Ever since its inception, the cryptocurrency community has been devoted to change and improvement. Since cryptocurrencies are decentralized, developers need to contribute individual effort to improve the system from time to time. While most blockchain related innovations were initially based on the Bitcoin blockchain, things have changed in recent times. Different blockchains and cryptocurrencies are now being created independent of Bitcoin. One of the new generation cryptocurrencies that intends to reform the concept of digital assets is Cardano.
Cardano To Fix The Problems Ethereum And Bitcoin Couldn’t
Cardano (ADA) was created with the intent of redefining the concept of cryptocurrencies by developers who wanted to fix specific problems that are related to Ethereum and Bitcoin. Whether or not Cardano will keep its promise is yet to be seen but the platform has shown exceptional promise since it was created. One of the biggest arguments launched by Cardano is that the Proof of Work consensus is flawed since it requires a great degree of computational power. Co-founder of Cardano, Charles Hokinson suggested an alternative to the Proof of Work algorithm which is the Proof of Stake.
Cardano (ADA) Price Today – ADA / USD
The Proof of Stake consensus requires less energy consumption and it happens to be more secure and more effective for transaction verification and consensus generation. With PoS, individuals on the blockchain can stake their cryptocurrencies in exchange for something in the masternode verification and mining process.
Cardano has also come up with a new type of smart contracts called DSL. This system was developed to execute financial contracts making it key in this modern time. This technology is unique because it allows the network to execute multiple transactions free of external verification.
Cardano (ADA) Price Analysis Now!
At the time of writing, Cardano was trading at $0.063625. This indicates a 7.67% fall against the USD and a 4.53% fall against Bitcoin. The trading volume within a 24 hour period is $47,829,760 while the market capitalization is $1,649,601,547. Cardano is one of the most promising new generation blockchain projects today. Even if it is far from Bitcoin and Ethereum per market capitalization, it’s still running a good race.