February 4, 2021
Cardano (ADA) is a fast-growing blockchain asset in the cryptocurrency industry attracting many investors. It's currently in rank #6 in CoinMarketCap with a price of $0.437833 and it is up 4.61% in the last 24 hours. It has a market capitalization of $13,622,084,146, a trading volume of $3,595,384,889, and a circulating supply of 45,000,000,000 ADA coins.
What is Cardano?
Cardano was launched back in 2017 founded by a mathematician, Charles Hoskinson. Charles is also the co-founder of Ethereum and CEO of the IOHK company that built Cardano’s blockchain. The coin was created to be an alternative to Ethereum, with a proof-of-stake blockchain platform that allows changemakers, innovators, and visionaries to bring positive global change and aims to create a more secure, transparent, and fair society.
Cardano developers aim to allow people to develop decentralized apps and smart contracts with modularity and fast sending and receiving funds with minimal fees.
What makes Cardano unique?
Cardano has combined features of Ethereum and Bitcoin and it is the biggest blockchains to successfully use a PoS consensus mechanism. The project is based on peer-reviewed scientific evidence which means that all challenges or new ideas must be reviewed and agreed upon by academics before they are implemented.
Cardano held a Shelley upgrade in 2020 that aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains.
Cardano's Security
Cardano is secured through Ouroboros or an “environmentally sustainable, verifiably secure” PoS protocol. They guarantee the security delivered by the PoS consensus mechanism that is less energy consuming and four times more energy-efficient than Bitcoin.
As a smart contract platform, Cardano provides two-layered unique architecture. The Cardano Settlement Layer (CSL) deals with all Cardano transactions using minimal fees and the Cardano Computation Layer (CCL) helps run smart contracts. These features allow developers to develop decentralized apps while ensuring security and making small changes for end-users.
What Are The Uses Of Cardano (ADA)?
Cardano is an open-source smart contract platform that aims to solve a wide range of problems across multiple industries.
Counterfeit
IOHK, the company that built Cardano created Atala SCAN. This tamper-proof system is developed to protect brands and customers from counterfeit goods in the retail sector.
Education
The Atala PRISM can be used in the education sector, securing academic credentials and certifications in a tamper-proof ecosystem.
Government
The Atala PRISM can be used in the government sector to prevent issuing authorities’ dependency on credential issuance and verification systems.
Digital Identity
The Cardano team already started cooperating with 54 countries in 2019 to build blockchain governance tools. The digital identity it provides helps unbanked citizens from developing countries of Africa and Asia.
Agriculture
The Cardano blockchain can be used in the agricultural sector for product certification and traceability via Atala Trace or EMURGO solutions.
Healthcare
The Atala SCAN can be used in the healthcare sector for the authentication and verification of the origin and supply chain of pharmaceutical products to guarantee the patients’ safety worldwide.
Cardano created its native wallet called Daedalus for holding the coin but ADA can also be stored on exchanges or different crypto wallets. Token holders can also earn coins for running a staking pool within the Daedalus wallet or delegating ADA.
Is Cardano A Worth HODLing?
The demand for the coin keeps growing and driving its price higher. The more DApps and smart contracts build on the Cardano blockchain, the higher the increase in its price. The decentralized nature of security and layered architecture scalability makes Cardano valuable crypto. The continuous moving uptrend makes it an excellent choice for traders and new investors who want to diversify their portfolios.
Cardano remains its rank on the top 10 at CoinMarketCap and almost equal with DOT and XRP regarding its market capitalization. Cardano shows incredible growth in 2020 of over 500% increment which only proves that it is a profitable investment. And this year, from the price of $0.20 last January 4, it rose to $0.437833 based on the current price.
According to some crypto experts, Cardano will continue to bullish and might jump its spot to the 5th in the world's biggest crypto. As Cardano gains more partnership, it will continue to drive ADA's price high and speculated to reach $3 by 2025. Within its four years of existence, it shows stable growth and a large number of partners support Cardano’s long-term growth potential.
References:
https://coinmarketcap.com/currencies/cardano/
Disclaimer:
I am not a financial advisor and this
the article is for educational purposes
only.
Always make your own due diligence when
investing in cryptocurrencies.
Any investment involves high risks,
so do not invest more than what you
can afford to lose.Thanks for reading @Jane
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Is there anywhere to collect free?I mean Cardano.