Cardano

What is Cardano (ADA)?

ADA is the native token of Cardano, a public blockchain founded in 2017. Be sure to take a look at the Cardano price chart above to see the current (and previous) price of ADA. Cardano pays great attention assistance to countries with serious problems accessing banking services. Overall, it aims to create a more transparent, fair and secure society by transferring power from unaccountable institutions to private individuals.

The name of the network is inspired by the name of an outstanding figure in mathematics of the Renaissance – the 16th century Italian polymath Gerolamo Cardano. Overall, Cardano is the first network based on a research-based approach and a scientific mentality.

it’s the same one of the first networks built using the Haskell programming language., which is known for its high degree of fault tolerance. Although the Plutus programming language is used to develop smart contracts, which allows you to create strict contracts.

Every new proposal to improve the Cardano blockchain must undergo peer-reviewed research. This academic approach ensures that all changes are made logically and produce the best results. Additionally, it improves the stability and longevity of Cardano, reducing the risk of unexpected crashes.

Cardano network along with its own ADA token protected by the special Ouroboros protocol which focuses on sustainability. The protocol is defined as a combination of new technologies, statistically proven mechanisms, and economic and behavioral philosophy. Essentially this is Proof-of-Stake consensus mechanism which is a more energy efficient alternative Proof of Work mechanism used by Bitcoin.

Except, Cardano is a multi-layer protocol. It has two layers – a calculation layer and a control layer. The settlement layer is responsible for transactions, trading and purchasing of ADA tokens. On the other hand, the management layer is responsible for executing smart contracts and verifying identity.

Who developed Cardano?

Charles HoskinsonCEO of IOHK and co-founder Ethereum, the one who developed Cardano. He has been involved in cryptocurrency since 2011. However, he is also a mathematician, which explains his desire to name the blockchain and its own token after famous mathematicians. This also explains his choice to use an academic strategy involving mathematical calculations and logic-based decisions in developing and maintaining the network.

Emurgo is also contributing to the development of the Cardano protocol. It is a multinational blockchain technology company that aims to support, integrate and encourage Cardano blockchain applications.

Moreover, it is important to mention Cardano Foundationa non-profit organization whose goal is to standardize, protect and develop the Cardano network.

Overall, Cardano is controlled by three separate projects that are responsible for different parts of the Cardano crypto project:

• IOCKwho creates and designs blockchain.
• Cardano Foundationwho oversees the development of blockchain.
• Emurgowhich uses commercial enterprises to support the blockchain.

ADA coin

Cardano’s native coin is ADA. Just as the name of the blockchain is inspired by a famous polymath of the past, the ADA coin also takes its name from an inspiring person. ADA is named after Ada Lovelace, a 19th century mathematician. She is often considered the first computer programmer.

Essentially, ADA is a governance token. It gives its users the right to vote on various decisions regarding the Cardano network.. The project can grow over time thanks to democratic control and an innovative treasury system that allows Cardano to sustainably finance itself. Again, if you are interested in the current price of Cardano, check out the ADA price chart above.

Besides the governance token, ADA can also be used for other purposes. For example, it can be used as a payment method for various products or services that support crypto assets.. Additionally, if you want to make transactions at the Cardano settlement level, you also need to use ADA coins.

Additionally, ADA coins can be at stake. This means you can make profits just by holding ADA in your wallet. However, keep in mind that staking rewards will likely decrease over time as the number of circulating tokens approaches maximum supply.

IOHK has developed a wallet called Daedalus specifically for storing Cardano crypto assets. It is known for its advanced security features. Another wallet designed for ADA coins is Yoroi. It was developed by Emurgo and is very convenient as it only requires one click to install. Additionally, it does not require downloading a copy of the blockchain history.

Supply of ADA coins

ADA is a deflationary token. This means that the number of ADA coins in circulation is limited. The maximum supply of ADA is 45 billion coins.

There were a total of five public sales of ADA between 2015 and 2017, during which the price of ADA was only around $0.0024. In addition to the tokens intended for sale (84%), the remaining ADA tokens (16%) were distributed between IOHK, Emurgo and the Cardano Foundation.

When discussing the price of ADA, keep in mind that it is subject to fluctuations, like the value of many other crypto assets. The price of Cardano is ultimately influenced by the same factors that influence the entire cryptocurrency market.

Alonso update

The Alonzo update was launched in August 2021 as a hard fork. A hard fork is an update that includes major changes and is not backward compatible. Alonso update transferred the functionality of smart contracts to the Cardano blockchain allowing it to support various dApps and NFTs. This essentially caused the price of Cardano to increase.

The name Alonzo is also not a random name, as is the case with the blockchain itself and its own token. Alonzo Church, an American mathematician considered one of the pioneers of computer science, inspired the name of this update. You can definitely notice a pattern in the names here.

Since the Alonzo update brings smart contract functionality to Cardano, this makes the blockchain a worthy competitor to Ethereum, which is one of the best blockchains in the crypto world. Since smart contracts are one of the pillars of the decentralized finance industry, they can provide a blockchain with a wide range of capabilities and support for applications that are not necessarily part of the blockchain.

There was also a promotion before Alonzo’s call. Shelley which was launched in 2020. The main goal of this update was to improve the decentralization of Cardano, making it at least 50 times more decentralized compared to other networks. However, it was replaced a year later by the Alonzo redesign.