so you can expect more on the ecosystem soon. From decentralized exchanges to stables coins to oracles.
How Is Cardano Doing Right Now
As of now cardano price is at $2.40 with a loss of 1 percent over the last 24 hours as of (9/18/21). Recently the price of cardano went up near all time high during the launch of smart contracts. But with the launch of the smart contracts more people have been selling recently. However with smart contracts actually working on cardano we can expect the price of cardano to go up in the near future. With more development being done with the ecosystem you can expect more money to come into cardano and it's projects. Which leads us to the next topic to talk about.
What Is The Future Of Cardano
With the developments of the cardano ecosystem the future of cardano is looking bright. There are a lot of projects currently underway on the cardano ecosystem. The projects vary from decentralized exchanges with DeFi services to stable coins. Many of the projects have their own cryptos you can buy like the adax cryptocurrency which is a DeFi exchange to be realized on the cardano ecosystem. Which I'm currently invested into as of right now. Not financial advice but if you want to know the perfect time to buy I believe it's now because once the cardano ecosystem is developed the price of it isn't going to go down and is just going to keep rising.
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Nice article mate! just have a question with ADA, people think the upgrade didn't go as planned and they have some serious stability issues, what do you think about that? I'm a long time holder of ADA.