With an explosive course at $16,000, Bitcoin has eclipsed all other crypto-currencies and stands as if it were a unique currency, yet this is not the case. There are also other types of crypto-currency such as Ether, Litecoin and Ripple. But do you know about the Ada encrypted currency blockchain technology known as Cardano?
What is The Cardano blockchain?
The Cardano blockchain is a project that was initiated back in 2015 by a Japanese company called Emurgo. The ambition for its developers was to make it “the first blockchain project developed by using a scientific approach.”
With this in mind, they decided to collaborate with IOHK, a firm specializing in blockchain technology. Within this entity, there are a few big names such as Charles Hoskinson, who is none other than the co-founder of Ethereum. The Cardano blockchain uses a “Proof of Stake” protocol, unlike the blockchain of other encrypted currencies that use a “Proof of Work” protocol.
Tested by experts and dubbed “Ouroboros”, this protocol is meant to defend the network against cyber-attacks, thereby making transactions even more secure. Transactions will also be much faster on Cardano than on other blockchains.
What to Know About Ada Crypto-Currency
Just like Bitcoin, whose number is limited to 21 million units, Ada will also have a fixed number of coins. However, it exceeds Bitcoin’s limit by a long shot, Ada will be issued a maximum of 45 billion units. Those interested in Ada dealings will have to use a specially designed wallet dubbed the Daedalus.
Developers are also working on creating Ada credit cards that would give users the ability to make their everyday purchases using their crypto-currency. Cash deposits would be made on the card via the Daedalus wallet. Like Ether, Ada will also be used in “smart contracts” and is entitled to its own language in this area: Plutus. Ada will be used for contracts that require a very high level of security. The goal is to find an effective solution to the security problem that has arisen with these infamous “smart contracts”.
At the beginning of October, Ada was first introduced to the CoinMarketCap, a crypto-currency market. The currency had first exceeded the $0.03 limit before plummeting down to $0.0019. This morning it was slightly decreasing and tending towards a sort of stability at around 0.0980 €. Some experts foresee yet another outbreak.
Apparently, investors are still not very interested in this asset. According to some, this is because the roadmap for the project had failed to excite them from its very announcement. Yet, its recent explosion on the market proves that those who were daring enough to believe in this crypto-currency were not mistaken.