Cardano (ADA) Crypto coin – Why Is It So Popular coins?
Cardano’s ADA coin has made headlines for its surge in popularity. But why is crypto coins sought?
If you are in tune with everything related to cryptocoins, chances are you have come across the term Cardano.
When you first heard about it, you may have wondered: what is Cardano and why did its crypto token ADA become so popular?
If that sounds familiar, read on; This article will reveal everything you need to know about Cardano.
What Is Cardano (ADA) and Why Is It So Popular Crypto coins?
- What Is Cardano Coin?
- What Is ADA Cryptocurrency?
- What makes Cardano Crypto coin unique?
- The future of Cardano Crypto coin – What awaits us?
- A long-term vision for Cardano coin
- ADA Cryptocoin Price Live Data
What Is Cardano Coin?
Cardano is an open source public blockchain platform for creating and executing smart contracts and other decentralized protocols. It was created by a team led by Etherum co-founder Charles Hoskinson.
Cardano is said to have the technology to create new possibilities on the decentralized web for the masses. Among these tools are smart contracts, which allow users to execute their own terms or agreements through code automation.
The Cardano network was launched in 2014 with multiple layers. Currently, Cardano Settlement Layer handles ADA transactions, while Cardano Computation Layer will eventually handle smart contracts.
In 2017, Cardano launched its native cryptocoin ADA. The name pays homage to the 19th century mathematician Ada Lovelace, while Cardano himself is named after the Italian scholar Gerolamo Cardano. Perhaps surprisingly, the project gained significant popularity despite not having a fully finished product.
What Is ADA Cryptocurrency?
ADA is Cardano’s official native crypto token. It has become one of the top 10 cryptocurrencies by market capitalization since its launch in 2015.
ADA has created quite a stir along the way. As its technology rapidly advances, it is speculated that it could compete with Ethereum in building a massive blockchain ecosystem.
Cardano’s rise in popularity is believed to be due to its sustainability factor, which consumes just 6 gigawatt-hours (GWh) of energy. This aspect of sustainability is attractive, especially when large companies are moving away from other cryptocurrencies due to environmental concerns.
The consensus algorithm of a blockchain determines how transactions on the network are verified and protected. Cardano is different from Bitcoin in that it relies on proof of stake rather than a proof of work consensus algorithm, which requires resource intensive mining from very powerful computers.
Unlike Bitcoin’s proof-of-work consensus algorithm, Cardano uses proof-of-stake to verify transactions on its blockchain.
Coin holders can bet their ADA for the right to verify transactions and earn transaction rewards. Hoskinson estimates that the entire Cardano system uses less than 0.01% of the Bitcoin network, making it a more sustainable and environmentally friendly alternative.
What makes Cardano Crypto coin unique?
Cardano is one of the largest blockchains that successfully uses a proof-of-stake consensus mechanism, consuming less power than the proof-of-work algorithm that Bitcoin is based on. Although the much larger Ethereum will be upgraded to PoS, this transition will only take place gradually.
The project prides itself on ensuring that all technology developed goes through a peer-reviewed research process, meaning that bold ideas can be challenged before they are validated. According to the Cardano team, this academic rigor helps make the blockchain durable and stable, increasing the possibility that potential pitfalls can be anticipated.
In 2020, Cardano carried out a Shelley update that aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains. At the time, Hoskinson predicted that this would pave the way for hundreds of assets to run on its network.
The future of Cardano Crypto coin – What awaits us?
All cryptocurrencies are volatile investments. Despite this, Cardano has a strong team behind him and has already achieved a lot in a short time.
The double blow to cryptocurrencies in mid-May 2021 triggered the start of a slow recovery period for many coins. Cardano, however, not only held firm, it saw a significant rise in share price during the month.
Compared to Cardano, Bitcoin experienced a huge drop in value during that same time period. In May 2021, Cardano’s ADA coin was the world’s third-largest cryptocurrency by market capitalization, after Bitcoin and Ethereum’s ETH.
A long-term vision for Cardano coins
Cardano has an impressive pedigree and long-term vision for its blockchain and cryptocurrencies.
Many still believe that Cardano has a lot of potential due to the depth of the partnerships it maintains with governments and large companies around the world.
Cardano is slowly but surely moving up the cryptocurrency ladder as it is now one of the most prominent blockchain platforms outside of the big two.
ADA Cryptocoin Price Live Data
Cardano’s live price today is $ 1.19 USD with a 24-hour trading volume of $ 745,997,189 USD. Cardano is down 0.95% in the last 24 hours. CoinMarketCap’s current ranking is # 5, with a live market cap of $ 38,014,429,987 USD. It has an outstanding quantity of 32,041,069,499 ADA coins and a max. supply of 45,000,000,000 ADA crypto coins.
Source – CoinMarketCap, Live Price Data was taken on 19 July 2021
Read Related Article – What Are Crypto assets (Cryptocurrencies)?