The workings and the possibilities of a cryptocurrency have brought a lot of noise in the finance sector. While the mention of the word cryptocurrency brings up names of the most famous coins, like Bitcoin and Ethereum; the increase in the understanding of the crypto ecosystem is making sure there are few more assets up there with the natives. Cardano is one of them.
What is Cardano?
Cardano was developed by the co-founder of Ethereum blockchain, Charles Hoskinson, who realized the challenges faced by Ethereum. This search led to the launch of the platform in 2015 and the native token ADA in 2017. The current market cap of ADA is $41,314,763,950.90 with a trading volume of $2,820,560,043.65, as of January, 2022. The price of this asset at the time of writing is $1.23. The maximum supply of this coin is capped at 45 billion while the current supply is 34 billion. The token achieved its highest value of 2022 for $1.42.
How does Cardano work?
Cardano is a decentralized third-generation proof-of-stake (PoW) blockchain platform and home to the ADA cryptocurrency. It is often referred to as one of the most sorted after altcoins in the crypto space by various crypto enthusiasts. Cardano is the first blockchain platform to evolve out of a scientific philosophy and an evidence-driven approach. It has a strong focus on sustainability, scalability, and transparency; a fully open-source project that aims to deliver an inclusive, fair, and resilient infrastructure for financial and social applications on a global scale. One of its primary goals is to bring reliable, secure financial services to people who do not currently have access to such a privilege.
Cardano offers numerous use-cases of Ethereum blockchain and its smart contracts. The design of Cardano was such that it was energy efficient and supported fast transactions at nominal transaction fees since its inception. Investors who are interested in hard money are also inclined towards Cardano. The strict supply cap of the coin is 45 billion when compared to Ethereum does not have any fixed limit on the supply cap.
Additional Read: How Ethereum works?
|Cardano Consensus mechanism||Proof-of-Work|
|Token Type||Native token|
|Use case||Faster transaction, less gas fees, scalability, aims to allow decentralized apps, and smart contracts to be developed with modularity.|
Key Attributes of Cardano:
Cardano, being a blockchain network that follows the principles of the PoW consensus mechanism; claims to save more energy by finding a solution to sustainably mine the tokens. Unlike other native cryptocurrencies like Bitcoin and Ethereum that also implement the proof-of-work protocol, Cardano is a low-energy consuming cryptocurrency. Below is the list of a few more interesting features of Cardano (ADA).
- Rapid Transaction Process: One of the key attributes of Cardano is that it supports faster transactions as compared to any other crypto assets currently available. Cardano has been able to achieve the title of being the fastest cryptocurrency in terms of carrying out transactions due to its highly scalable blockchain technology. Ever since its first-phase tests, the blockchain network is doing fairly well and continues to conduct its transaction with speed and sustenance.
- Hugely Decentralized: Cardano is not only the fastest crypto-asset known so far, but it is also hugely decentralized in nature! It is so with the condition of enabling all Cardano holders the ability to review any newly added nodes to the blockchain or even better; validate such transactions in the public ledger.
- Sustainable mining: Though it is mentioned before, the sustainability aspect of the asset is its most impressive achievement. Imbibing the eco-friendly way does not only reduce the burden on the environment but also saves resources that can be invested further to procure greater results.
Did you know? Cardano was named after the world’s first computer programmer!
Additional Read: Best 5 Cryptocurrencies to watch out for in 2022
Technical Indicators to consider before investing in Cardano(ADA)
|Short Term||Mid Term||Long Term|
|The short-term price indicates a further downward trend before it starts to trend bullish prices.||ADA is showing a tendency to follow its downward trend if it does not show regaining control now.||Looking at the monthly price trend, Cardano’s price trend is definitely in favor of the bulls.|
Correlation of Cardano(ADA) with Top 4 crypto assets:
Where can you buy Cardano(ADA)?
Investing in Cardano ADA is as easy as ordering food online with CoinDCX. If you are a beginner in crypto all you have to do is:
- Download the CoinDCX app
- Sign up*
- Complete your KYC
- Transfer your INR funds
- Start investing!
Additional Read: How to invest in Cardano(ADA)
* If you are a CoinDCX Pro user, use the same credentials to Log-in on CoinDCX.
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