Cardano is a decentralized, open-source blockchain platform that aims to deliver more advanced features than any previous protocol, including increased security and scalability. It was founded in 2015 by IOHK and its CEO, Charles Hoskinson, co-founder of Ethereum. Cardano uses a proof-of-stake consensus algorithm called Ouroboros, which provides increased energy efficiency compared to proof-of-work algorithms used by other blockchains. Cardano also has a multi-layer architecture that separates the settlement layer, responsible for transactions, from the control layer, responsible for smart contracts. Cardano’s native cryptocurrency is ADA. Cardano is also designed to support other assets, digital identity, and decentralized applications.
The Cardano project is unique in that it combines research from academia and industry to create a blockchain platform that is secure, scalable, and sustainable. The first version of Cardano, called Cardano Settlement Layer (CSL), was launched in 2015 and focused on providing a secure and decentralized cryptocurrency. In 2017, the Cardano Control Layer (CCL) was added, which enabled smart contracts and dApps on the platform.
The native cryptocurrency of Cardano, ADA, was made available for trading on October 1, 2017. Since then, Cardano has seen significant growth, with a growing community of developers and a focus on delivering solutions for real-world problems. In 2021, Cardano embarked on a multi-year, multi-phase upgrade called Alonzo, which aims to make the platform more user-friendly and accessible. Thus, Cardano is considered one of the top cryptocurrencies in terms of market capitalization and is recognized for its focus on delivering a sustainable and secure blockchain platform.
The maximum total supply of ADA token is at 45,000,000,000. The ADA token’s current circulating supply is 34,593,679,000 and issues inflationary token rewards to incentivize a target supply of the amount of ADA staked.
ADA is available for Staking, and you can earn up to 5.0% APY on following exchanges.
Benefits of Cardano (ADA)
Highly Scalable: Cardano’s multi-layer architecture and Ouroboros proof-of-stake consensus algorithm allow it to scale to handle a large number of transactions.
Energy-Efficient: The proof-of-stake consensus algorithm used by Cardano is much more energy-efficient compared to proof-of-work algorithms used by other blockchains.
Smart Contracts: Cardano’s control layer enables the creation and execution of smart contracts, enabling the development of decentralized applications.
Sustainable: Cardano has a long-term vision for sustainability and is designed to support a robust and secure blockchain for generations to come.
Multi-Asset Support: Cardano supports not just its native cryptocurrency, ADA, but also other assets and digital identities.
Interoperability: Cardano is designed to be interoperable with other blockchains, enabling the transfer of assets and data across different networks.
Research-Backed: Cardano combines research from academia and industry to create a blockchain platform that is secure and sustainable.
ADA Price Predictions
As of the time of writing ADA was trading at around $0.39 The coin is already 87.0% down from its all-time high of $3. With growing adoption of cryptocurrencies for boosting digital payments at banks and financial institutions in developing countries ADA is expected to rise over the period of time. Thus, ADA is forecasted to surpass its all-time high in the near future.
Further, the growing benefits of proof of stake and interoperability are also expected to foster the demand for ADA token in the coming years. Thus, ATOM is projected to reach $5.0 in the next 4-5 years.