Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
Cardano (ADA): who created and how this cryptocurrency works. Goals and prospects for the development of the Cardano project
Everyone is talking about cryptocurrencies now. Almost everyone wants to own a cryptocurrency, because the demand, like the price, of each coin is growing every day. But what does everyone know besides Bitcoin? The most popular cryptocurrency is very expensive today, so not everyone can buy it. Is this really the end of investment in such a desirable and tempting financial industry. What else you need to pay attention to and learn more about cryptocurrencies, you can read this article.
We propose to draw your attention to Cardano. Namely, the history of creation, advantages and general information that will help you get to know this digital asset better and can replenish your portfolio of securities with another acquisition.
What is Cardano? Creation and development of cryptocurrency
One of the most popular people in the world of cryptocurrencies, Charles Hoskinson, who in turn is a partner and co-founder of the digital asset Ethereum, created his own blockchain platform in association with Input Output Hong Kong, which gave it the name Cardano. The main coin is ADA. It is she who honorably occupies high places in the market capitalization rating of the 10 best cryptocurrencies in the world. It is only overtaken by such titans as Bitcoin, Ethereum, Binance Coin, XRP, and, of course, Tether.
Many experts assure that the ADA cryptocurrency has a huge growth potential. This is due to many factors, one of which is unique technology, which in its development and progress dominates many competitors. Analysts also note that an amazing circle of investors has gathered around Cardano.
The ADA coin, as already mentioned, is the digital currency of the Cardano blockchain platform. The name of the cryptocurrency was taken because of a tribute to the first female programmer in the world, Ada Lovelace. All work on the cardano project is carried out by professionals from the IOHK (Input Output Hong Kong) research laboratory. It is they who develop and create a decentralized system, which, in turn, will be able to solve all the problems of global financial systems in the future. This team makes every effort to make their work as close as possible to the scientific community. They try to review all their work in order to disseminate all developments in a transparent manner.
Cardano is managed by several owners, the list of which includes: Cardano Foundation, EMURGO and IOHK.
What is ADA? Coin or token?
The ADA crypto coin has been one of the most sought-after coins in the cryptocurrency market for a long time. This coin is based on the Cardano blockchain platform. At the same time, the ADA token allows its owner to have the right to vote, cast and stake in the Cardano ecosystem.
What can be done with ADA?
- It is possible to save and offer an ADA coin as a reward for the owner of such crypto wallets: Daedalus, Exodus.
- After that, the coin is transformed into an ADA token.
- With the help of the ADA token, ADA mining is possible.
- Which in turn allows staking ADA.
- And for staking, the user is guaranteed a reward. (Staking is a common and highly publicized practice among altcoin holders. The Cardano team plans to process the PoS part of the blockchain (Proof-of-stake is proof of partial ownership.)
It was the latest goals of the company that launched the mechanism for creating a platform that develops decentralized applications, the abbreviated and popular abbreviation DApp (from English decentralized application). They will be tested for smart-contracts and will include a multi-active ledger.
What is the purpose and prediction of Cardano?
The main goal of Cardano is to facilitate transactions that include native ADA cryptocurrencies, as well as to provide developer programmers with the potential to build applications on a resilient and scalable network.
The Cardano blockchain platform consists of two layers:
- CSL or in other words settlement levels. They record lightweight transactions with ADA.
- CCLs are calculation levels. Based on smart contract schemes that define the terms and conditions of each transaction.
One of the major recent news in the world of cryptocurrencies was the successful implementation of an update by Cardano called Mary. The whole point of the update is that it transforms the entire registry. Now the registry provides the ability to create multiple ADA tokens and exchange them not only on the blockchain platform.
The creator and inspirer of the Cardano project and the most popular Ethereum cryptocurrency, claims that he is completely sure that it is this type of access to a transparent banking service system that can bring a huge number of people the opportunity to earn and raise their income level, and, of course, life. The Cardano project is being developed on the DeFi platform, and its target audience is the regions of one of the poorest countries in the world. Charles Hoskins states that if his technology works and succeeds in these areas, then it will help to implement it around the world. It remains only to follow the developments.
