Cardano Peculiarities That Enthusiasts Should Be More Aware Of

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Published on: https://cardanofeed.com/

Anchor: Price $  https://www.binance.com/en/price/ethereum

The blockchain underlying Cardano is a ‘third-generation blockchain’ intended to address challenges that kings Bitcoin and Ethereum have found hard to solve throughout time: sustainability, interoperability, and scalability. Another thing that makes Cardano unique is the scientific-methodical approach it bases its values on. Launched in 2017, Cardano started at just 0.02 USD, so no one thought it would reach today’s level. After all, how many cryptocurrencies have been created during the last decade and did not survive? A lot! Cardano is one of the altcoins that has got quite a bit of potential in the same manner that Ethereum has. And while you’re entitled to trust more established coins of the sort, it would be helpful to diversify your portfolio and invest in Cardano. For example, investors saw a considerable increase in Ethereum price, which jumped to $ 1504 lately, and in Bitcoin price as well, which is worth watching for, but this doesn’t mean Cardano is a waste of time. All that matters is to check the price of any cryptocurrency you want to invest in so that you don’t spend more than you can afford.

For more facts about the altcoin of the moment, keep reading:

The founder of Cardano contributed to Ethereum’s creation

Charles Hoskinson is one of the co-founders of the crypto phenomenon, Ethereum. But there was a disagreement between him and Vitalik Buterin (he wanted to make the project commercial, whereas Vitalik wanted a non-profit. Consequently, Hoskinson was removed from the Ethereum project and started working on his own platform in 2015. Cardano was released in 2017, positioning itself as an alternative to what is now the world’s second-largest digital currency. And rightly so - Cardano supports similar applications to Ethereum, including smart contracts, and aims to provide banking services for those not relying on banking institutions.

Cardano values sustainability

Based on a Proof-of-Stake (PoS) consensus mechanism, Cardano requires much less electricity than projects relying on a Proof-of-Work algorithm. Ouroboros, the platform’s protocol, not only allows for a higher transaction number but also makes the network’s decentralization more achievable than in the case of other protocols. The Cardano founder’s objective was to develop a blockchain that would pass the test of time and serve the next generations just as it intends to serve us. To gain a clearer idea of what this means, here is how much energy the cryptocurrency uses: six gigawatt hours, the equivalent of about 600 US homes. It might sound like a lot, but Bitcoin uses about 130 terawatt hours.

Cardano has a variety of uses

Due to its advanced technology - a third-generation blockchain - Cardano has become a promising asset useful not only for individuals but also for institutions. The tech is estimated to reach various industries, including education, healthcare, finance, and agriculture. In healthcare, for example, the blockchain underlying Cardano is designed to authenticate pharmaceutical products and verify the authenticity of medications. In finance, Cardano could keep track of citizens’ identities and validate their creditworthiness. As for agriculture, blockchain technology has already started to be employed for tracking, so it should come as no surprise that Cardano could be used to provide reliable supply chain monitoring for merchants, haulers, and farmers.

Cardano’s coin is named after the world’s first computer programmer

This might not be a criterion of the coin’s worthiness, but we find it useful information. Cardano’s native token, ADA, is named after a huge personality in the tech world - the computer programmer Ada Lovelace, Lord Byron’s daughter. Unexpectedly or not, Ada was a brilliant mathematician whose thinking is believed to have laid the foundations of contemporary computing. And there’s something more - each step of Cardano’s development roadmap is named in honor of renowned computer scientists, writers, and poets. Pretty cool, isn’t it?

A much-needed second layer - Hydra

It’s helpful to know that Cardano uses a layered blockchain in order to validate transactions and store data. This is made possible due to the technology based on interconnected blocks able to store vast amounts of information securely. Cardano, just like other cryptocurrencies, uses the so-called ‘layers’ to process transactions at a very rapid speed. More precisely, the platform has processed over 250 transactions per second in tests. Moreover, a second layer, called Hydra, is meant to take this process to the next level. This is like a processing pool intended to process thousands of transactions per second, making Cardano one of the fastest of its sort and giving investors another reason to take the Cardano route.

Cardano has been in the top ten digital currencies since its release

The fact that Cardano has been in the top ten digital currencies since it launched back in 2017 is clear proof that it is a promising asset. The recipe for success might lie in Hoskinson’s determination to build something revolutionary that would last. Every step of Cardano’s creation has been peer-reviewed as specialists developed this new platform from scratch. And even if the coin’s price might still seem low, you need to know that it has evolved a lot during the last couple of years. This is due to the many uses Cardano has got to fulfill, as well as the notable partnerships, which we discuss in the following.

The project collaborates with African governments

Throughout time, blockchain has distinguished itself in several industries, such as healthcare, education, and finance. So, there is no doubt that this technology could impact lives. And that’s the very purpose of the Cardano project. Since its release, it has tried solving real-world issues, including economic accessibility. In this sense, it has teamed up with African governments and ministries. One of the most remarkable partnerships is with the Ethiopian Ministry of Education. Cardano will be, therefore, used to store records (digital IDs) for five million students. Each student will receive a unique and tamper-proof academic record demonstrating their academic performance and credentials as they pursue jobs or higher education. Nonetheless, this should come as no surprise since digitization has taken the world by storm.

Is Cardano the answer to your question, “What crypto to add to my investment portfolio?”