What is Cardano?
Cardano is a smart contracts platform like Ethereum that focuses on security. The decentralised public blockchain is open-source in nature and offers scalability and security through layered architecture. The platform is capable of running financial applications that are used by individuals and governments on a daily basis. Charles Hoskinson, one of the co-founders of Ethereum conceptualised Cardano. It was officially launched in 2017.
Features of Cardano
Cardano is built from Haskell, a programming language which uses a math based approach for a more secure and reliable protocol. It is capable of running decentralised applications, also known as dapps that operate on a blockchain instead of being controlled by any single party. Cardano focuses on three main elements viz, scalability, interoperability and sustainability. Cardano uses a custom proof-of-stake (PoS) algorithm called Ouroboros. In comparison to the the proof-of-work, the proof-of-stake algorithm is better, as it uses less energy and enables faster processing of transactions.
The currency behind Cardano is known as Ada. It is used to receive and send digital funds. A secure and multi-platform wallet called Daedalus is required for Ada cryptocurrency. At present, you can store Ada currency in Daedalus wallet only.
Where to buy Cardano?
Cardano tokens are listed on several exchanges like Binance, UpBit, Bittrex, Huobi, Vebitcoin and others. The market capitalisation of Cardano as of May 2018 was $7,978,900,396.
Cardano Mining
As Cardano uses proof of stake method, the Ada tokens cannot be mined.
Cardano Wallets
The price of one Cardano token at the time of writing this article was $0.3077. As mentioned earlier Ada currency needs Daedalus wallet.
Cardano Price Trends
| Date | Open | High | Low | Close | Volume | Market Cap |
|---|---|---|---|---|---|---|
| 5/30/2018 | 0.203685 | 0.218023 | 0.201184 | 0.211143 | 5280970000 | 222612000 |
| 5/29/2018 | 0.175475 | 0.208739 | 0.174153 | 0.20319 | 4549560000 | 185184000 |
| 5/28/2018 | 0.193696 | 0.194977 | 0.174002 | 0.174783 | 5021960000 | 95106200 |
| 5/27/2018 | 0.196354 | 0.196436 | 0.192322 | 0.193557 | 5090880000 | 58991000 |
| 5/26/2018 | 0.199761 | 0.205492 | 0.195895 | 0.196567 | 5179210000 | 60616400 |
| 5/25/2018 | 0.20906 | 0.210636 | 0.19732 | 0.200655 | 5420310000 | 83368000 |
| 5/24/2018 | 0.203324 | 0.213302 | 0.193109 | 0.208989 | 5271600000 | 127678000 |
Risks involved with investing in Cardano
Cryptocurrencies are volatile in nature as it is difficult to predict their rise and fall. Moreover, they are subject to risks due to regulations and policies. Therefore, we would suggest you to invest in mutual funds instead as they are a more reliable option in terms of investment.
