Altcoins: Cardano (ADA) What Is It? - A Deeper Look Into Cardano (ADA)
Rebecca Duthie 23.05.2022 13:24
What is the Cardano Platform and how does it work?
Advantages of the Cardano exchange.
Cardano's past, present and future price positions.
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Cardano’s mission is to be a blockchain for innovators, visionaries and changemakers, it has the tools and technologies required to create possibilities to bring about positive global change for the many, as well as the few.
The Cardano platform was founded in 2015 and launched in 2017. The platform token “ADA” has a maximum supply of 45 billion ADA, a circulating supply of more than 33.7 billion and a market capitalisation of more than $18.25 billion.
The cardano platform is a proof-of-stake blockchain, it was the first to be founded on peer-review research and was developed through evidence-based methods. The blockchain combines pioneering technologies to provide unparalleled sustainability and security to decentralised systems, applications and technologies.
Proof-of-stake refers to a type of consensus mechanism used to validate cryptocurrency transactions.
Cardano’s aim for their platform
Cardano’s aim is to be an enabling force for positive change and progress, in order to achieve this they have a leading team of engineers. The platform exists to redistribute power from the unaccountable to the margins and the individuals.
Cardano's platform integrations and protocol implementations are first researched, mathematically modelled, tested and challenged before they are specified.
The Cardano platform is designed to reward those who act in the best of the network and are also acting in their own best interests. The scalability and sustainability combination allows Cardano to achieve the throughput required to meet the ever changing demand of the global systems: logistics, societal, financial and identity.
Some of the uses of the Cardano platform and ADA token:
Send, create and receive NFTs and native tokens.
Set up and manage your own staking pool on Cardano.
Users are able to create their own smart contracts.
Users can integrate their Cardano technology into their existing websites and platforms.
ADA tokens can be used to vote on governance proposals, those that distribute treasury funds in particular.
ADA tokens can be staked to earn rewards.
Ouroboros and Cardano
Cardano is the first blockchain to implement the Ouroboros protocol. Ouroboros is the first peer-reviewed, verifiably secure blockchain protocol, which enables Cardano’s decentralisation and allows it to scale global requirements sustainably without compromising security crucially.
Advantages of investing in Cardano
The Ouroboros blockchain protocol.
Evidence-based development: the evidence-based methods used to create the Cardano blockchain is a combination of methods, which are normally found in critical high-stake applications, along with an agile approach, which helps the project remain responsive and adaptable to new innovations and emerging requirements.
Security: when using the cardano platform, it is possible for users who have never met or transacted before to interact and transact with a high level of security. The Cardano platform builds trust where there otherwise may not be any, which opens up doors to many more markets and opportunities.
Incentivised participation: Cardano is an open-source project developed through open participation. Cardano has an incentive mechanism to ensure network health and longevity, the mechanism rewards users for their participation, either through stake delegators or as stake pool operators. The governance system gives all users a voice, ADA holders can submit or vote proposals on proposals to improve the platform.
Scalable and sustainable: Ouroboros allows the Cardano platform to scale global requirements with minimal energy requirements. Cardano's performance-energy is achieved through a combination of novel approaches namely, side chains, multi-ledger and parallel transaction processing through multi-party state channels.
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Past, present and future prices of Cardano
After the launch of ADA, the original price spiked and then fell back down the pre-launch levels. It took Cardano’s ADA a couple of years to truly see any real price change. In 2021 Cardano reached a maximum price of more than $2.77, but has since been on a declining streak.
Currently the cryptocurrency markets have been declining, the current economic conditions are sending investors searching for safe-haven assets, a category that cryptocurrencies do not fall under, this is causing a sell-off investor sentiment.
Some analysts believe that the price of ADA will fluctuate but will see an increase, and thereafter consistently increase until 2030 wherein the value is expected to reach around $13.55. However, predicting the future value of cryptocurrencies is difficult due to the volatility of the markets they operate in.
ADA Price Chart
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Sources: finance.yahoo.com, cardano.org, coinbase.com, changelly.com