What is Cardano ADA and what does it do?
Cardano is a cryptocurrency and a decentralized public blockchain. Cardano’s coin, ADA can be used to send or receive digital cash. Making direct transfers secure through the use of cryptography. Cardano has been a very well known cryptocurrency for quite some time and has been featured in important news media several times.
Cardano is supported by three different organizations. IOHK, which is a research and development company. The Cardano Foundation and Emurgo. A Japanese company that develops and supports commercial ventures using blockchain technology. These three organizations work hard to make sure Cardano’s development is steady.
The Shelley Update
Early this year Hoskinson major release of Shelley. Shelley was named after a British author, Mary Shelley. However, what exactly it does for Cardano is the promise to increase decentralization.
Furthermore, Hopkins headed to Berlin in January to finalize the design of Cardano’s delegation mechanics. He stated before that Cardano would be 100 to 500 times decentralized than Ethereum. Intriguing as it is, things are looking positive for Cardano this year.
In preparation of the system for Shelly is the implementation of the network node. The node was originally launched in 2017.
Furthermore, the Cardano node is designed for informal methods. The old node was monolithic. The design makes it easier to incorporate systems. In addition, it is making integration for systems used by exchanges(wallets).
Moreover, high profile industries are now using a programming language. Certainly, it is extremely valuable and interesting for various kinds of sectors to avoid forging in the future.
Cardano may have been a bit behind in the crypto market. However, it has many projects and innovations. In a short span of time, it shows incredible price growth and extreme progress.
Cardano has called itself a third-generation blockchain. Its main goal is to give solution to the 3 biggest problems. The main issues are Scalability, interoperability, and sustainability.
Currently, Cardano is on 15th from 10th according to market cap’s top cryptocurrencies. One of the co-founders of Ethereum Charles Hoskinson founded Cardano. (ADA) is an open-source blockchain. It has a smart contracts platform. Cardano uses a proof-of-stake algorithm that approves and processes transactions on its blockchain.
Proof of Stake
Developers have stopped the ponderous, (proof of work). They pursue Ouroboros (proof of stake). A team of cryptographers from prestigious academic institutions. The design was led by Professor Kiayias of the University of Edinburg. Proof-of-stake is using a rigorous cryptographic model as a core innovation. It allows the protocol to enhance its functionality. This brings secure transactions to have better data structures for millions of users.
Current market situation
Currently, Cardano is trading around $0.09. The trading peaked is at $1.15 in early 2018. It is currently in a weekly uptrend and trying to form a monthly trend as well. The current market situation is very favorable. A lot of other coins have followed their steps.
See Analysis. On the average volume from $15 million to $100 million is massive. This signifies growing interest in Cardano. Although, the actual price is not yet showing. ADA will inevitably go up as demand keeps growing.
The Coinbase wallet now supports ADA. The deal entails Investors will be able to store their assets in the Coinbase. The said feature is called “cold storage” whereas it preserves their right. The right to delegate their stake.
The team planned to launch the Coinbase and ADA partnership this Autumn. Also, this partnership will enable safe staking while in Coinbase’s cold storage.
Our Verdict for 2019
Without a doubt, if the market continues the same path, It is very likely for Cardano to reach its AHT again. A dollar is a fair prediction. Therefore, 2019 is a good year. Roadmaps indicate a healthy trend. However, after Bitcoin stabilized, Cardano will show progress in entirely bearish beginning April.
Our Verdict for 2020:
Certainly, no one knows what the future holds. Like no one is ever precise with their predictions. However, more and more companies are taking advantage of cryptos. More and more are learning about crypto. Also, some of them even come up with their own. Most notably Facebook.
Cardano has already secured really big partnerships. We believe that 2$ is definitely in the cards for Cardano and 2020’s trends go according to plan.
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Whaleagent.club content should not be considered as an investing parameter. However, the user should do their own research before investing. Price prediction is based on the data collected from various sources.