Cardano blockchain, indeed comes after Bitcoin and Ethereum, but its presence has added to the growth of cryptocurrency increasingly massive, currently, ADA Cardano native token is ranked 5th on Coinmarketcap.
This is one of the cryptocurrency assets that is interesting to explore more about the Cardano blockchain. Even though the ADA price had fallen, but then it jumped more than 7000%, which is certainly extraordinary, and very tempting for investors.
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What is Cardano blockchain?
Revealing about Cardano, according to his explanation, this is a combination of the five main principles that form the basis of the Cardano blockchain building, namely people, purpose, technology, research, and opportunity.
Cardano was built by people in a decentralized community of engineers, scientists, and united leaders who came together to build a technology platform to change the future.
Cardano’s purposes are to build technology to support the future, to cooperate with one another with mutual trust, and to build global solutions to global problems.
Cardano technology using smart contracts has a design for increased security, scalability, and interoperability.
Before developing a project, they conducted research, of which Cardano has several business units namely:
- The IOHK is the unit that develops Cardano’s protocol.
- The Cardano foundation oversees the project.
- EMURGO is tasked with developing business and driving adoption.
Cardano provides opportunities to build projects that become solutions in various business categories, especially education, retail, agriculture, government, finance, and health care.
How do Cardano works?
Cardano is the 3rd generation blockchain platform, where the 1st generation blockchain is Bitcoin, then the 2nd generation is Ethereum. As a third-generation blockchain, Cardano offers solutions to problems that occurred in previous generation blockchains, which are generally about scalability and interoperability.
One of the important pillars in the Cardano blockchain platform is the Proof of Stake consensus called Ouroboros. This way of working can reduce energy costs by providing a guarantee of security.
This is the basic finishing layer which is then passed on to the main control layer after validation. One of the most prominent advantages of Cardano is that it is designed to comply with the rules and logic that it creates while maintaining the privacy of its users.
Moreover, the Core System or Cardano Core System can be upgraded without having to separate the chain network as in almost all cryptocurrencies created before Cardano.
This is a plus point where the stability of the ADA value will be more preserved because doubts about the perfection of the system can be guaranteed by Cardano.
Meanwhile, the Treasury system also guarantees that the blockchain network will continue to maintain its sustainability even though upgrades are being carried out.
Ouroboros mechanism
The Ouroboros mechanism was in the initial step the slot leader proposing block transactions. Then the endorsers will review the input. This group is the second stakeholder group to implement the Ouroboros protocol.
Anyone who owns the Cardano coin, ADA, has the right to become a slot leader. It doesn’t depend on how much you have.
Through the “Follow the Satoshi” algorithm will select coins for the leader slot that is owned by each person. The process of using this algorithm makes the network operation automatic with smart contracts.
In developing the Cardano network, they use Haskell and Plutus programming languages.
Ouroboros Proof of Stake mining process is lighter and doesn’t consume as much energy as in consensus proof-of-work protocols that consume energy, as is the case with the Bitcoin and Ethereum networks.
Cardano native token
Native token Cardano blockchain with ticker symbol ADA, like ETH on the Ethereum network, ADA token holders have the right to participate in operations on the Cardano network. So the ADA token is the cryptocurrency in the Cardano ecosystem. ADA token holders have the right to use staking on the Cardano network, which allows ADA holders to earn rewards.
ADA token refers to Coinmarketcap, which has a total supply and max supply of 45 billion ADA, of which 71% of all tokens were circulating at the time of writing. Or 31.95 billion ADA already circulating in the market.
Cardano is currently in fifth place with a market capitalization of over 57 billion USD and close to 58 billion USD.
This ADA token takes the name of the 19th-century mathematician Ada Lovelace. In the ICO (Initial Coin Offering) Cardano managed to raise funds of up to $ 62.2 million. In that program, Cardano distributes 57.6% of ADA’s supply for ICOs.
Cardano wallet
When you or an investor want to interact with the Cardano network, it requires a wallet to store, receive, transfer or participate in staking.
It is not difficult to find an ADA wallet because, on several large exchanges such as Binance, Coinbase has provided ADA, as well as using the wallet on the exchange.
However, for long-term security reasons, it might be better to store ADA in a cold wallet or hardware wallet. It is a crypto wallet that stores offline not connecting to the internet.
Options for hardware wallets are the Ledger nano X or Trezor Model T, these wallets are compatible with both Daedalus and Yoroi wallets.
Daedalus is the wallet suggested by Cardano which is specifically the ADA storage wallet. Daedalus is one of the wallets used for staking, which is a desktop wallet, while for Android and IoS and browser extensions use the Yoroi wallet.
Apart from the Cardano wallet options mentioned above, there is also Ellipal Titan which includes hardware wallet, AdaLite which is a web wallet, Guarda wallet, suitable for Desktop, Mobile, Browser extension, Web wallet, Exodus wallet, and Atomic wallet.
Who is the founder of Cardano?
Cardano is the third generation blockchain, which improves on the previous generation, like Ethereum blockchain and Bitcoin blockchain.
One name behind Cardano’s idea is Charles Hoskinson who is also the co-founder of Ethereum.
In an interview, Charles Hoskinson predicted that in the next three or five years, the cryptocurrency ecosystem will become a blockchain internet. This means that one blockchain with another blockchain will be connected and easy to cash. Furthermore, he also claims that Cardano (ADA) is more than 1.6 million times more energy-efficient than Bitcoin (BTC).
Cardano team member
For the development of Cardano, Charles did not work alone. He take a partner with three independent entities, namely the Cardano foundation, IOHK, and EMURGO.
- The Cardano Foundation is a non-profit, Swiss-based entity. It has a team member of more than 20 divided into several positions. Foundation Council, Operations, PR, and Communications.
- IOHK is a global organization with founder by Charles Hoskinson and Jeremy Wood, with more than 400 team members working remotely in more than 50 countries.
- EMURGO is a global blockchain technology company, with management offices in Singapore, Japan, the USA, India, and Indonesia. The company has seven team members, who come from different countries and backgrounds.
Cardano roadmap
The Cardano roadmap is unique compare to other blockchains. It has a roadmap with a unique designation where each name represents the development of Cardano in each era. The five Cardano roadmap summaries are Byron, Shelley, Goguen, Basho, and Voltaire.
The Byron roadmap represents the foundation of Cardano, in this era, it is not available for staking, it only has a wallet.
Later in the Shelley era, it was readily available for staking. Goguen has been using smart contracts, Basho being the Cardano era for scaling and network interoperability. Lastly is Voltaire, which was the era of introducing the voting and treasury system.
Cardano blockchain project
Cardano blockchain is becoming one of the stars of all crypto-cryptocurrencies.
Perhaps many Cardano fans have asked for a list of this third-generation blockchain project. While I haven’t found a list of projects in the Cardano ecosystem yet. But on the Reddit community, several sources provide information about the Cardano project, including gerrowallet.io, as well as charli3.io.
However, we found an unofficial site that might be useful for tracking the Cardano project, with the domain name Cardanoprojects.com. We also found a site to track the list of Cardano token assets via Cardanoassets.com.
Besides that, you can also find the Cardano project at https://cardano.ideascale.com, but to access the information you have to register first. Other resources may be useful on the dashboard google docs by Danil Ribar.
Infrastructure Cardano
The Cardano infrastructure is built from two main elements which are layered blockchain architecture. The two elements are the Cardano Settlement Layer (CSL) and the Cardano Computational Layer (CCL).
- CSL facilitates Cardano account units, such as peer-to-peer transactions or token transfers between users.
- The CCL serves to maintain the security of the chain, acts as a zero point for deploying smart contracts, and also serves as a framework designed to meet network objectives to ensure regulatory compliance with multiple jurisdictions.
Cardano staking with Eurobross algorithm
ADA staking can provide an opportunity to earn rewards, there are two ways you can staking ADA. The first is by delegating to others, and the second is by doing it yourself.
Delegating staking to others is done by selecting a staking pool. The number of tokens given to the staking pool will provide an opportunity to create new blocks. And receive economic rewards that are shared in the staking pool.
This method is easier for novice users or investors who do not want to run a full node on the network.
This method is more complicated than delegating staking to a staking pool. therefore many prefer staking pools rather than committing themselves.
To delegate staking, you can only do it with full node Daedalus and Yoroi wallets. You can try to follow instructions by Viperstaking to start staking ADA with Daedalus.
Where to buy ADA?
Tokens There are already many exchanges that support buying and selling this cryptocurrency.
The following are some of the exchanges where we can buy ADA.
- Binance, This is a large exchange, has provided ADA crypto for buying and selling, we can trade with other crypto pairs, or store it in a wallet. In these exchanges, you can buy ADA with a credit card or MasterCard and use a wire transfer, or by using a cryptocurrency like Bitcoin.
- Kraken is also a global exchange, where we can buy ADA using Bitcoin or USD. The minimum purchase of ADA is only 25 ADA on this exchange.
- Cex.io, on this exchange we can also buy ADA using Visa or Mastercard, there are also options for international (SWIFT), domestic (ACH, SEPA, Faster Payments) bank transfer, and online wallets (Skrill).
- Coinbase, This exchange announced that it has provided ADA for sale on March 20, 2021, through its official blog. However, in the report, users can sell, buy, convert, stored ADA on Coinbase only in supported regions.
- Bitpanda, this exchange is popular in Europe, users can buy ADA after having a flat or cryptocurrency deposit.
Cardano blockchain price
ADA crypto price since 2017 citing from Yahoo finance, was in the range of $ 0.025969 in September 2017. The price then successfully reached $ 1 in early January 2018. But soon it fell again by $ 0.150758 in March 2018. After that, the price tends to stagnant in the low range of $ 0.03 until 2020.
It was only in early January 2021 that the price begins to move up, along with the rise of other cryptocurrencies such as Bitcoin, Ethereum, and so on. Until ADA crypto reaches an all-time high on March 10, 2021, at $ 2,309.
Yahoo finance
Cardano (ADA) price prediction
Cardano’s (ADA) price at the time of writing was $ 1.74. Even though the price had dropped to $ 1.32, it seems that market sentiment is starting to be confident and has brought prices up again.
The following are Cardano’s (ADA) price predictions from several popular forecasting sites.
- Wallet investors predict the ADA price for the next year to reach $ 2,790. They also predict that for the next five years it will reach a price of $ 8,546.
- Longforecast predicts ADA’s price at the end of 2021 to land at a $ 4.15 maximum. End 2022 they predict the price to drop at $ 3.72, its 2023 prediction of a drop at $ 2.54,. End 2024 prediction of dropping at $ 1.38, and its 2025 forecast for ADA’s price to rise slightly at $ 2.22.
- Coinpedia predicts the ADA price by the end of 2021 to reach $ 10. 2022 to predict a price of $ 22. And predictions in the next five years the ADA price could reach $ 100.
- Digitalcoinprice forecast for ADA. The end year 2021 to $ 2.58. End 2022 to reach $ 3.19. December 2023 to reach $ 3.57. End 2024 to reach $ 4.35. 2025 to reach $ 5.15. 2026 to reach $ 6.1. End 2027 to reach $ 6.82 and end 2028 to reach $ 7.73.
- Tradingbeast forecast for ADA. ADA price forecast to reach $ 2,08768 in November 2021. End of 2022 prediction to reach $ 2.34253. Forecast 2023 price to reach $ 2,29542. And forecast 2024 ADA price could reach $ 3,37261
Is Cardano (ADA) a good investment?
Cardano may be relatively new, this blockchain launch in 2017. But looking at the growth in market capitalization that has reached 55 billion USD. It seems that the third generation of Cardano blockchain is quite impressive.
Even the question “Can Cardano hit $ 10?” becomes one of the most searched keywords. Even one of the most optimistic forecasts is Coinpedia which believes the ADA price can reach over $ 22.
Even an article entitled “Why you don’t want Cardano to hit $ 10?” broadcast on the Nasdaq site. But it is quite unreasonable that by the end of 2021 the ADA price reaches $ 10. Because the current price may be undervalued at $ 1.75.
Maybe just something extraordinary that can cause the price of ADA to hit $ 10 by the end of 2021. Like the history of Dogecoin which departs from the meme of dog a Shiba Inu. But then getting great attention from Elon Musk.
Final thought
Being part of the Cardano ecosystem is quite interesting. Because the blockchain is like the ground floor of the building that will stand on it. Following the news about the Cardano project, might provide an impactful clue to the market capitalization of ADA’s tokens.
When comparing Cardano vs Ethereum in terms of price, it is very different. Where ADA tokens are lower than ETH. Price ETH at $ 2,830.37, while price ADA at $ 1.73. Likewise, ADA’s market capitalization has only reached one-fifth of ETH’s market capitalization.
This article is for information only and does not constitute investment advice. Investing in crypto and forex is risky, every individual is responsible for his investment.
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