Cardano ADA is one of the most famous cryptocurrencies, being ranked as the 8th-best coin in accordance with the official ranking list while being ranked among the top 10 currencies for quite some time.
Cardano was issued back in 2015, just around the time Ethereum was issued as well, representing a direct alternative to the most famous smart contract platform that Ethereum represents. While ETH and Ethereum are enjoying the status of the second best currency alongside with representing the most utilized smart contract technology currently available, Cardano comes with increased scalability which seems to be an active problem in the world of blockchain and ICOs.
So, what exactly makes Cardano ADA a decent investment besides from representing a scalable blockchain-based ecosystem?
What is Cardano ADA?
Cardano was first launched in 2015 with ADA as its main currency, all “derived” from the mind of Charles Hoskinson, the CEO and founder of Cardano, and his dev team.
Cardano (ADA) represents a decentralized blockchain network where ADA stands for its native currency that can be easily utilized for making fast and cheap transactions, which is what most platforms claim to be able to provide their users with.
Alongside enabling fast transactions, Charles Hoskinson made Cardano become more than just another crypto payment method. That means that Cardano can be utilized for creating decentralized applications so that governments and individuals could take advantage of a fast and scalable platform that Cardano represents.
Even though Cardano network sounds much like Ethereum’s point of interest, while both of these assets were issued in the same year, Cardano is offering a unique infrastructure of ADA native platform.
Cardano is written in Haskel programming language, using layers in its infrastructure so it would be able to achieve increased scalability of the network while having the ability to generate new blocks at every 20 seconds, which also means that Cardano allows fast processing time for global and cheap transactions in form of ADA.
The ultimate plan of Charles Hoskinson’s Cardano and ADA is to create a fully decentralized ecosystem, while fully scalable, in order to enable governments as well as individuals to cut on various costs when it comes to operating with data, information and money transfers.
How Does Cardano Work?
Cardano network and protocols are being promoted and developed through Cardano foundation, IOHK, and Emurgo, which with Charles Hoskinson on the head, makes the ADA dev team.
Hoskinson considers that there are two generations of blockchain; Bitcoin represented the first generation with crypto payments, and Ethereum and smart contract technology representing the second generation, where blockchain can be used for more than just transferring money.
Cardano is aiming at becoming the third generation of blockchain technology, which adds more value to this project, as it is initially planned to bring more scalability and sustainability for blockchain through ADA and Cardano project.
While Bitcoin and Ethereum use Proof-of-Work protocol, Cardano stresses out the problem of using PoW protocol, while replacing it with Proof-of-Stake that way removing the competition present among miners.
However, what makes Cardano completely unique is Ouroboros, which is a unique protocol diminishing the need for vastly spent energy like it is the case with Proof-of-Work and mining, so with ADA on chain operations, stakers with at least 2% of stakes will play the role of validators, that way cutting on large fees and slow processing times.
What is Next for Cardano ADA?
Charles Hoskinson has most recently announced that the latest version of Cardano, 1.4, is to be released either at the end of the third or at the beginning of the fourth quarter of 2018.
This release, as Hoskinson stated, has a goal of representing the backend foundation for the new wallet the team is planning on releasing, while the fans and holders are not withholding their appreciation for the upcoming version of Cardano (ADA) as well as the new Daedalus wallet.
Should I Invest in Cardano ADA?
If you are planning on investing in technology, functionality, and scalability of a blockchain ecosystem that Cardano represents, that you are probably set to purchase some ADA units.
However, if you are a trader, trying to earn some profit out of spinning Cardano, that is less likely to bring you a decent side profit. This is the case because ADA is said to have the most faithful group of holders and users, claiming to be holding onto their ADA units.
In general, Cardano (ADA makes up for a special “piece” of technology in the cryptoverse, while also representing a neat way of moving digital money fast and cheap, thus deserving the attention of many serious investors that believe in this project.