Overview of the cryptocurrency ADA (Cardano) | Reviews traders

15-10-2021

Cardano is a blockchain based on Proof-of-Stake protocol. Its development team includes Charles Hoskinson, who worked on the development of the Ethereum project. Cardano is considered a third-generation system and is designed to solve the scaling and power consumption problems inherent in other blockchains.

Token name ADA 
Capitalization $70 943 231 036
Year of foundation 2015
Method of protection Proof-of-Stake

General information

The team of creators of the project consists of specialists with knowledge in the fields of mathematics, business, and software engineering. Blockchains of the first (Bitcoin) and second (Ethereum) generations have limitations in the volume of processed transactions. Financial transactions with bitcoin and ether involve high commissions and relatively high time consumption. 

Several technological solutions were used in the development of the Cardano blockchain:

  • Ouroboros – an algorithm based on the Proof-of-Stake protocol that reduces energy consumption;
  • Hydra – a Layer 2 solution that increases throughput when each new node is connected;
  • Shelley – an upgrade that gives users access to stacking. 

High network throughput is ensured by the use of a multi-layer protocol. This technology is also used to implement soft forks. 

Cryptocurrency network Cardano 

Cardano blockchain uses the project’s own token – ADA. The altcoin is named after mathematician Ada Lovelace, who lived in the XIX century. The tokens are used in trading, as well as to pay transaction fees, similar to how the Ethereum network uses ETH. ADA holders also have access to stacking, in the process of which additional coins can be earned. 

You can use the Daedalus wallet to store ADA cryptocurrency and withdraw funds. It is easy to install and ensures secure transactions. You can also choose lightweight wallets Yoroi Wallet, AdaLite, etc. In addition, network users use Trezor and Ledger hardware devices to store digital coins. 

ADA is actively used in trading. You can trade altcoin through a personal account on popular exchanges: Binance, Kraken, Coinbase Pro, etc. In their reviews, traders note the promise of the cryptocurrency, the technological nature of the project, and a high degree of protection. The negative sides of Cardano investors refer to the insufficiently high rate of development of the project. 

Cardano retes by 2021 Year
Cardano retes by 2021 Year

Conclusion

ADA (Cardano) is one of the top five cryptocurrencies by capitalization and is considered a promising investment tool. Although the project is developing more slowly than some other blockchains, analysts predict it to be a leader among competing platforms.

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