ADA - Highest Trade Volume On Bittrex, What is it?

What is ADA Coin?

The Cardano / Daedalus project is a smart contracts platform similar to the Ethereum blockchain that offers coin called “ADA”, affectionately named for the mother of computer programming Ada Lovelace. The ICO was a private, in person, sale to Japanese and other Asian investors at about $0.002 US per coin delivered by way of a redemption certificate that was printed on paper nearly a year before the actual coin became deliverable.

Is it a scam?

Early investors expected a faster timeline progression for their investment of more than $1000 US each, and many cried, and continue to cry, “SCAM” even as ADA has now become listed on Bittrex. Current investors worry that there is little comment outside of Cardano’s extensive whitepaper and documentation as to the value and roadmap of a new coin that shot into the top 20 of Coinmarketcap in less than 2 months of being live.

Why is it getting so much attention

As of October second, ADA commands the highest trading volume on Bittrex as speculators ride a wave of tiny pump and dumps of a $0.02US - $0.03US valued coin. While the margin is only one cent, a significant profit can be made with a current circulating and total supply of 31,112,484,646 ADA and a maximum lifetime supply of 45 Billion.
ADA is the least expensive coin on Bittrex as of October 1. This extremely low cost is attractive to small investors who can only afford to gamble a few dollars at a time. For as long as ADA remains under $0.05 US per coin, margin trading remains attractive to the newer, or low investment – high risk investor.

Is ADA the next Ethereum or Bitcoin?

ADA follows similar patterns to the introduction of Bitcoin where money savvy people cried “SCAM” and values struggled to reach even $0.10 US in early trades. As with all cryptocurrencies ADA should be thought of as a HIGH RISK VOLATILE INVESTMENT that could lose %100 of its value in seconds.
Because it is a proof of stake smart contracts coin, Cardano claims ADA solves the primary problem associated with Bitcoin. ADA will not require huge “farms” of servers consuming power to mine the coin, instead, stakeholders will earn transaction fees for verifying a block based on a system that randomly selects a coin and gives the block reward to the coin holder that signs the block as valid.
As a smart contracts platform there is the possibility of Cardano issuing ERC-20 like tokens in the future, which may or may not add value to the project overall.

Can it be mined?

As of today, no. ADA is in the bootstrap stage called “Byron”, after Lord Byron the father of Mary Shelley and Ada Lovelace. This stage is expected to last three to six months while enough diversified investors purchase coin to allow for a distributed blockchain instead of a centralized one. Since distribution is the heart of a pseudonymous blockchain it is important that rewards not be given until the distribution is “proven”, in this case by stake.

Once the reward stage “Shelley” is started, this Frankenstein of a coin that takes the best of bitcoin and Ethereum and overcomes the challenge of increased mining difficulties, could at the very least run on par with Steem and over time surpass Ethereum in the market.

Sources
https://www.reddit.com/r/cardano
https://daedaluswallet.io/
https://www.cardanohub.org/en/home/

Disclaimer: This article is based on my own research of the Cardano Blockchain and ADA coin. I am not an investment professional and this is not investment advice. As with any investment, past performance is not a guarantee of future results. Cryptocurrency is a HIGH RISK VOLATILE INVESTMENT. Never invest more than you are willing to lose.