Cardano is a blockchain created by Input Output Hong Kong and one of Ethereum co-founders Charles Hoskinson. The project uses an academic approach: the developers regularly publish the results of their work in scientific journals. Applications on the Cardano blockchain are written in the Haskell language. Cardano is backed by a strong community, and its technology surpasses many of its competitors.
ADA token is a cryptocurrency used on the Cardano blockchain. It is used for a p2p exchange of value, that is, without the involvement of intermediaries in the form of banks and other financial structures. Blockchain ensures the transparency of transactions and is based on the scalable Ouroboros protocol, which uses a Proof-of-Stake (PoS) consensus algorithm. This avoids the need to spend a lot of computing power. ADA allows voting for development proposals to the Cardano ecosystem. ADA coins can be staked for rewards in crypto wallets such as Exodus and Daedalus.
The Cardano blockchain is aimed to be a universal platform for decentralized applications. The project is positioning itself as a new generation Ethereum. The team behind the project aims to bring faster and cheaper transactions without sacrificing the reliability and security of the blockchain itself. However, despite very ambitious plans, some of the proposed functionality has not been implemented for quite long periods of time, provoking criticism from the community.
The developers have set a limit on the issue of coins. The maximum amount that can be generated is 45 billion. The network started with 31 billion coins. New ones are created as the next blocks appear. In 2021, 2,000 ADAs will be issued each with a block created, but gradually the number will decrease. Since the network operates on a modified PoS algorithm, mining coins using video cards or specialized ASIC devices is not available.
For the past few years, ADA coin is consistently present among the top 10 cryptocurrencies by market capitalization. As a consequence, it is listed on almost all centralized cryptocurrency exchanges but also on decentralized platforms such as PancakeSwap. ADA token price skyrocketed at the beginning of 2021 when the Cardano ADA value grew approximately 10 times within several months. The price of Cardano today remains quite stable fluctuating in the range between 2 and 3 dollars.
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