Cardano (ADA) - Coin of the Week

Cardano (ADA) - Coin of the Week

One of the most popular blockchain projects, Cardano allows holders of the native cryptocurrency ADA to contribute to the operation of the blockchain network and vote on changes to the Cardano blockchain technology. Cardano also promotes the development of smart contracts and decentralized applications (dApps) with vast applicability.

History of Cardano

Cardano was developed by Jeremy Wood and Charles Hoskinson (co-founder of Ethereum). Cardano is supported by three independent entities:

  • The Cardano Foundation - the non-profit organization is based in Switzerland and is responsible for overseeing the development of the Cardano blockchain technology.
  • IOHK (Input Output Hong Kong) – organization founded by Hoskinson and Wood, which developed Cardano and the algorithm behind the network.
  • Emurgo – organization that deals with encouraging the adoption of Cardano globally.

At the time of launch, in 2017, approximately 31 billion ADA were generated, of which approximately 26 billion were sold to investors through a Japanese company engaged to manage the sale. The rest of the ADA units were distributed to the three entities mentioned above.

Unlike other blockchain projects, Cardano emphasizes an approach based on design research and an academic rigor that will help in the adoption of blockchain technology. The Cardano cryptocurrency offers efficient optimizations based on scientific research and algorithmic checks. Cardano is mainly used to facilitate transactions with the native cryptocurrency ADA and to allow developers to generate complex decentralized applications (dApps).

How does Cardano work?

The Cardano blockchain network is divided into two elements:

  • Cardano Settlement Layer - is used to transfer ADA cryptocurrency between accounts and to record transactions.
  • Cardano Computation Layer - is used to programmatically move funds through smart contracts.

Computers running the Cardano software can join the network as one of three nodes:

  • mCore nodes – used for staking with ADA and for developing the blockchain platform
  • Relay nodes – used to transmit information between mCore nodes and the public internet
  • Edge nodes – used to complete crypto transactions.

Ouroboros is the proof-of-stake (PoS) consensus algorithm used by computers running the Cardano program. The algorithm secures the network, validates transactions and makes the staking process possible.

Cardano technology use-cases

  • Combating shipments of counterfeit goods
  • Streamlining the collection and securing of sensitive information
  • Modernization of education systems at the global level

For more information about ADA, go to the Cardano Price page.

Advantages of Cardano

  • Sustainability
  • Scalability
  • Academic credibility

For more information about ADA, go to the Cardano Price page.

Cardano in 2023

Cardano started 2023 with an upgrade that allows the development of communication bridges that facilitate the interaction between Cardano wallets and platforms in the Web2 ecosystem, such as Amazon. The Cardano project includes over 4,800 smart contracts and over 1,000 projects based on its technology. With the new updated wallet, the project wants to expand even more globally in 2023.

Cardano Financial Indicators

Market Cap: 12 billion EURO

Cardano price today: 0.36 EURO

Cardano trading volume (24 hours): 393 million EURO

Cardano Community

Latest Cardano news

  • Cardano's founder, Charles Hoskinson expressed his enthusiasm for the multitude of advances seen on the Cardano blockchain. According to the founder, the project expects an important series of decentralized applications (dApps) to be launched in 2023 in the Cardano ecosystem.
  • The ADA-based stablecoin, called DJED, attracted over 27 million ADA units in support within a day of its launch. DJED has a reserve ratio of almost 600%, which means that the value of each DJED unit is supported six times in ADA units.

How to Buy Cardano

On Tradesilvania you can buy and sell Cardano or other types of cryptocurrencies, such as Ethereum (ETH) and Solana (SOL). Add your ADA tokens in our Savings Service and earn a passive income.