Cardano (ADA) is a cryptocurrency that is better than Bitcoin due to the fact that it makes use of smart contracts (I’ll shed lights on more reasons why Cardano is better below, too). Cardano (ADA) is a blockchain technology that also makes use of the proof-of-stake and not the proof-of-work. Collectively, if we take a look at other coins including Bitcoin and Ethereum in the crypto sphere, you will notice that these coins continue to attract lots of investors – but the cryptosphere is somehow stable so are these cryptocurrencies too.
The strength of Cardano (ADA) is probably its scientific and academic approach. It is essential to know the cryptocurrency itself travels far-and-wide to reach countries and educate people. Cardano (ADA) is pushing towards becoming one of the top 3 cryptos in the world and even surpassing Bitcoin. The CEO of Cardano (ADA), Charles Hoskinson, aims for the revolution of Cardano and the crypto might become the next big thing in the future.
The Team Behind Cardano (ADA)
3 primary organizations own Cardano (ADA):
The IOHK: The IOHK team is the company that is developing Cardano (ADA) till 2020.
Emurgo: This team focuses on and invests in startups; it is also in charge of building commercial solutions for the platform
The Cardano Foundation: This team is an independent body that is in charge of supporting Cardano investors with all the regulatory and commercial problems.
At the time of writing, the market cap of Cardano (ADA) is $3.46 Billion. Its current price is around $0.133, and the volume (24hr) is $52,794,200. Having reached the top 8th crypto position hasn’t been a smooth journey for the coin thus far.
How Cardano (ADA) Operates
Cardano (ADA) works in two distinct layers: the settlement and computation layer. The settlement layer helps investors to transact the ADA from one wallet to another. On the other hand, the computation layer helps new and old users to have quick access to smart contracts.
It is important to know that all blockchain technologies have just one layer; this makes Cardano different from other cryptocurrencies.
There are lots of advantages to Cardano’s two layers. For instance, the computational layer enables Cardano to adapt to any change. This means that different countries have their own laws and regulations and Cardano can adapt to how vital information is stored and accessed by the rules and laws of any state.
In addition to this, Cardano enables ‘soft forks’ which other major cryptos don’t have.
Cardano’s Consensus Algorithm
For easy understanding, the term ‘consensus algorithm,’ has to do with knowing who achieves the next lock in the cryptocurrency, i.e., users get rewarded for a specific amount of cryptocurrency in their wallet.
One big disadvantage of Bitcoin is that it does not have any interest in the proof-of-stake. Cardano has identified Bitcoin’s fault and has improved on it by producing a proof-of-stake network called Ouroboros. As a result, Cardano can’t be mined, and it will maintain the 45 billion ADA coins that have been distributed to the cryptosphere.
When it comes to holding and safeguarding vital information and data, Cardano (ADA) is a better than Bitcoin and Ethereum.
Besides, Cardano (ADA) recently produced a multi-layer processing system that allows it tokens to be used either as currencies or storage facilities for contact information.
Cardano, the Next-Generation Cryptocurrency?
Cardano was created to compete with Bitcoin. As stated earlier, the blockchain was created by Charles Hoskinson, the co-founder of Ethereum. Cardano (ADA) operates almost the same way as Ethereum, due to the fact that the platform supports Dapps and smart contracts. There are few things that Cardano aims at; the first is for blockchain technology to be created using the scientific approach.
Secondly, the blockchain platform focuses on regulatory and compliance, scalability, and cross chain integration. Moving forward, Cardano (ADA) also aims to collaborate with other cryptos without the use of third parties, and this helps to:
- Reduce charges that are imposed by different exchange platforms.
- Permit faster and efficient cross-border transactions
- Remove third-party risks like losing some cryptos as a result of the involvement third-parties.
Is Cardano (ADA) Worth Investing?
Cardano (ADA) is good crypto to invest in; this is since scientific procedures support it and it has futuristic goals. Two things keep Cardano (ADA) going – the team behind it and its consultants (it is an open-source network).
Cardano’s project is still ongoing, but when it has been finalized, it will become the best altcoin for Ethereum.
There is so much that Cardano (ADA) brings to the table. The blockchain offers a better value plan and confidence that most users need in the crypto world. The Cardano team knows that every investor in the crypto sphere wants a better value and also the trust to invest more without being afraid of what might occur next, and these are the values that the blockchain cares about. These features back the crypto in its quest to become the best in the crypto sphere, it might not top Bitcoin anytime soon, but the coin surely can make it to the top 5 cryptocurrencies list soon.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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