How Did Cardano Become So Popular
Cardano is an open-source, public blockchain platform for the development and execution of decentralized protocols like smart contracts. A team led by Charles Hoskinson, the co-founder of Ethereum, designed the entire concept. It has the necessary technology to generate new opportunities for people on the decentralized web. Among these technologies are smart contracts, that allow users to automate the execution of their own conditions and agreements via code.
The Cardano network contains various levels. At the moment, the settlement layer handles the ADA coin transactions, while the computation layer will handle smart contracts in the future.
Cardano released its own cryptocurrency, ADA, back in 2017. ADA is Cardano's official native cryptographic token. Since its debut in 2015, its market capitalization has been among the top 10 cryptocurrencies. It's even used at some online casino providers.
The ADA has attracted much attention along the road. People think that as its technology grows quickly, it may be able to compete with Ethereum in building a large blockchain ecosystem.
Cardano's spike in popularity may be attributed to the fact that it consumes just 6 GWh of energy. This feature is appealing, especially since big companies are staying away from other cryptocurrencies out of concern for the environment.
ADA more popular than other crypto
All crypto investments are volatile investments. However, Cardano has a solid team behind it and has already done a lot in a short period.
In about the middle of May 2021, cryptocurrencies were struck by a double blow, which resulted at the beginning of a long recovery phase for several coins. Cardano, on the other hand, not only kept its position, but its share price also went up a lot over the course of the month.
Bitcoin, on the other hand, had a significant decrease in value over the same period of time, in contrast to Cardano. In May 2021, the ADA coin ranked as the third-biggest crypto worldwide by market capitalization, according to Coinbase. This was after Bitcoin (BIT) and Ethereum (ETH).
Cardano's blockchain and cryptocurrency have a great track record, and the company has big plans for its future.
Due to the extensive ties that Cardano has with governments and huge corporations all around the globe, many people continue to feel that cryptocurrency has a great deal of untapped potential.
Cardano is currently one of the most well-known blockchain platforms that aren't one of the top two cryptocurrencies, and it's steadily climbing the cryptocurrency ladder.
Both Ethereum and Bitcoin are built on “proof-of-work” systems that require miners to utilize powerful machines to solve complicated mathematical problems in the hopes of gaining money. The cryptocurrency market has been so weak recently due to Tesla's decision to cease taking Bitcoin due to the excessive environmental effect of mining.
Fortunately, Cardano offers a far more eco-friendly “proof-of-stake” method, in which validators stake their tokens inside the network to participate and gain rewards. Because of this, Cardano has gotten a lot of support, and its price has gone up.
Cardano fans faithful to the brand
This digital coin has several advantages, and its price is increasing accordingly. Many people who know a lot about digital tokens see the ADA coin as the industry's future and think it will soon compete with and eventually replace bigger cryptocurrencies like Bitcoin and Ethereum.
Cardano represents the future of cryptocurrencies, as opposed to their past. ADA coin is one of the more valuable digital tokens because it uses less energy and is better at supporting DeFi transactions and other decentralized processes. This makes it an attractive choice for investors who want to get into cryptocurrencies before their prices go through the roof.
Charles Hoskinson, the inventor of Cardano, claims that the network is a million times better than Bitcoin. This number may sound implausible, but it demonstrates the immense energy required to run the Bitcoin network. Cardano offers a better way to move forward, which is something that crypto newbies are likely to keep in mind as they plan to invest.
Conclusion
Cardano is a blockchain platform that also has its own cryptocurrency, and it has a long-term strategy for both of these areas. However, we are still at the beginning stages.
Its supporters are hopeful that the cryptocurrency will become a market leader because of its cutting-edge technology and commitment to protecting the environment.
Cardano's blockchain seeks to go beyond coins and into the control layer that will offer services that are now lacking in the cryptocurrency ecosystem. The first use case for Cardano's blockchain is as a cryptocurrency, but this will change in the future.
The implementation of the vision is quite important at this stage, despite the fact that we are still in the beginning stages. Carry out some personal research. If you feel that the Cardano strategy towards blockchain technology is the right one, then adding it to your crypto portfolio might be wise.
***
DISCLAIMER
The views, the opinions and the positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.