Cryptocurrency

What is Cardano (ADA)? [Updated August 2020]

Learn all you need to know about Cardano

In this article, we are going to be sharing with you What is Cardano (ADA) and how it can become one of the largest cryptocurrencies in the market in the coming months and years. The digital asset is now among the top 10 largest in the world and it could continue growing in the future. 

Cardano is also one of the most advanced digital assets due to the way in which it was conceived, created and developed by the team behind Cardano. In the next sections, we will be sharing with you the main characteristics of this digital asset and which are its main features. 

What is Cardano (ADA)?

Cardano is the10th largest cryptocurrency in the market and one of the most promising digital assets in the world. During the last years, Cardano has been evolving as the next-generation virtual currency that would solve scalability issues and also improve decentralization on its network. 

While most cryptocurrencies are currently facing scalability issues, Cardano is moving towards the Shelley update that would increase decentralization while helping the network behave in a very efficient way. 

The Cardano network is being powered by the ADA cryptocurrency that can be used to send and receive funds in a fast and easy way. The team behind Cardano considers that ADA will become the future of money due to its security and features. 

In addition to it, Cardano is working as a large financial platform that would allow companies, firms, users and developers to run their solutions and applications on top of it. Even governments will have the possibility to enjoy the benefits offered by Cardano and its network. 

Cardano also includes smart contracts that would help businesses and commercial activities to take place using this network. Furthermore, there is a possibility for decentralized applications and other services to start using this blockchain network and deploy their solutions to start offering to users from all over the world. 

It is worth mentioning that Cardano has been the first cryptocurrency and blockchain project developed from a scientific philosophy and to be designed by recognized academics and engineers. 

At the moment, there are three important organizations that are working with Cardano and helping it progress over time. These organizations include the Cardano Foundation, IOHK and Emurgo. All of them have different tasks and activities and help Cardano expand in the market. This governance structure is something that other cryptocurrencies do not have and that has affected them in a negative way. 

Shelley Update

Cardano is going to become a fully Proof-of-Stake (PoS) digital asset in the coming weeks as the team behind Cardano is doing all in order to launch the new PoS solution called Shelley. 

With Shelley, it will be possible for Cardano’s network to become even more decentralized and help users get rewarded for controlling the network. This is something that the entire space has been waiting for and that would represent a leap forward for digital currencies. 

Cardano in the Cryptocurrency Market

Cardano has been operating in the cryptocurrency market since late 2017. Cardano’s all-time high was reached on January 4th when each ADA token could be acquired for $1.33. Currently, users can buy ADA for just $0.07757 and it has a market valuation of $2.011 billion. 

As you can see in the chart, Cardano peaked during the massive bull run experienced by altcoins in the cryptocurrency market. This was a moment where most of the altcoins were reaching all-time highs and where digital assets experienced a massive speculative bubble. 

Since then, ADA entered a bear market from which it was not able to recover. Its price in the last years has been relatively stable in terms of Bitcoin and USD. Users are now waiting for a new bull market that would allow them to register gains on their ADA funds. 

Conclusion

Cardano is one of the most promising digital assets in the world and one of the most recognized blockchain networks in the space. The main goal is to offer solutions to companies, businesses and all the interested participants that would need an efficient and decentralized blockchain network. 

The ADA cryptocurrency has been evolving over time and investors are waiting for it to start moving higher during the next bull market. At the moment, ADA is a top 10 digital asset but it could continue expanding and eventually reaching the top 5 market if adoption continues to grow and if all the new developments are implemented in a smooth way. 

Tags

Related Articles

Check Also
Close
Back to top button