Cardano (ADA) review, features, price, ADA Coin Transactions & How does Cardano work?
Cardano ADA is a useful new payment system, It provides fast, safe, cheap transactions, Cardano is a platform of the ADA cryptocurrency used to send & receive funds that are secured through cryptographic channels, Cardano has a digital hash, which depicts the future of digital funds and their transfer mechanism, Each layer of the platform has its own function & flexibility in regard to adaptation and modification to current needs.
Cardano is launched in 2017, Market value is $8.5 billion, According to the creators of Cardano, the system remains to be the only platform for trading & transferring its token, which gives a tough privacy and regulatory compliance, Cardano will host smart contracts, so, it will be similar to Ethereum, It uses a proof-of-stake consensus protocol so that less energy will be consumed.
Like most blockchain projects seeking to establish their place under the crypto soon, Cardano has its internal cryptocurrency, The Cardano ADA is a pre-mined coin, which does not use the all too popular Proof of Work (PoW) consensus algorithm, so, it can only be staked on exchanges.
The ADA is a Proof of Stake (PoS) cryptocurrency based on the Ouroborous patented blockchain technology created by IOHK, Ouroborous is said to be the only PoS protocol with mathematically proven security, Under the protocol, the network randomly selects a node to confirm the next block of the transaction and the rewards are allocated to that node.
Cardano is the only crypto project which is developed on the basis of scientific philosophy and compromises on the research from academics & engineers around the globe, As a pre-mined coin, the ADA has a maximum supply in the amount of 45,000,000,000 coins and a total supply of 31,112,483,745 ADA, Current supply at the given development stage stands at 25,927,070,538 units.
Cardano ADA was invented to improve an outdated financial system in which gaining trust is hard due to a lack of stable identity & privacy, Cardano is a blockchain platform based on smart contracts, It offers greater benefits & opportunities compared to other, similar platforms, Academics developed it, That’s why a foundation of scientific philosophy lies at the heart of Cardano ADA.
Investigations of Cardano have shown that it’s secure, scalable, and flexible for innovation, In order to solve the problem of slow transactions & high fees, it was built to integrate a wide range of cryptocurrencies without the use of third-party resources, Cardano combines privacy & regulation, Cardano ADA stands out due to its transparency, because every month, it goes through a third-party audit, The platform also boasts a thoroughly scientific approach.
One of the main benefits of Cardano ADA is Proof-of-stake (PoS), It presents higher speed & lower transaction costs, This offers a new rewards system for preventing attacks that include selfish mining, Proof-of-stake mining allows the implementation of improvements without much forking, the project boasts a two-layer meeting requirement (like KYC & AML) to run apps.
The Cardano platform is decentralized, no single authority has control over the network, so, like Bitcoin and Ethereum, the network is operated by miners, However, Cardano uses a different model, which it calls “Ouroboros”, Cardano is based on the blockchain & uses a PoS method called Ouroboros, The method is based on the voting of coin-holders, Slot leaders who own coins issued by the platform ADA are responsible for the confirmation of payments & the generation of new blocks.
Cardano’s blockchain consists of two layers: The first layer is ADA, This a native platform cryptocurrency, It operates on the Cardano settlement layer & the ledger processing transactions, The second layer is the Cardano computation layer, It supports smart contracts & provides participants with a network for building DApps.
Cardano computation layer has many advantages compared to its main competitor: Ethereum, You can update it, creating soft forks when two layers of Ethereum are intertwined, The medium layer connected to the two main layers of Cardano is made up of side chains, It was developed using the Haskell programming language, which offers a high level of security.
How does Cardano work?
The Cardano blockchain functions can be split into two different layers, Settlement Layer & Computation Layer, Settlement Layer has been built & it is now fully operational, This allows users to send & receive ADA coins, wallet to wallet, This is similar to how users can transfer Ethereum (ETH) to each other, Computation Layer is still being developed, Once it is launched, it will allow users to create & enter into smart contracts.
This is where Cardano is different from earlier blockchains, which normally operate on a single layer, By using two separate layers, there are some potential benefits for Cardano users, the computational layer is more adaptable than the likes of Ethereum, as small changes can be made for different end-users because different nations have their own regulations.
Cardano can change how data is stored & accessed depending on their laws, Although users of ADA coin can remain private, Cardano can always ensure that they are compliant with domestic regulations, The computation layer is also useful for making soft forks without disruption, which is something that older blockchains have failed to achieve.
Cardano price analysis & prediction
Cardano ADA is currently listed on more than 30 exchanges worldwide, including the most famous: Bittrex, Binance, Huobi, and others, The Cardano coin is in ninth place at the top of the cryptocurrency list in terms of market cap, Today, Its market cap is equal to U.S. $1,098,943,848, Its circulating supply is equal to 25,927,070,538 Cardano coins, The current ADA price is around US $37.
The ADA price reached its peak on January 4, 2018, and was equal to $ 1.18 with a market cap $30,577,013,248, After its upturn, the ADA price started falling again and reached U.S. $0.14 at the end of the March 2018, After its decline, the ADA price started to rise, reaching its maximum at U.S. $.37 with a market cap of U.S. $9,752,571,291.