Launched in 2017, one cryptocurrency that has considerably risen in price is the third generation cryptocurrency, ‘Cardano’. The rapid rise in the price of Cardano was something spectacular to witness. From $0.03 to $1.28 – an increase of 400%. What was initially considered as an ‘outcast ’ cryptocurrency, later pushed itself to acquire the fifth largest market capitalisation of all cryptocurrencies. The current market capitalisation of Cardano is $16m. What makes it different from the other cryptocurrencies is that it is the first ‘blockchain.’
Cardano was developed using scientific philosophy and is the only cryptocurrency designed and built by a global team of leading academicians and engineers. It has several advantages that are capable of garnering the investor attention for investing in Ada, the company’s currency. It operates on Recursive Inter-Network Architecture, RINA and utilises a proof-of-stake system which allows faster transactions. The proof-of-stake system has several advantages, like the efficient handling of bulk transactions; miners can attain more tokens in proportion to the time spent in mining.
The company endeavours to revolutionise three core issues of crypto trading- scalability, sustainability and interoperability. These aspects are successfully able to enthral investors and have a significant impact on the crypto market. Ouroborus, a proof-of-stake algorithm used by Cardano, is a remarkable innovation in the blockchain technology. Along with enhancing the scope of scalability, it provides a protocol that is provably secure. Timestamping and auditability are just two among the full range of solutions offered by Cardano.
The only plausible flaw in Cardano is that unlike other cryptocurrencies like Bitcoin and Ethereum, it has not yet witnessed a widespread use and implementation. However, the progress of Cardano is commendable, and analysts believe that it might become the third largest cryptocurrency by the end of this year. If that happens, the currency will capture a significant share in the coin market.