This blockchain crypto recently rose to the third-largest cryptocurrency in the market. Cardano is the first to create a blockchain platform from peer-review research.
This blockchain has a vision that states that it is for “change-makers, innovators, and visionaries” who are meant to effect “positive global change”.
History Of Cardano
Charles Hoskinson is the founder of Cardano Ada. He was part of the team that brought about the cryptocurrency, Ethereum(ETH). Charles left due to a conflict on “accepting venture capital and need for a more formal governing structure”. he is the present CEO of IOHK (Input Output Hong Kong). IOHK is a research company that creates cryptos and blockchains.
Cardano is a proof of stake blockchain. Proof of Stake system creates a platform for miners to dig block transactions based on the amount they have. This crypto came to be in 2017 with the symbol ADA. This name is from the 19th-century mathematician Ada Lovelace, the daughter of the poet Lord Byron. Cardano comes from the name of italian polymath Gerolamo Cardano.
Cardano Supports Smart Contracts
The Journey of Cordano has several eras that bear a name after a literary figure like byron, Shelley, Goguen, Basho, and Voltaire. These eras carry different functionality. The Goguen era joined smart contracts. it was a major boost for the network. Smart contracts are for transactions and agreements that are based on trust. it takes place among parties that have no knowledge of each other. There are no authorities in the transaction. cryptos that go with smart contracts are Ethereum, Polkadot, Tron, and Cosmos.
What Makes Cardano ADA Different
This crypto has proof of stake blockchain system. This makes it very much more energy-efficient than most cryptocurrencies including bitcoin. The difference between the energy can be compared to that of a small home and a country. ADA is currently on the rise in the cryptocurrency market. It is in competition with Ethereum. One thing about Cardano is that it has no main decentralized finance, unlike other cryptocurrencies.
Cardano is up 645% in the past 90 days, according to Messari. Most cryptos are suffering under down prices after months of large percentage gain. For Today, Bitcoin is going down, its price goes close to $46800. Cardano ADA trade at $1.25, up 10% in the last 24 hours.
Cardano Ada Trade Is Growing
The trading volume of crypto shows the interest of investors in the trade. No matter the increasing price movement, low trading activities are disastrous to the progress of a cryptocurrency. This is as a result of a small user community or no new investors. Cardano ADA had a low user base at first but the trading is increasing in February. Right now, The total trading volume is at $2.8 billion.
“Data shows that up to November 2019, both networks shared a similar level of transfer and transaction value. By mid-2020, Cardano took the lead, getting 10 times more on-chain activity. This difference is now 5 times larger”
If you are looking for a platform to invest in cryptocurrency, you should consider the ADA coin. It is a future investment.