Besides from making positive moves when it comes to its value in the market, Cardano (ADA) and the team behind this currency have been working on some pretty significant improvements. It is already a commonly known fact, while especially familiar to those who are following up with Cardano, that the team behind ADA proclaimed a long time ago that they are aiming at creating a digital platform to support ADA, while creating it in a way that would enable it to become the most secure asset of all. They just made a move towards making that happen.
Cardano and Security Improvements
Cardano (ADA) makes up as the seventh-best currency, although it has been holding the 6th spot on the global coin ranking list for quite some time now. However, having Litecoin pushed down to the sixth spot by EOS made ADA move to trading as the seventh-best cryptocurrency.
On the bright side, Cardano is still considered to be among the top 3 most valuable platforms when it comes to operating with and deploying decentralized apps.
Having ADA being traded among the top 10 cryptos didn’t stop the dev team behind this currency from working on further improvements, and that is precisely how Cardano just got even more secure.
Apparently, the ADA team has been manipulating with the Proof-of-Stake algorithm in a way that made all the present problems with security, finally resolved. The team behind this clever manipulation is known as IOHK team, so Charles Hoskinson posted a tweet on this matter on April 26th, stating that “Of all the papers IOHK Research has written, this one is the most significant. It’s a major advancement for Proof of Stake … now PoS has nearly identical properties to PoW.”
How come this case is so significant for ADA?
The answer is pretty simple if you know what Proof-of-Work and Proof-of-Stake stand for. So, now that the IOHK team has made this improvement, their PoS is now more similar to PoW. This is an amazing addition to Cardano’s system, as while Proof-of-Stake has a more scalable nature when compared to PoW, but PoW has more to it thanks to its security. That means that Cardano (ADA) now has the best of both protocols, which will most certainly contribute to a more secure platform with lots of room for further improvements thanks to the scalability behind Proof-of-Stake protocol.
Cardano is made in Haskell, which is a programming language commonly used for analyzing data and programming apps for business purposes, which means that the platform is naturally the most suitable for organizational and financial applications.
Since Cardano is focused on creating one of the biggest platforms for deploying and programming decentralized apps for multiple purposes at the ultimate scalability and maximal security, ADA is competing with big platforms like NEO and Ethereum.
One is for certain, after improving their Proof-of-Stake protocol; ADA is getting more on its popularity as per Google’s report showing that ADA has been trending up in searches ever since the team made this improvement.
Cardano and the Market
Ranked as the 7th best crypto, and hopefully getting back to its old spot as the sixth-best currency, Cardano has been doing pretty well during the past month. However, we can now see ADA trading in the red while dropping against the dollar while it is following g up with the latest market trend.
It is not difficult to notice that the majority of coins are going down with the most recently established market trend that took place a couple of days ago after the massive rebound most of the coins had only a week before.
Cardano (ADA) did pretty well in the last 30 days, given the fact that ADA collected a set of gains of 120% against the dollar during April, while it managed to earn around 52% against the dollar in the last two months.
However, we can see it dropping by -3.8% during the last seven days, while it is also trading in the red at the moment of this writing, on May 8th.
Following the latest change in the market, ADA is going down against the dollar for additional -2.29% against the dollar.
On the bright side, Cardano is going up while trading in the green when compared to BTC, going against this crypto by a minor rise of 0.17%, which means that ADA is doing slightly better than Bitcoin at this moment.
After the most recent change, Cardano (ADA) can be traded at the price of 0.32$ per one unit of ADA.