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Cardano
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About Cardano

The price Cardano today is 1.29 USD, and the trading volume in 24 hours - 1,462,680,267 USD. The crypto asset has grown by 1.44% over the day. Currently, the coin’s market capitalization is 41,434,769,241 USD, and has 32,065,787,461 coins in circulation with the max supply of 32,936,637,337 coins ADA.

What is Cardano (ADA)?

Cardano is a proof-of-interest blockchain platform that enables developers, innovators, and analysts to push for global ecosystem change.

The open source project also aims to "redistribute power from unexplained structures to the periphery to individuals," helping to create a safer, more transparent and fairer society.

Cardano was founded back in 2017, and the ADA token is designed to ensure that owners can participate in the network. For this reason, cryptocurrency holders have the right to vote on any proposed changes to the software.

The team behind the multi-level blockchain says there have already been several compelling examples of its technology being used, which aims to enable decentralized applications and smart contracts to be developed in a modular way.

Cardano is used by agricultural companies to track fresh produce from the field to the consumer, while other products created on the platform allow you to store education data in a secure way, and retailers-to fight counterfeit goods.

Who are the founders of Cardano?

Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built the Cardano blockchain.

Hoskinson is not only a technology entrepreneur, but also a mathematician. In 2020, his technology company donated $ 500,000 worth of ADA to the University of Wyoming's blockchain research and development Lab.

What makes Cardano unique?

Cardano is one of the largest blockchains with a Proof-of-Stake consensus mechanism. Unlike the Proof-of-Work algorithm, it requires less power. Although the much larger Ethereum has upgraded to PoS, this transition is gradual.

The project prides itself on the fact that all developed technologies go through a peer-reviewed research process, which means that bold ideas can be challenged before they are validated. According to the Cardano team, such academic rigor helps the blockchain to be durable and stable, which increases the likelihood that potential pitfalls can be anticipated in advance.

In 2020, Cardano conducted a Shelley update that aimed to make its blockchain "50-100 times more decentralized" than other major blockchains. At the time, Hoskinson predicted that this would open the way for hundreds of assets in his network to operate.

How many Cardano (ADA) coins are in circulation?

The maximum offer is 45 billion ADA, but at the time of writing, there were about 31 billion in circulation. Between September 2015 and January 2017, there were five rounds of public sales of Cardano tokens.

After the launch of the IOHK network, approximately 2.5 billion ADAS were allocated. Meanwhile, another 2.1 billion ADAS were transferred to Emurgo, a global blockchain technology company that acted as the founder of the Cardano Protocol. Last but not least, 648 million ADAS were donated to the Cardano Foundation, a nonprofit organization whose goal is to promote the platform and increase its adoption rate.

In general, about 16% of the total ADA offer went to the founders of the project, and the remaining 84% was distributed among investors.

How is the Cardano network protected?

Cardano's security is ensured through an environmentally sustainable, proven secure PoS Protocol known as Ouroboros.

The draft States that Ouroboros improves security guarantees while consuming significantly less energy, claiming that it is four times more energy efficient than Bitcoin.

It is described as a mixture of unique technology and mathematically proven mechanisms, with the addition of behavioral psychology and economic philosophy. Overall, Ouroboros goal is to achieve sustainable and ethical growth.

The incentive mechanism means that network members are rewarded for their participation.

Summary

  • To own your crypto assets, you need to manage your own private keys.
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  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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