Cardano cryptocurrency (ADA): features, dynamics of development and future prospects

Cardano Cryptocurrency (Cardano), whose forecast and prospects in 2021 are of interest to many crypto investors, is not just a coin with an Ada token, but also a platform (economic system) for blockchain projects. The token got its name in honor of the daughter of the poet Byron Ada Lovelace, who is considered the first programmer.

The Cardano cryptocurrency exchange rate to the dollar, the chart for all time (autumn 2021):

Project history

Several teams are involved in the development of the Cardano project, each of which is led by mathematicians and programmers.

The development and technology of the platform is handled by UNC. This company was founded in 2015 by Charles Hopkinson and Jeremy Wood, who participated in the launch of Ethereum, but then left this project.

The Cardano Foundation is engaged in the promotion of Cardano and its standardization, as well as issues related to the security of the currency.

Emurgo supports companies that want to integrate into the Cardano ecosystem.

In 2015, an ICO was announced, during which more than $ 60 million was raised over 2 years. Investors from Southeast Asia showed the greatest interest, where this type of crypt is most popular now.

Features of the Cardano blockchain

The Cardano development project implies constant modernization. The developers want to prevent forks from branching, which no cryptocurrency could do without.

The ecosystem as a whole is constantly being improved. In the near future, the project managers are planning to launch a dApps (decentralized applications) store. Now users associate such applications with projects in the field of cryptocurrency, although the possible scope of their application is much wider.

Constant work on the coin gives excellent prospects to the Cardano cryptocurrency (ADA) and arouses the interest of traders and investors in it.

Advantages and disadvantages of Cardano (ADA)

The following advantages of the Cardano project can be distinguished:

• this is not only a cryptocurrency, but also an ecosystem of blockchain projects that is constantly evolving;
• Cardano improvement is carried out using proven technological solutions in other projects;
• using the Haskel programming language, which, according to the project managers, will provide a high level of Cardano security.

The security of the protocol of switching to PoS, as the developers say, is mathematically justified.

Among the disadvantages, users note the low profitability of stacking compared to other types of cryptocurrencies.

Dynamics of the development of the Cardano cryptocurrency

The project developers identify several stages in the roadmap of its development (they are also called eras or epochs), named after famous artists:

• Byron Era: creating a blockchain project;
• Shelley Era: improving the established network;
• Gauguin Era: creating a platform for the development of decentralized applications and the creation of smart contracts by users who do not have programming skills;
• Basho Era: project scalability;
• Voltaire Era: the successful development of the project, for which part of the profit received goes.

Cardano Mining

Cardano mining is performed according to the PoS algorithm (Proof of Stake, proof of stake). In this case, the coin holder “freezes” them on a special account, receiving a reward for this, proportional to the share in the total number of frozen coins.

The advantage of the PoS algorithm is that the user does not incur the cost of maintaining powerful computers and the electricity required for this. For ordinary miners, PoS is gradually becoming the main algorithm for mining coins.

But not all types of crypts are yet available for such mining. In particular, the final date of Ethereum’s transition to the PoS algorithm is unknown. According to Vitalik Buterin, this will happen no earlier than November 2021. Bitcoin PoS algorithm does not support.

The number of Hell tokens issued is gradually decreasing, and the number of coins should eventually reach 45 billion.

How and where to buy Cardano (ADA)

You can buy Cardano cryptocurrency on cryptocurrency exchanges. In particular, the coin is traded on one of the most popular crypto exchanges Binance.

You can store coins in the Daedalus wallet. This is so far the only desktop (i.e. installed on a personal computer) wallet that supports Ada tokens. In the future, it is supposed to support not only Cardano, but also bitcoin, Ethereum and other types of cryptocurrencies.

There are also hardware and paper wallets. The latter uses a secret phrase that can be printed on a piece of paper.

Cardano Cryptocurrencies: forecast and price prospects

The authors of Ada claim that during the development process they tried to use interesting technological solutions that allow them to compete seriously even with leading cryptomonets. The Cardano team considers the project as the main competitor of Ethereum. The developers believe that Cardano should eventually become the second most popular after bitcoin. Moreover, the technologies used can displace cryptocurrency exchanges, and lawyers and accountants will not be needed to draw up smart contracts.

Most experts consider such statements as too optimistic, since all the ideas implemented in Cardano are not original and represent a continuation of Ethereum developments.

In the meantime, the value of the Cardano cryptocurrency is steadily growing:

Time will tell what will actually happen.

Published: 10 September, 2021