While a majority of crypto currency traders and financial market analysts had their eyes glued to the chart of Bitcoin, which was surging above $10,000, a relatively unknown altcoin, known as Cardano (ADA), gained 400% in a single week.
Even after the correction that happened yesterday, still, the crypto currency is up by over 300% to trade at $0.13 levels.
Let us look at the noteworthy developments that is turning investors interest in the crypto currency.
A team of academics, including Charles Hoskinson – co-founder of Ethereum crypto currency – is behind the project. Further, Cardano has also partnered with IHOK, a well known crypto currency development company.
The project was initiated in 2015, with an aim of becoming the first block chain network to be created from a scientific philosophy. The crypto currency offers unmatched privacy, while catering to the needs of regulators. Currently, as many as 25.9 billion ADA tokens are in circulation. The maximum supply is 45 billion.
Cardano is categorized as 3rd generation blockchain technology. The first being Bitcoin was great, peer-to-peer financial transaction technology that allowed borderless transactions without an intermediary. The second generation of blockchain which was Ethereum took blockchain technology a little further by implementing smart contracts that allowed payments/transactions under certain conditions. But the problem with 1st and second generations of blockchain was every time there was an upgrade; it meant there was going to be a split.
Cardano plans to advance on that with all layers they are implementing on the Cardano blockchain technology that supports easy scalability on the network.
The crypto currency is gaining attention for several reasons. Firstly, the smart contract platform uses a new proof of stake algorithm called Ouroboros. According to the developers, the algorithm can defend the block chain against attacks. The algorithm also facilitates creation of side chains, which will protect the privacy of its users and offer unmatched security.
Secondly, the platform uses a new programming language known as Haskell. The mathematical approach of the language enables codes to be written in a secure and reliable manner. That will considerably reduce the bugs which had resulted in losses to the holders of crypto currencies in the recent past. Due to these advantages, some crypto currency experts consider the platform to be better than Ethereum.
Thirdly, Bittrex exchange is the first major exchange to list the ADA coin. Most of the volume is done through this exchange. Fourthly, Cardano is launching an ADA debit card, which can be topped via its wallet, Daedalus. If that becomes a reality, then the ADA debit card will be useful in day-to-day purchases.
Finally, the company is scheduled to make its crucial roadmap announcement this weekend. Due to the reasons mentioned above, the crypto currency has started rising sharply. If the project development community perform as stated, then we may see further appreciation in the price of the crypto currency.
Like every other cryptocurrency, Cardano as well is stored in a wallet, and currently, the Daedalus Wallet by same IOHK is the only wallet which presently supports Cardano outside exchanges and can be installed on any personal computer or smartphone. Future versions of the Daedalus is to support other cryptocurrencies such as Bitcoin, Ethereum Classic and so much more.
Where to buy ADA: