Any trader would tell you that as we talk about coin analyzation, it’s very important to familiarize yourself with the coin’s history first. That said, we’re here to review Cardano, and its token currency ($ADA) to give you an idea of what you can expect from it.
Overview
ADA is an open source blockchain technology project. Like any other project, this one contains a cryptocurrency and a platform, wherein Cardano’s cryptocurrency is ADA, and is considered to be one of the biggest cryptocurrencies in the market.
Cardano is fairly new as it was launched last year, on September 29, 2017, after two years of development. The men behind this cryptocurrency platform did everything to come up with a smart contract platform capable of offering more advanced features than any other protocol previously developed. One of the first few blockchains to feature smart contracts was Ethereum, and today, there are several that have been built with a smart contract functionality. For that reason, Cardano is even proud to say that it’s the very first blockchain platform that was able to develop with the use of scientific philosophy together with a research-first driven methodology.
How Does It Work
Before Cardano, Ethereum was considered to be the lead player in cryptocurrency, but now, it has a competitor already. Experts claim that what makes Cardano stand out is the fact that it’s packed with more advanced features as compared to other protocols developed in the past. The team behind ADA even claims that it’s the most precisely engineered cryptocurrency at the moment. It uses a wide array of concepts and mechanism, making it quite lucrative. Furthermore, it’s also using a special stake algorithm known as “Ouroboros,” as well as a foundational settlement layer connected to a control layer in a one-of-a-kind way.
It’s a settlement layer that comes with a unit of account, and the control layer works using smart contracts. That means it’s capable of recognizing identity, working with compliance, and even blacklisting. These are just of the features you can expect from it. Another notable advantage of Cardano is that the system can be developed further using soft forks.
How to Obtain the Wallet
Daedalus is the wallet being utilized by Cardano and it’s ideal for multi-platform usage, and it’s also safe for ADA currency. Unlike other cryptocurrency wallets, Daedalus is specifically made with one-of-a-kind features that you don’t normally find in digital wallets, and the team aspires to improve this further.
Being a highly lucrative project, ADA aims to be a competitor in the Bitcoin market. For that reason, makers are spending a lot of their time building third-generation digital currency, which are being streamlined for the ecosystem and used for mutual operation. With Cardano, it might actually be possible to combine intra-trading with their efforts of innovation, which isn’t too far from happening as the creators have a very unique philosophy regarding this.
Buying and Selling ADA
The good thing about ADA is you can purchase and sell it without any problems at all. Since it’s deemed to be one of the biggest altcoins at the moment, you can expect that more and more exchanges would happen with this one. The men behind have huge plans for this, and one of which is to make ADA accessible at crypto ATMs all over Japan.
What Makes It Better Than Other Available Options
Although ADA hit the Bittrex just recently, it still has a lot to offer. One of which is that, during its launch, the whole world witnessed a remarkable volume at the exchange that it even managed to exceed more than 10,000 BTC in different time zones.
However, there has been a decline in prices after a couple of days, but a lot of users believe that ADA is something to look out for. Do note that these are actually the same people who believed that Cardano has what it takes to be the future of blockchain technology– that it would definitely be more than just a cryptocurrency. Since its introduction in the market, it managed to rank in the top of 15 cryptocurrencies on a global scale.
Final Words
Overall, ADA is a blockchain technology that aspires to develop and expand through the use of smart contracts. Since its launch, it continues to deliver promising results with its advanced features, making it more preferable than other protocols developed in the past.
