Cardano is a blockchain project founded in the year 2015 by Charles Hoskinson, who also happens to be the co-founder of Ethereum. The blockchain platform aims to provide a much more balanced as well as a sustainable ecosystem for cryptocurrencies.
What is Cardano?
Cardano (ADA) is an open-source and decentralized public blockchain platform where consensus is achieved by using proof of stake. It can very easily facilitate peer-to-peer transactions with its internal cryptocurrency, ADA. Cardano is also the largest cryptocurrency to make use of a proof-of-stake blockchain, which in turn is seen as a greener alternative to proof-of-work protocols. It is a blockchain platform for change-makers, innovators, and visionaries. Cardano has the required tools and technologies for the creation of the possibility for the many along with bringing about positive global change.
Cardano happens to be the first blockchain platform that is built through peer-reviewed research and is sufficiently secure to appropriately protect the data of billions. In addition to this, Cardano is scalable enough to accommodate global systems and sufficiently robust for the purpose of supporting foundational change. Cardano focuses on five major principles that are listed below.
- People – Working together to achieve more for the many.
- Purpose – It is a platform built to create a. sustainable future to help people work better together, rely on each other, and develop global solutions for global problems.
- Technology – Cardano aims to bring about new standards in technology both open and inclusive that can challenge the old and give birth to a new age of sustainable innovation that is globally distributed.
- Research – Ground-breaking research is the key to the birth of new technologies.
- Opportunity – Cardano helps empower businesses by creating new opportunities and discover the future of technology.
USP of Cardano
Here is a brief summary of the USP of Cardano.
- Cardano helps restore trust to global systems by the creation of a more secure, transparent, as well as sustainable foundation for the users to transact and exchange, enterprises to grow, and systems to govern.
- Cardano is the first blockchain platform to implement proof-of-stake and ouroboros which happens to be the protocol for the most environmentally sustainable blockchain. It is a clear-cut approach to save on energy costs and facilitate the rapid processing of transactions.
- Cardano focuses on solving the problems of scalability, sustainability, and interoperability on cryptocurrency platforms.
- Cardano offers unparalleled security for making a trustless world.
- Cardano supports open as well as incentivized participation.
Future of Cardano
Cardano has raced to the third position in the cryptocurrency list after its price touched an all-time high overtaking the native token of Binance according to the market valuation. As per CoinMarketCap, the current price of Cardano is 2.82 dollars with market capitalization standing at 90.60 billion dollars. Its price three days ago went up by 11.3 percent in a matter of just 24 hours. Cardano’s year-to-date ratio is much higher as compared to Bitcoin & Ethereum, the top two cryptocurrencies, and is presently at 1444 percent. With no signs of stopping, Cardano has a phenomenal scope in the time to come.
Cardano has an array of use cases that are mentioned below.
With the list increasing slowly and steadily, it gives a clear indication of the potential as well as the scope of Cardano in the future.
The crypto market has been rallying in the previous two weeks with the total market capital going above two trillion dollars. The top two, Bitcoin and Ethereum have been leading after they sharply fell in mid-May. Meanwhile, the new Altcoins have also played their part in rallying in the price race. Cardano is considered to be a direct rival of Ethereum and Solana. Its recent increase in price was a result of the recent announcement regarding the upcoming ‘Alonzo’ upgrade. The update is all set to be launched in the month of September. The update is expected to introduce smart contracts to the blockchain which would certainly mark significant progress in the rollout of smart contracts on the Cardano main net.