Cardano is one of the preferred cryptocurrencies with long-lasting stamina. The ADA coin is conveniently located in the top ten cryptocurrencies by market capitalization. It has actually been in this top ten ranking since its inception in 2015. Today it ranks sixth after Bitcoin, Ethereum, Binance Coin, XRP, and Tether. But the landscape is volatile and just a few weeks ago it was in third place. So things change quickly.
Cardano Blockchain – Photographer: fabio | Source: Unsplash
What is Cardano?
Cardano certainly has some good things to offer. Its technology is superior to many of its peers and has strong community support.
ADA is the digital currency of the Cardano platform. It is named after Ada Lovelace, the world’s first female computer programmer.
IOHK (Input Output Hong Kong) is the research laboratory behind Cardano. The focus is on decentralization and the associated challenges for the existing global financial systems. The Cardano development team consists of academics and scientists and works closely with science to have everything assessed by experts and shared transparently. The Cardano Foundation and EMURGO rule together with IOHK Cardano.
Is ADA a coin or a token?
ADA coin is the name of the cryptocurrency used on the Cardano platform. However, ADA tokens can be used to vote or to participate in the Cardano ecosystem.
You can easily use Cardano ADA for rewards in wallets for digital currencies such as Exodus or Daedalus. Once you’ve wagered your ADA coin, it becomes an ADA token that you can use to mine ADA. If you find any, you will be rewarded with a stake.
Staking out is a popular practice among altcoin owners. It is the proof-of-stake (PoS) part of the blockchain network that Cardano is aiming for. And this is evolving into a decentralized application development platform (DApp) that includes a multi-asset ledger and verifiable smart contracts.
Last month Graph Blockchain Inc. (CSE: GBLC) invested $ 300,000 in Cardano to put the ADA coin.
Meanwhile, over half a billion US dollars worth of ADA has been delegated to charitable initiatives on Cardano through mission-focused investment pools.
Cardano is for the common good! We’re excited to announce that over $ 500,000,000, yes, half a billion dollars worth of ada is currently being delegated to nonprofit initiatives on Cardano through mission-focused investment pools.
Read more https://t.co/9l55kBRGtv
– Cardano Foundation (@CardanoStiftung) March 31, 2021
Cardano’s Nonprofit Focus – Using ADA for charity
Why Cardano could replace Ethereum
Cardano is a smart contract platform, as is Ethereum and Polkadot. Many die-hard Cardano fans believe that it will eventually oust Ethereum thanks to its high-speed technology and no-fee transaction configuration.
Ethereum’s value has risen over the past year as more and more high-profile customers jump on board. Ethereum is also the backbone of the non-fungible token (NFT) market, which has been exposed to NFT mania this year, which further boosted the price of Ethereum.
Ethereum also benefits from notable DeFi (decentralized finance) projects built on top of its blockchain. However, Ethereum is expensive to use and transaction times suffer from delays. Cardano aims to beat it on both counts due to its lightweight design.
Cardano recently did a major update called “Mary” that has come a step closer to emulating Ethereum. The Mary upgrade is a tough fork that turns the Cardano ledger around. This changes the functionality by simply keeping ADA on the blockchain and allowing multiple tokens to be created and exchanged.
WERE!! We can confirm today that the # Cardano protocol update ‘Mary’ has been fully confirmed for March 1st.
Another important milestone in the #Goguen rollout: The update introduces native tokens and multi-asset support and brings exciting new use cases for #Cardano 1/3 pic.twitter.com/FFK0cGNbmD
– Input Output (@InputOutputHK) February 24, 2021
Cardano’s Mary hard fork goguen rollout
This enables the support of stablecoins and users in creating NFTs.
Who founded Cardano?
Cardano was actually founded by none other than one of the original co-founders of Ethereum. Charles Hoskinson resigned on his own a year after Ethereum launched in 2013.
He believes Cardano has the potential to help billions of people thanks to its laser focus on the vision of helping people have a better quality of life. With the construction of Cardano on DeFi, it is targeting some of the poorest and hardest hit regions in the world. Hoskinson believes that showing that the technology works in places that are almost lost cause makes its success speak for itself. This, of course, should lead to mass adoption elsewhere.
Access to fair and transparent banking has the power to lift millions of people out of poverty to sustainable living standards. However, without access to electricity or smartphones, the use of crypto is impossible. That said, there are many areas in the world where it could make a real difference. The type of customer Cardano approaches may be a farmer in Ethiopia looking for a way to pay for fertilizer. Or carry out a fair electoral process in Senegal on a larger scale. The company has employees in these African countries who work with the locals to advance its vision.
Price fluctuations at ADA
The price of ADA is up 16% in a month and a staggering 3,557% in a year.
So what makes its popularity stay? There are three main reasons. For the trade to be widespread is a big deal. Coinbase began with the support of Cardano (ADA) in mid-March and appeared on the Bloomberg Terminal around the same time. This certainly helped increase its popularity. With a market cap in excess of £ 40m, this is also a highly liquid market and interest from institutional investors is growing slightly.
Ethereum is up 115% since the start of the year. Meanwhile, ADA is up 517% since the beginning of the year.
Cardano operates an inexpensive, secure, trustworthy blockchain system. The aim is to create a balanced and sustainable ecosystem. As this continues, Cardanos ADA is likely to remain a popular cryptocurrency that easily rivals Ethereum and Polkadot.