24.05.2022
Cardano is a platform that provides the launch of decentralized applications (dApps) and smart contracts. Many predict that this platform will be able to become a full-fledged analogue of the Ethereum platform in the future. The platform works on the Proof-of-Stake Ouroboros blockchain.
Cardano developers were able to launch their own ADA coin, which currently occupies a leading position in the tops and ratings of digital market capitalization, after cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, Tether and XRP.
The ADA token provides different functions to users on the Cardano platform: the right to vote and the ability to bid. Cardano coin can be left as collateral for rewards and income in such cryptocurrency wallets: Daedalus and Exodus. Cryptocurrency is used for stacking, and cardano mining is also possible.
The main factor behind Cardano's price increase is explained by its multinational team, which is working hard on the weekly release of updates. The platform team has three divisions with headquarters in Switzerland, Hong Kong and the Isle of Man.
Development history
The Cardano ecosystem was developed and launched in 2015 at the initiative of Charles Hoskinson, who is one of the first and main developers of Ethereum. He worked on the Ethereum technology together with Vitalik Buterin, but for a number of unknown reasons left the project on the eve of its official release.After his departure, Charles and Jeremy Wood founded the company IOHK. Jeremy Wood has also previously worked on the development of the Ethereum platform. IOHK's main idea was to have a decentralized network working in tandem with dApps, smart contracts, side chains, and a unique utility token.
The cardano platform was named after one of the most famous mathematicians of the past centuries, Gerolamo Cardano. ADA token, in turn, was named after the daughter of the world-famous poet Byron — Ada Lovelace, who is considered the world's first programmer, as she managed to give a step-by-step description for a computer and developed a basic program for it.
Key Goals of Cardano
The main founder and developer, Charles Hoskinson, assures users that the main goal of the platform is transparent access to banking services, which will improve the standard of living and stability of billions of people.
Cardano cryptocurrency is being developed on the basis of DeFi technologies and is heading for the poorest parts of the world. Hoskinson is confident that if his idea is implemented in less developed countries, then it will become an indicator of success and in the near future will lead to implementation in almost all corners of the world. It is important to mention that you can use cryptocurrency only if you have a smartphone and access to the Internet. If we take into account the underdeveloped countries of Africa, such as Senegal and Ethiopia, then Cardano's employees assure that progress and development are possible in such countries as well. That is why the company's representatives are already actively promoting the concept of the platform in African countries.
It is also worth mentioning that for a long period, the Cardano Foundation has been sending large amounts of its own cryptocurrency to a variety of charitable foundations. In addition, certain percentages in the reward blocks will be transferred to authorized structures that are engaged and responsible for the protection of animals and environmental problems.
Key features of Cardano and ADA
- The Cardano protocol provides the ability to combine and cooperate with such platforms as Bitcoin, Ethereum and the SWIFT financial transaction system;
- The project does not intend to speculate on the prices of cryptocurrencies, but is exclusively engaged in the development of blockchain technologies;
- platform developers solve some of the most common problems of the Bitcoin and Ethereum blockchain, while implementing a type of mining that does not require large electricity costs;
- the status of the project's authority has been maintained at a high level for many years, as the developers rely on technological and academic research;
- ADA cryptocurrency is written in the Haskell programming language, which can be called one of the most secure and reliable;
- cryptocurrency has its own developed blockchain;
- cryptocurrency scalability, thanks to which tens of thousands of transactions take place in the shortest possible time;
- Ouroboros is a security system that provides mathematical reliability and accuracy, thanks to which it is possible to significantly reduce energy costs;
- any Cardano user can create a smart contract to securely store their money and digital transactions;
Buy Cardano. How to find out the Cardano rate?
Cryptocurrency cardano is currently one of the most popular coins on the digital market and is traded on the largest cryptocurrency exchanges, for example, you can buy a coin on:
- Binance US;
- OKCoin;
- Kraken;
- EXMO;
- Upbit;
- Bithumb;
- Gate.io;
- Bittrex.
Cryptocurrency can also be exchanged for ethereum, bitcoin or stablecoins, as well as for the currencies of different countries of the world, depending on the platform. On the Kraken cryptocurrency exchange, ADA coins can be purchased for euros, and on Bithumb for wons.
Platform development prospects and Cardano forecast
The decentralized Cardano platform is highly secure thanks to its architectural multi-layer scalability. Together, the schemes of the developers make the Cardano coin unique.
As of April 2022, there are about 34 billion ADA coins in circulation on the digital market, in total there are 45 billion cryptomonets in the maximum offer.
The cardano exchange rate to the dollar, or another currency, is quite stable against inflation. This stability is explained by the increased demand from users for a limited circulation of coins.
Many analyst groups believe that closer to 2030, the cardano cryptocurrency will cost about $58-60 per coin. However, these forecasts should not be considered as accurate as possible, since all cryptocurrencies have their share of volatility and this can slightly correct price forecasts.
According to the forecasts of the most popular crypto exchanges, it can be argued that the price of Cardano will directly depend on the number of smart contracts and dApps located on its own blockchain.
It is up to you to decide whether to buy this cryptocoin or not. However, it is important to understand that before purchasing a cryptocurrency, you need to study the digital market in more detail, analyze the charts of price growth and fall in the long and short term, as well as decide on the number of coin purchases and decide whether to invest or store it in a personal wallet.
