Cardano (ADA) Top ALT COIN in 2018?
What is Cardano and What Should you Know About it?
Cardano has received lot of attention since it reached the top ten cryptocurrencies by market capitalization. There are just a few virtual currencies that are able to arrive where this currency did. In this article we will explain what Cardano is and how it works.
What is Cardano?
Cardano (ADA) is a decentralized public blockchain and a cryptocurrency project that is developing a smart contract platform which seeks to deliver more advanced features than any other existing protocol. According to their team, Cardano is the first blockchain platform that is based on a scientific philosophy.
Ouroboros
Cardano’s algorithm is called Ouroboros. This proof of stake algorithm determines how individual nodes reach consensus within the network. Ouroboros may be one of the solutions for blockchain scaling difficulties. This algorithm eliminates the need for an energy-hungry proof of work protocol. Besides that, Ouroboros has been mathematically proven that secure and has never been compromised.
In order to store ADA, a special wallet is needed. Cardano has named it Daedalus. This wallet will be able to run decentralised applications on the blockchain. The private keys are encrypted, protecting the user against attacks or malware.
Price Increase
ADA has received an incredible support and its price increased from $0.02 up to $0.14 dollars in three or four days. This reason for the increase in popularity and price of ASA is is likely because Cardano launched its roadmap explaining how Cardano keep developing. This gave investors and developers a clear view of what this currency may bring in the near future.
“We are currently in the bootstrap phase, where we are making improvements. These include to the code, for example in middleware and bugging,” reads the roadmap’s introduction. “We will also introduce our Cardano Improvement Proposals, or CIPs. We have put much effort an investment into building a voting system, details of which will be released soon,” explains the release.
The company uses a unique programming language, different to the one that Ethereum or NEO use, named Haskell. As explained by Cardano’s team, the programming language has a high degree of fault tolerance. It was crated in this way in order to permit flexibility in the different projects. As the developing technologies expand every single day, it is important to have a margin of error in which to work.
Cardano has almost 26 billion ADA in circulation and it is expected to reach 45 billion coins in the future. One of the developers behind Cardano is Charles Hoskinson, Etehreum’s co-founder and CEO of IOHK.
At the moment of writing this article, Cardano is the 11th cryptocurrency by market capitalization with $3.52 billion dollars and its price is operating stable around $0.1359 dollars. If an individual wants to buy Cardano, they can do it on Bittrex and Binance.
Conclusion
Cardano is an interesting product crated by a good developer team and with a clear roadmap. The intention is not to be the best cryptocurrency, but to offer something different than the others. Besides that, Cardano wants to help different entities and institutions to spread and expand.
What Cardano offers is a really interesting platform similar to what NEO and Ethereum offer. ADA has outperformed NEO in the market and currently has a higher position up the coin market capitalisation table.