Cardano (ADA) current price is $0.0763 with a marketcap of $2.38 B. Its price is -0.93% down in last 24 hours.
- Cardano (ADA)
- Live Price $0.0763
24h % -0.93%
- Market Cap$2.38 B
- Volume$36.74 M
- Available Supply31.11 B ADA
More Info About Coin
Cardano (ADA) may be the first cryptocurrency to make a major splash in the cryptosphere by evolving into a new type that changes the rules of how cryptocurrencies operate. This would be monumental, especially in the cryptoworld where Bitcoin rules.
But as we will see, there are a number of reasons Cardano may be superior to both Bitcoin and Ethereum, which is surprising in itself.
Where Cardano Distinguishes Itself
The creation of the blockchain heralded a new technology that led to the creation of Bitcoin and the raging cryptocurrency market. The top 10 cryptocurrencies all follow the basic blockchain model of network decentralization.
Ethereum added the smart-contract feature, and this evolution resulted in Ethereum becoming a serious contender for the number one cryptocurrency spot for a while. Then along comes Cardano.
All blockchain technologies consist of a single layer. Cardano breaks the mold by using a dual layer approach. These two layers, the settlement layer and the computation layer, each perform a specific function. The settlement layer works to performs transactions from one wallet to another, while the computation layer accelerates the access to existing smart-contracts for both new and old users.
The result is a cryptocurrency that is adaptable at one level (settlement layer) and speedier at a second (computation layer). This combination allows for significant flexibility when conducting transactions between countries who have vastly different financial laws and regulations.
Bitcoin Fix #1
Proof-of-stake (interestingly acronymed as PoS) is defined as the power given to owners of cryptocurrency based on the amount of coins they hold. Miners of cryptocurrency who have large numbers of coins have greater power to mine than those with lesser holdings.
When competing for a lock on buying the next contract, those with larger proof-of-stake holdings will move to the head of the class. This is generically known as the consensus algorithm. Cardano does not allow mining, keeping its total available holdings in the cryptosphere at 45 billion. In contrast, Bitcoin has no programmatic interest in the proof-of-stake issue.
Bitcoin Fix #2
The dual layer approach to smart-contract transactions gives users of Cardano a greater security of their data, a key feature of the blockchain concept. The multilayer processing approach allows it to process both currency and contact data more securely, enhancing the blockchain approach to data security.
Ethereum, another major player in the cryptocurrency world, is said to bring greater security than Bitcoin, but Cardano surpasses both.
Enter the Man Behind the Curtain
For every cryptocurrency there is a creator. In the case of Cardano it has a co-creator by the name of Charles Hoskinson who just happens to also be behind the creation of Ethereum. The reality is that both Ethereum and Cardano are the result of the long term strategy to kick Bitcoin from the top of the heap.
Cardano can be said to be the next evolution in that long term strategy. Ethereum’s focus is on smart-contracts, while Cardano uses that as a foundation for the next evolution.
The Blockchain Development Strategy of Cardano (ADA)
The initial development of the blockchain focuses on ways to make the cryptocurrency globally useful while adding the improved smart-contract functionality. Scalability is an essential feature of any competitive cryptocurrency, and while Cardano has this it also has a primary focus of regulatory compliance to make it adaptable to virtually every foreign currency.
To put polish on the product it also puts a premium on cross-chain integration.
But this is where it is now.
Revealed future plans for the currency are to increaser trader interest by reducing the charges that are required by the large number of different exchange platforms, improving the speed and the efficiency of cross-border transactions, and reducing (or perhaps completely eliminating) the involvement of third parties between transactions.
Summing Up Cardano Advantages
If there is a cryptocurrency war going on for cryptocurrency supremacy, at this point it can be chained to Charles Hoskinson. First there was Ethereum, then EOS and now Cardano. With its superior security and flexibility, Cardano is the next step in dethroning Bitcoin.
A stable number of available coins make it more like an actual currency, bringing a level of personal security to potential investors. Its flexible programming structure (it can be soft forked) and adaptability to a wide range of individual financial requirements and regulations make it ideal for any local business or government to integrate into its financial structure.
The Future for Cardano
With all these advantages, the question is when, or if it is possible at all. The answer is, later than sooner based on the current state of the market. There is something to be said about being #1, and in the case of Bitcoin it has held on to that position despite some marked improvements by competing cryptocurrencies.
But what cannot be missed is what has been said at the beginning. The dual layer approach of Cardano has created a cryptocurrency branch, and its long term impact on the market has yet to be realized.
It may be just another step for Hoskinson in his quest to overtake Bitcoin or may end up making Bitcoin a quaint technology over the next 5 years.
Coinbase reported that it may be listing ADA in the future.
Pros & Cons
|Open-source Foundation for Development||Flaw in Proof of Stake|
|Proof of Stake (PoS) Validation||Unproven & Untested Platform|
|Cardano is designed so transactions and data are on two separate layers|
|Building a platform for smart contracts that can handle enterprise level usage|
BCrypto Investment Tip
Cardano is one of the most stable and trustworthy coin on the market. ADA is backed by a very strong development team. As a result, the development of the platform is consistent. Also, the longer term plan includes providing a blockchain which will be versatile and which will be highly efficient for the users. As a result, the potential in this blockchain is pretty huge. The only negative thing I can say about ADA is that its development process takes very long and it won't be fully completed anytime soon and other coins might achieve the same thing quicker, but despite that I do believe Cardano will stay at the top of the cryptocurrency charts for many many years.