Cardano: Status and Prospects
In March, Cardano's successes in working on Hydra were revealed — a solution that will increase speed to 1 million transactions per second. So, how has this affected the popularity of the project and what to expect in the future?
A quick lookback on Cardano
The price chart of ADA was mostly similar to the other altcoins, peaking at the end of 2017 - early 2018 and crashing down after that. From a maximum of $1.2 per 1 ADA, the price dropped to 3-4 cents, where it is currently trading. Despite the dump, the project is developing, statements about new partnerships, ideas and development options for the entire Cardano infrastructure appear on the network regularly.
Brief summary
Website:
https://www.cardano.org
Trading start Date: October 2, 2017
Maximum ADA possible: 45 Billion
Current Supply: 31.1 Billion
Current ROI = 45%
Place in the capitalization rating at Coinmarketcap: 14
Consensus Algorithm: Proof-of-Stake Ouroboros
Programming Language: Haskell
Project history
Cardano’s lead developer and inspiration is Charles HOSKINSON, a former co-founder of BitShares, Ethereum, and Ethereum Classic. In addition to Hoskinson, three teams have worked and are still working on Cardano:
- The Cardano Foundation, whose mission is to standardize, protect and promote the Cardano protocol technology. Its goals are:
- studying and promoting the development of cryptocurrency regulation;
- acting as a standardization body for blockchain and cryptocurrencies;
- protection, improvement and development of the Cardano ecosystem;
- Association, training and development of the Cardano community.
- IOHK, a cryptocurrency research and development company that directly develops the platform.
- Emurgo — the role is to develop, support and integrate venture capital companies into Cardano's decentralized blockchain ecosystem. To do this, Emurgo invests in startups directly and develops commercial partners who want to use blockchain technology to revolutionize their industries, companies, or individual business processes.
Key benefits of Cardano
- PoS Ouroboros Algorithm. To create a block, a node must own ADA, the more there are, the more likely it is in favor of choosing a particular node. There are materials on the net indicating that this is one of the first mathematically proven secure protocols;
- Programming Language (Haskell). Unpopular, complex, but at the same time more advanced, fault tolerant and secure;
- High transaction speed. It is planned that the speed will reach 1 million transactions per second after the implementation of Hydra, which will offload the network due to many small adjacent nodes, the speed of which does not depend on the other “heads” of Hydra. Most likely, Hydra will not start before the end of 2020, which will certainly affect the exchange rate value of the cryptocurrency;
- The platform is built in layers, which provides great flexibility in its work.
It’s relatively easy to mine Cardano, just the usual computer hardware is enough. Due to the PoS algorithm, the process is quite energy efficient. To increase the probability of generating a block, miners are combined in pools, because over time, the complexity of generating new blocks increases.
Cardano can be bought on all major cryptocurrency exchanges. More than half of the total volume is traded on the BKEX exchange in pair with bitcoin. This is the top 10 exchanges in terms of ADA trading volume:
The best way to store ADA tokens is Daedalus crypto wallet, it is recommended to install on the official Cardano website. In addition, you can select the following options:
- Ledger Nano S (hardware wallet);
- Ledger Nano T (hardware);
- Trezor Model T (hardware)
- Binance (storage on the exchange);
- AdaLite (Browser)
- Yoroi (browser, mobile)
Image courtesy of Cryptoslate