Cardano is a cryptocurrency network and open source project that aims to run a public blockchain platform for smart contracts. Cardano’s internal cryptocurrency is called Ada. The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland.
Cardano price today is $0.143544 USD with a 24-hour trading volume of $1,552,616,342 USD. Cardano is up 3.39% in the last 24 hours. The current CoinMarketCap ranking is #9, with a market cap of $4,466,011,081 USD. It has a circulating supply of 31,112,484,646 ADA coins and a max. supply of 45,000,000,000 ADA coins. The top exchanges for trading in Cardano are currently Binance, Huobi Global, HBTC, Dsdaq, and Hydax Exchange.
The minimum transaction fees for ADA can be calculated using the following formula: – x + y × size. In this equation, ‘x’ is a unique constant, which is valued at 0.155381 ADA. On the other hand, y is a particular constant whose value is 0.000043946 ADA/byte, and size is the size of the transaction in bytes. This means that every transaction will bear a fee of at least 0.155381 ADA, along with an extra cost of 0.000043946 ADA per byte of transaction size.
Since the project is still under development, the transaction fee is subject to changes. And apart from the network, you will also need to make room for the commissions, charges, and costs associated with buying Cardano (ADA) coins and withdrawing your funds from various cryptocurrency exchanges and trading services.
Who Are the Founders of Cardano?
Cardano Coin was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built Cardano’s blockchain.
In an interview for CoinMarketCap’s Crypto Titans series, Hoskinson said that he got involved in cryptocurrencies back in 2011 — and dabbled in mining and trading. He explained that his first professional involvement in the industry came in 2013, when he created a course about Bitcoin that ended up being taken by 80,000 students.
As well as being a technology entrepreneur, Hoskinson is also a mathematician. In 2020, his technology company donated ADA worth $500,000 to the University of Wyoming’s Blockchain Research and Development Lab.
What Makes Cardano Unique?
Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy-intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.
The project has taken pride in ensuring that all of the technology developed goes through a process of peer-reviewed research, meaning that bold ideas can be challenged before they are validated. According to the Cardano team, this academic rigor helps the blockchain to be durable and stable — increasing the chance that potential pitfalls can be anticipated in advance.
In 2020, Cardano Coin held a Shelley upgrade that aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains. At the time, Hoskinson predicted that this would pave the way for hundreds of assets to run on its network.
World Is Changing. Together, We Can Change It For The Better.
Cardano is a proof-of-stake blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.
With a leading team of engineers, Cardano exists to redistribute power from unaccountable structures to the margins – to individuals – and be an enabling force for positive change and progress.
Trust to Global Systems
Cardano restores trust to global systems – creating, through science, a more secure, transparent, and sustainable foundation for individuals to transact and exchange, systems to govern, and enterprises to grow.
Proof-Of-Stake And Ouroboros
Ouroboros is the first peer-reviewed, verifiably secure blockchain protocol, and Cardano is the first blockchain to implement it. Ouroboros enables the Cardano network’s decentralization, and allows it to sustainably scale to global requirements without, crucially, compromising security.
The protocol is the culmination of tireless effort, building on foundational research, and is propelled by a vision for more secure and transparent global payment systems, and a means to redistribute, more fairly, power and control.
The Highest Standards In Development, Rooted In Science
Cardano is developed using evidence-based methods: a novel combination of formal methods, which are normally found in critical high-stake applications, and an agile approach, which helps the project remain adaptable and responsive to emerging requirements and new innovations. To support global applications, systems, and solutions, we believe security assurance is not a choice: it’s a requirement.
The protocol implementations and platform integrations are first researched, challenged, and mathematically modeled and tested before they are specified. These specifications then inform development which, in turn, is independently audited. The result is a codebase offering an unrivaled level of assurance.
Cardano makes it possible for any actors that do not know each other – and have no reason to trust one another – to interact and transact, securely. It’s a platform for building trust where none might naturally exist, opening up whole new markets and opportunities. Through Ouroboros, Cardano is provably secure against bad actors and Sybil attacks. Every transaction, interaction, and exchange is immutably and transparently recovered, and securely validated using multi-signature and a pioneering extended UTXO model.
Uses for ADA Cardano
The Cardano coin can be used as a transfer of value in a similar way that cash is currently used. This is not very different from other cryptocurrencies such as Ethereum and Bitcoin, but ADA has other uses as well.
One of the core principles of Cardano is its PoS blockchain protocol where ADA is staked to the blockchain to help “stake pool operators” successfully verify transactions on the blockchain. This is where Cardano crypto comes in handy. Those who stake their ADA to the blockchain are rewarded for their efforts with more Cardano crypto in return. This staking system helps maintain security throughout the blockchain.
There is also the use of ADA in voting. In Cardano, unlike other blockchain projects, it is not miners who vote and decide on changes to the protocol, it is token holders. Therefore, when a new change or development is proposed to the Cardano blockchain, Cardano crypto holders use their ADA to vote on these proposals. This way, everyone who owns the cryptocurrency has a say in its development.
A wallet is a hardware device or software used to store cryptocurrencies like Bitcoin and Ethereum. It enforces multiple layers of safety to keep your funds secure while reducing the odds of losing it. If you want to store your ADA in the safest way possible, you need to use one of the following wallets:
Yoroi – The Cardano Wallet (Google Play)
Ledger (Cold Wallet)
Atomic Cardano Wallet
How Safe Is It?
It is being developed by a team of engineers who are experts in their fields. Moreover, the layers for ADA tokens and smart contracts are separate, providing an additional security cushion. Cryptographic encryption will ensure that blockchain can’t be compromised and fend off any cyberattacks that can breach its integrity and expose user data.
One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.