Cardano (ADA) Crypto Insight

If Bitcoin and Ethereum are considered the first and second generation cryptocurrencies, respectively, then Cardano is the “first third generation cryptocurrency.” Just like its competition, Cardano, “also called ADA (taken from the 19th-century mathematician, Ada Lovelace, the world’s first computer programmer), is aiming to become the top smart-contracts platform for its users.

What is Cardano, and how is it produced?

Basically, Cardano is a decentralized proof-of-stake blockchain platform that isn’t mined like Bitcoin. “Validators” do the work instead of “miners”. It uses a network of computers instead of a central power. They network chooses them based on how much ADA currency they currently own.

In other aspects, Cardano is pretty much the same as other cryptocurrencies. With the exception of being committed to peer reviewed scientific research as the primary foundation for updates to its platform. Cardano’s development is possible because of three organizations. They are IOHK and Cardano Foundation, which are non-profit foundations, and EMURGO, a for-profit entity. However, it is IOHK that is responsible for actually building Cardano, after working with a team of academics from anywhere in the world to conduct research and review platform updates before they implement them.

How did Cardano start?

The Cardano platform was launched in 2017 by Charles Hoskinson, co-founder of Ethereum.Cardano was first “marketed” as an Ethereum alternative, where both platforms were used for applications such as smart contracts, while also aiming to build a connected and decentralized system. For many people, ADA is an “updated” version of Ethereum’s second generation credentials. It also aspires to also has provide banking services to unbanked sectors of the world.

Cardano quickly gained popularity in the crypto space due to its revolutions in language and VM design. People considered these as a direct response to problems encountered by Ethereum.

Cardano launched its first application on the mainnet on September 29, 2017, which also marked the beginning of a successful story for the team. In just a year, Cardano scored severak high-level partnerships from entities in the academe and FinTech spaces.

How does one invest in it?

While everyone says their coin is the future Bitcoin, there is a legitimate case to believe that ADA may rise above BTC. For one, ADA acquires new features that go beyond money. Not to mention the Ethiopian government recently making a deal with IOHK, with a goal to help schools track student performance. The fact is that Cardano could be used for more than just crypto which can help itself increase its prices further.

One can start investing in ADA by choosing a crypto exchange platform, creating an account, linking their bank account, and making the purchase. Crypto exchange tools come in the form of a smartphone app. It shows you the live price of ADA and lets you track your coins.

You can store your ADA on a desktop wallet, mobile app, or a hardware wallet. For new owners, a mobile wallet is the best way to enter the space because it’s free to download and easy to set up. More advanced users, however, will choose a desktop client due to the extra security.

There are currently 25,927,070,538 ADA in circulation. Cardano will issue 45,000,000,000 ADA over its lifetime. After an all-time low last year, ADA has ascended by nearly 7,400% since. Cardano is now the fifth-biggest cryptocurrency by market capitalization, as of May 2021.