What is Cardano?
In 2017, Cardano was founded as a Proof-of-Stake blockchain, its token being ADA. This token was designed so that all the traders who held the asset would have a chance to share their thoughts and opinions regarding a proposed change to the software (blockchain). This new and open-source crypto was coined mainly in 2016 by none other than the founder of Ethereum, Charles Hoskinson. He wanted to stabilize a volatile market whose price movements can enormously impact the entire world economy.
With that sole aim, he came up with the idea of Cardano, a peer-to-peer, open-source blockchain with its security token, ADA, that can hold a constant price for a long time. To ensure that the cryptocurrency is safe and the transactions can be initiated without any hassle, Cardano was designed with a PoS protocol, also known as the Ouroboros. As a result, the coins mined are entirely secure, and the hashing blocks are as tricky as that of the bitcoin cryptos. But as a miner, no one has to spend more energy decoding the hash and adding the coins into the liquidity pool.
There has been an upgrade in the Cardano system. Its circulation of Smarts Contract to a soaring high form in early 2022, where the number of contracts increased beyond 1000 while the tokens in circulation have taken a rise beyond 3 million. In 2021, this cryptocurrency reached its all-time high with a $3.101 so far. The maximum supply value of the ADA token is 45 billion tokens high from the other competitors like bitcoin and Litecoin. Apart from this, it has a market cap valuation of $18.8 billion, further increasing the demand for this crypto in several sectors.
With the proper implementation of the networking protocol, Cardano can be made one of the best third-generation cryptocurrencies with the potential to stabilize the market and keep your assets safe from the market’s volatility.