Listen to this story

--:--

6:44

What is cardano and what is its "boom"?

Andy Vilchez
6 min read

The world of cryptocurrencies advances at a truly overwhelming rate, there are currencies that have had incredible growth, while others have ended up in oblivion.

Today we are going to go over a few things about one of the most popular currencies today, Cardano.

What is cardano and what is its "boom"? – Cryptocurrencies – WebMediums
Cardano

There are cryptocurrencies that have a solid project behind them and that have become a marvel. Examples of this are Bitcoin or Ethereum, cryptocurrencies for which, at first, no one gave anything, but which today are the most popular.

There is a currency that in recent years has been gaining popularity and that has come to be considered the "cryptocurrency of the future". We are talking about Cardano (ADA), which has a great project behind it and which is extremely solid.

What is Cardano?

What is cardano and what is its "boom"? – Cryptocurrencies – WebMediums
Cardano

Cardano is a project that dates back to 2015, however, its cryptocurrency ADA was only launched in 2017. According to its creators, this cryptocurrency has been developed using "scientific philosophy".

To achieve its development, the creators researched and analyzed various currencies, including the most popular. In this way, they took their weak points and thought about how they could improve it. This, in his goal of creating a "perfect" cryptocurrency.

Cardano started as an ICO, which was carried out in 4 different stages between 2015 and 2017.

This allowed the developers to raise funds to move forward with the project. In fact, the project managed to raise a total of $63 million, allowing the project to go ahead.

To prevent the token from being affected by inflation, the developers decided that there would be a limit on the number of tokens. This was established at 45,000 million, thus allowing the value of ADA to remain stable.

The main focuses of Cardano

As part of the project, Cardano, has 3 main focuses that define it. And this makes ADA the cryptocurrency that it is today that has gained such popularity.

Scalability

The cryptocurrency and the network must grow in the same way that its users do. That is why, as part of Cardano's scalability, the Ouroboros algorithm has been included. With this system, it is the cryptocurrency holders who validate the bulk of the network's transactions.

This means that the more tokens the person has stored, the network can assign the verification. In this case, the person will get a reward for the transaction.

Sustainability

Another goal that developers have is to create a project that is self-financing. All the commissions that are obtained from the transactions end up in a wallet that is not controlled by a person.

All the funds that are stored will be used to finance other future projects. However, it will be the same users who, by consensus, grant the funds for said projects.

Interoperability

One of the advantages that Cardano has is that it seeks to create a network that is interoperable. In this way, it will be able to be compatible with other cryptocurrencies from another blockchain.

With this, cardano would have a system similar to that of banks and that allows you to send money between one and the other. However, to achieve this, it will be necessary to include more actors within a single network.

The ages of Cardano

What is cardano and what is its "boom"? – Cryptocurrencies – WebMediums
Cardano ages

Cardano is, without a doubt, a very interesting project, but it is important to mention that it is still in development. In the roadmap of this token, we have that it is divided into 5 ages. Each of them corresponds to a phase of its development and that as progress is made, the project grows more and more.

The five phases of cardano are as follows:

  1. Byron. This is the first phase and focuses on the initial development of the network, as well as all its functionalities. This includes the development of the wallet and all the improvements that the platform requires.

  2. Shelly. The second phase in Shelly and in this one, it seeks to make the network completely decentralized.

  3. Gougen. In the third phase of the roadmap, it will focus on the smart contracts that will be part of the network. This will be a great advance in the objectives of the network.

  4. Basho. The fourth phase will focus on network scalability, it will also focus on security and performance aspects. Additionally, a new protocol called Ouroboros Praos will be implemented, which is an improvement on the original algorithm.

  5. Voltaire. Finally, the last stage is reached, in which the network will be consolidated and an ecosystem that is totally self-sustaining will be created.

It should be noted that according to the developers, Cardano is currently in its third phase.

Advantages and disadvantages of Cardano

We have already spoken that Cardano is an extremely solid project and that it has a great future in the world of cryptocurrencies. So it is to be expected that it has many advantages, but it should also be mentioned that it has some disadvantages.

Advantage

  • It is a coin that has a robust security protocol and is mathematically proven.

  • The cardano network is scalable and this is because it uses a two-tier blockchain.

  • The project has a roadmap that is clear and is followed to the letter.

  • Developers regularly publish project progress reports.

  • A quantum digital signaturequantum digital signatures will be implemented, which would give the network much more security.

Disadvantages

  • It has competitors that are implementing similar improvements and that are in a more advanced state, such as Ethereum.

  • It is still under development, and we will have to wait to know all its functionalities.

The growth of Cardano

What is cardano and what is its "boom"? – Cryptocurrencies – WebMediums
Cardano growth

Cardano is a cryptocurrency it is a currency that has been attracting a lot of investment. This has caused the price of the currency to rise.

Remember that the price of a cryptocurrency is linked to the trust that users have. Therefore, Cardano has all the cards to become one of the most important currencies.

In the coming years, we are likely to see further growth, both in the number of coins in circulation and in price. This makes Cardano an excellent investment opportunity.

Is Cardano worth buying?

As we have already mentioned, Cardano is a very interesting and solid project. Therefore, it is a good idea to buy some coins for long-term holding. It is very likely that you will be able to get a good amount of money in a few years.

In the same way, it is worth buying Cardano to carry out your transactions, since it is a currency whose rates are low. And therefore, they can be ideal to move your cryptocurrencies.

Where to buy Cardano?

If you are interested in buying Cardano, you will be happy to know that you can buy it on most exchanges. This coin has become so popular that it has been listed on the best current exchanges, this includes Binance, Bittrex, Kraken, and so on.

In addition, you will be able to buy it in different pairs, being the most important pair in ETH / ADA. However, you will also be able to buy it with other currencies such as USDT.

Este artículo está también disponible en español
¿Qué es cardano y a qué se debe su "boom"?
+0
Go to the profile of Andy Vilchez

Andy Vilchez

Member since over 2 years

Amante de la tecnología y los videojuegos. Aficionado a la criptomonedas y todo lo relaciona con ellas. Me encanta escribir y se ha convertido en mi pasión.

Go to Cryptocurrencies

Cryptocurrencies

Publication start over 2 years

Information and news about Bitcoin, Ethereum, and the Blockchain in general, prices, analysis and predictions ..

Responses