Everything You Need to Know About Cardano

Cardano is a popular blockchain platform for the ADA cryptocurrency, and if you’re debating on how to get involved, this guide is for you. We have another guide on the basics of cryptocurrency to check out if you’re new to industry as a whole. This guide is specifically geared toward cardano.

What Is Cardano?

Bitcoin was the first generation of cryptos, representing pure cryptocurrencies. Ethereum ushered in the second generation with a focus on blockchain technology. Cardano is part of the third generation, with a refined, peer-reviewed technology that improves upon the constraints and problems found in the first two.

Cardano was created by a team at Input Output Hong Kong led by Charles Hoskinson, a co-founder of Ethereum. Like ethereum, cardano’s focus is on a secure blockchain running third-party apps and smart contracts.

It’s the first cyptocurrency based on Haskell code, and it features two independent blockchain layers. One layer is the cryptocurrency layer similar to bitcoin, while the other is the metadata layer that ethereum uses for smart contracts. Whereas ethereum always has the metadata attached to the cryptocurrency, Cardano separates them, making it a unique blockchain technology that’s simultaneously more streamlined, energy-efficient, and able to handle more complex use-cases.

Essentially – Cardano can act as both a simple cryptocurrency like bitcoin and a smart-contract blockchain like ethereum in an and/or capacity.

How Much Is Cardano Worth?

Cardano has a market cap of $4,958,915,219, as of March 22, 2018. This is based on a circulating supply of 25,927,070,538 ADA, with each ADA token being worth $0.191264. Over $192 million in ADA is traded each day.

The peak price of cardano so far occurred on January 3, 2018, at a price of $1.32.

Cardano can be mined, and the maximum supply is 45,000,000,000 ADA. It’s supported by the Cardano Foundation, a nonprofit organization dedicated to the advancement of cryptocurrency and blockchain technology.

Who Supports Cardano?

While Cardano’s technology is certainly impressive, it’s yet to pick up widespread enterprise adoption. It’s supported by accredited academics, but its team has a long ways to go toward picking up big-name organizations. Still, it’s well funded and well received by most crypto and blockchain analysts as a solid technology.

Organizations that choose to implement it will likely do so after running into deal-breaking obstacles using the ethereum blockchain. Despite its lack of deployment, it’s likely the most transparent platforms. This is both the main draw and setback of the Cardano platform.

For the time being, cardano remains an impressive blockchain platform, but it’s unproven in the large-scale adoptions bitcoin and ethereum have. It exists in an academic bubble that may or may not prove to be valuable in the future.

Where Can I Buy/Sell Cardano?

If you want to buy cardano coins, it can be done on most popular crypto exchanges, including Binance. A full list of exchanges supporting ADA can be found at Cardanohub.org.

If you have any other questions about Cardano’s cryptocurrency, standards, or blockchain not covered above, please feel free to leave a comment below.

Versability

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: