It's been almost a week since we last recommended looking into Cardano and since the coin has gathered huge support. As One of the newcomers to the crypto-sphere it has been remarkable to watch it venture into the top 10 cryptocurrencies. Some that have been around for years. For investors, such a well performing cryptocurrency can be tempting, and no one wants to lose an opportunity at investing so we've compiled a few more facts about Cardano for you.
HOW HAS CARDANO BEEN PERFORMING IN THE CRYPTO MARKETS?
The Cardano (ADA) tokens were first listed on Bittrex, the largest crypto exchange in the US. At that time, prices were listed at $0.02 and today the same tokens trade at $0.11. The change would represent a 450% growth rate in just over two months, and that alone should be encouraging. Many other cryptocurrencies on the top 10 had to endure months of stagnation before finally being recognized.
Take, IOTA, that ranged around $0.63 since its launch in June only to crack the $1 ceiling on the last week of November. Part of the reason for the quick uptake of Cardano (ADA) is that it was simply caught up by the tide of interest in cryptocurrencies this year. For investors, Cardano was just another coin that would look good on their portfolios. However, there was also investor confidence in Cardano’s leadership, with Charles Hoskinson heading the development team. His experience in crypto and past position as CEO of Ethereum gave the new cryptocurrency a boost.
WHAT DOES CARDANO AIM TO ACHIEVE?
Although it was launched in October, Cardano (ADA) development began in 2015. The development team, Input Output Hong Kong (IOHK), they had raised $62 million through a crowdsale. A total of 30 billion ADA vouchers were sold, from a maximum of 45 billion. The goal of the Cardano network was to create a platform for smart contracts, similar to Ethereum.
Users of the blockchain would be able to create decentralized apps in all major programming languages like Java, C++, and Javascript. In fact, some have called Cardano the blockchain for app developers. Besides creating decentralized apps, they plan to increase interoperability, which would allow transactions across different blockchains
What would be different is that Cardano’s network would rely on a different mining algorithm based on a proof-of-stake method coined OuroBoros. It should be a better solution to the problems that have faced both Ethereum and Bitcoin.
HOW VIABLE IS CARDANO (ADA)?
Cardano (ADA) has gone through rigorous peer reviews, getting nods all along the way. In a recent cryptocurrency conference, Crypto 2017, the development team presented their idea and got acceptance. This is the reason the launch of the cryptocurrency took so long even though actual development started back in 2015. As Hoskinson said, Cardano (ADA) would be a rigorous and systematic process, which probably means it shall take several years.
The goals of the project are ambitious, and IOHK is not interested in making quick profits through record ICOs. Instead, the project is going to be long-term, and only long-term investors should consider it. So far, IOHK has released its roadmap, and they plan to launch the Cardano VM (Virtual Machine) sometime in mid-2018. That is going to be the first major step in the company. Afterwards, you can expect to see even more growth in both the project and the price of Cardano (ADA) vouchers.
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