Cardano is a public blockchain overseen by the Cardano foundation based in Switzerland. Hence, the name ADA was coined after Ada Lovelace, an ancient mathematician.
ADA launched itself with an initial coin offering, aiming to raise 600 million dollars. Today, market capitalization is skyrocketing through the 100-billion-dollar roof.
Some Cardano Statistics:
Here are some statistics about Cardano:
Cardano Statistics
1. Market Cap (as of April 2024):
Cardano (ADA) is currently one of the top cryptocurrencies by market capitalization. Cardano has established itself as a prominent player in the crypto market, showcasing steady growth and investor confidence.
2. Price (as of April 2024):
ADA Price: ADA, the cryptocurrency of the Cardano blockchain, is traded on various exchanges, and its price fluctuates based on market demand and supply. The ADA price indicates the current value of one ADA token in terms of fiat currency (like USD, EUR, etc.) or other cryptocurrencies (like BTC, ETH, etc.). Cardano’s price has shown resilience and stability, reflecting its growing popularity and adoption.
3. Total Supply:
Cardano’s maximum total supply is 45 billion ADA tokens. The project’s approach to a controlled supply aims to maintain stability and prevent inflation.
4. Market Rank:
Cardano consistently ranks among the top cryptocurrencies by market capitalization. The market rank of a cryptocurrency refers to its position relative to other cryptocurrencies based on factors like market capitalization, trading volume, and overall popularity. It provides an indication of the cryptocurrency’s standing in the market compared to others. Its innovative approach to blockchain technology and focus on scalability and sustainability contribute to its high ranking.
5. Development Progress:
Cardano has made significant strides in its development roadmap, focusing on key milestones such as the rollout of smart contracts. The introduction of Alonzo and Goguen eras has brought smart contract functionality to the Cardano blockchain, expanding its use cases.
6. Staking and Rewards:
Cardano utilizes a proof-of-stake (PoS) consensus mechanism, allowing ADA holders to participate in staking. Staking ADA enables users to earn rewards by securing the network and participating in block validation.
7. Community Engagement:
The Cardano community is vibrant and active, with a strong following of supporters and developers. The community plays a crucial role in the governance and evolution of the Cardano ecosystem.
8. Partnerships and Collaborations:
Cardano has formed strategic partnerships and collaborations with various entities across industries. These partnerships aim to foster adoption, research, and development within the Cardano ecosystem.
9. Blockchain Sustainability:
Cardano’s focus on sustainability extends beyond technology to environmental and social impact. The project aims to create a sustainable blockchain ecosystem that benefits both users and the planet.
10. Roadmap Ahead:
Looking ahead, Cardano continues to work towards its vision of a scalable, interoperable, and sustainable blockchain platform. Ongoing developments include the implementation of governance mechanisms, interoperability solutions, and further protocol enhancements.
Cardano, with its focus on scalability, sustainability, and innovation, has emerged as a prominent player in the cryptocurrency space. Its steady growth, strong community, and strategic partnerships position it as a project with substantial potential for the future. As Cardano continues to progress through its development roadmap and expand its ecosystem, it remains a project to watch closely in the dynamic world of blockchain technology.
What Is Cardano
Cardano is a multi-layer blockchain founded by the co-founder of Ethereum that is operating Proof-of-Stake to make transactions. With the high level of security, the core of the Cardano consensus is the Ouroboros algorithm, which aims to protect with efficiency.
After Bitcoin & Ethereum, the Cardano is a third-generation blockchain that main focuses on swelling costs & usage of energy, and transaction time.
Deep Dive into How Cardano works into Deep Dive?
A few months ago, IOHK inventors had successfully hard diverged the Cardano testnet with the Vasil upgrade. Cardano’s Vasil Hard Fork is the coming step in its plan to facilitate the speed and scalability of the network.
The most prominent smart contract and Defi platform bring the project closer to dethroning – Ethereum. To make Cardano cheaper and faster to use, Cardano’s developers hope to improve the efficiency of smart contracts with this latest upgrade.
What Is Ethereum
Since Bitcoin was founded, Ethereum has been the second-largest cryptocurrency in the world. Ethereum is one of the primitive decentralized chains built on blockchain technology that is considered to defy the issues of the Bitcoin blockchain. We can be called Ethereum a home of decentralized Apps, Finance, etc. And also has many other products running with Smart Contracts’ help.
The platform is powered by its native currency, Ether or ETH, which is the base of any smart contract. In the coming days, each forum is set to upgrade ETH2.0 or Ethereum2.0. The drift from Proof- of- Work to Proof- of- Stake is to take place. With the shift, the validators are anticipated to take over the miners to make validating the sale energy effective.
Ethereum’s Merge is set to transition the Ethereum blockchain from an evidence-of-work agreement medium to Proof-of- a stake agreement medium. This move is intended to produce a further energy-adequate ETH network with lesser scalability capabilities.
In the middle of September 2022, this move is expected to come as soon, according to the official sources.
Cardano vs. BTC/Ethereum
Remember when Elon Musk, the puppet master of the Crypto world, tweeted that Tesla is halting the acceptance of payments in the form of Bitcoin? Why? Because mining the cryptocurrency requires Proof of work, which has a detrimental impact on the environment with its harmful radiation and emissions.
While his tweet aimed at most coins such as Ethereum and bitcoin, he wasn’t expecting a turn of events for ADA.
ADA, which operates on the environmentally friendly alternative, Proof of stake blockchain, didn’t dwindle. The price shot up by 20% post that announcement.
So, how does Proof of stake work?
PoS is based on several validators proving to the blockchain network that they are staking their native blockchain’s underlying assets or currencies like Cardano’s ADA.
Validators, in the case of Cardano, lock several coins, ADA in this case, as collateral in a process known as “staking.”
Validators who stake their coins are rewarded by the blockchain network, increasing their chances of winning rewards based on the quantity of their stake and the length of time their funds are risked to the network.
The network operates a lottery of sorts. The more money a validator has invested in the network, the more likely it will be chosen as the “winner” of a new data block and collect cryptocurrency rewards.
There are two advantages:
- Compared to becoming a miner in PoW, becoming a validator in PoS requires significantly less gear.
- PoS’s low hardware requirements use 1,900 kWh per year. PoW mining farms take a lot of electricity, so this is a way better alternative than that!
Where would you use Cardano ADA or Blockchain?
Apart from serving as a currency or a means of exchange, Cardano has ambitiously offered several use cases, not limited to these:
- Reducing the danger of purchasing counterfeit drugs, Cardano’s blockchain can use to certify pharmaceutical products
- In the in poor countries, it used to keep people’s identities and demonstrate their creditworthiness.
- Agriculture: For farmers, haulers, and merchants, this blockchain technology can enable trustworthy supply chain tracking.
For all of you, who may think, Cardano is just another Ethereum. It may seem like it initially, but it’s WAY beyond.
Closing thoughts
As can be seen from the information above, Ethereum and Cardano are radically different from each other as despite external similarities. Cardano focuses on security for a group of scientists and developers that achieved through systematic testing of innovations. On the other hand, Ethereum controlled as an ecosystem. But it allows to make fast changes and improve by testing innovations in practice.
The crucial difference between the Cardano & Ethereum, the Ethereum successfully works with smart contract technology, while Cardano laid over the integration of this technology into its terrain after an unprofitable launch. The Ouroboros consensus protocol contributes to Cardano’s lower power consumption, improved scalability, and enhanced performance.
Which platform should you choose?
Investors or inventors should base their decision on their own pretensions. In any case, both commemoratives have huge implicit and represent largely dependable and effective systems for dApp development.
Conclusion
Charles Hoskinson, one of Ethereum’s co-founders, developed Cardano’s ADA, making it akin to Ethereum’s brainchild. Both Ethereum and Cardano share similarities in their vision of creating decentralized, scalable, and secure blockchain platforms.
However, Cardano’s approach to achieving these goals differs, emphasizing a research-driven and academically rigorous approach. ADA’s development continues to evolve, aiming to address scalability, interoperability, and sustainability challenges in the blockchain space. As such, while not a direct offspring of Ethereum, Cardano’s ADA stands as a project with its own unique vision and contributions to the broader blockchain ecosystem.
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