Cardano: The latest crypto player that is taking over the world
Anyone looking into coinmarketcap.com should have seen a new player in the top 10 that was not there before at the beginning of the year. This new cryptocurrency goes by the ticker ADA, and it’s part of Cardano. For as exciting as this may sound, Cardano’s rise to the top 10 most valuable coins in the cryptomarket, is a mystery to some. So let’s take a look at this intriguing project.
What is Cardano?
In the world of cryptocurrency, pump-and-dump coins are not rare. Any new project is surrounded by speculators that overinflate the price before dumping their assets and making a profit in the process. That has caused an environment where any new idea will enjoy a brief moment of recognition before plummeting back into obscurity. Cardano and ADA are looking to change their faith with an intriguing new concept.
After all, for a project to get some notoriety it needs to be compelling enough in the first place. The company is aiming to create a smart contract platform that goes beyond the capabilities Ethereum can offer. These advanced features are backed by a blockchain that, as described in their whitepaper, is built under a research-driven approach. Moreover, Cardano also explains that to provide their service, the will use PoS (Proof of Stake) instead o PoW (Proof of Work). There is a debate on crypto forums on whether or not PoS is better or worse than PoW. So, this division in philosophies might be the reason why Cardano ADA flew under the radar for a while. Furthermore, this is what else is know about ADA:
- Circulating Supply: 25, 927,070,538
- Total Supply: 31,112,483,745
- Maximum Supply: 45,000,000,000
- Algorithm used: Ouroboros (PoS)
- Minable: No
The Goal and People Behind it
Cardano is the first blockchain created by scientists. The ideal goal of the company is to improve Bitcoin ability to store value, Litecoin amazingly fast transactions, and Ethereum smart contracts. To accomplish this goal, they enjoy the presence of some very influential crypto coin people.
First and foremost, Cardano was created by Charles Hoskinson. Hoskinson is also known for being one of Ethereum co-founders. And after leaving the Ethereum Foundation, he decided to partner with Cardano Foundation to promote this new idea. Jeremy Wood is another critical person in this story. Wood and Hoskinson created I0HK, the company behind maintaining and designing Cardano.
Additionally, Wood is the creator of the Kansai Bitcoin Meetup in Japan, before joining Ethereum in 2013. Lastly, the last player is not person buy a company. Emurgo is an incubator that focuses on supporting and developing commercial initiatives for their business partners. To conclude, Cardano is a well-built company that has remained outside of the public eye due to their goals. The main priority of the firm was the Japanese market. To date, 95% of Cardano backers are Japanese. It is hard to tell where the company will go next. However, now that the secret is out, there is no other way but up for this game-changing Altcoin.