#Cardano ($ADA ) started out as a somewhat obscure project when it launched in 2017, but has grown significantly over time to become one of the largest cryptocurrencies by market cap.
One of the key factors contributing to this growth is Cardano’s focus on solving current blockchain issues, such as scalability, security, and sustainability, as well as its reliance on peer-reviewed scientific research. The development team, led by Charles Hoskinson (one of the founders of #etherreum ), has also played a major role in gaining investor confidence.
By 2021, Cardano had achieved widespread popularity and for a time became the third largest cryptocurrency by market capitalization after $BTC and $ETH , due to the developments made to its platform and the launch of smart contract capabilities.
ADA is the native cryptocurrency of the Cardano network, one of the most popular cryptocurrencies on the market today. Cardano was founded by Charles Hoskinson, one of the co-founders of the Ethereum project. Launched in 2017, Cardano aims to provide an advanced, decentralized infrastructure for blockchain applications.
Information about cardano
Origin of the name:
• ADA is named after Ada Lovelace, a well-known British mathematician and considered the first computer programmer in history.
Cardano is named after Gerolamo Cardano, a 16th-century Italian mathematician.
-ADA coin price
Cardano (ADA) has seen a significant increase in its price since its launch. The coin was launched in September 2017 at a price of around $0.02. Over the years of its development and increased interest in the technology it relies on, the coin reached its highest level at around $3.10 in late 2021. Then it started to decline again by 2024.
The increase rate is very high:
Approximate increase rate = (3.10 - 0.02) / 0.02 × 100 ≈ 15400%. At its highest in 2021
This percentage reflects the significant growth in Cardano's value since its launch until now, although the price fluctuates greatly due to the nature of the digital currency market.
The technology behind Cardano:
• Cardano relies on a consensus mechanism known as Proof of Stake (PoS), unlike #EtheruemETF and #bitcoin which rely on Proof of Work (PoW).
• The underlying protocol that Cardano runs on is called Ouroboros, which is a secure and innovative protocol.
Main objective:
• Cardano aims to provide a blockchain platform for smart contract applications, similar to Ethereum. However, it offers a more secure and scalable architecture.
• It aims to solve the sustainability, security, and scalability problems faced by most current blockchain platforms.
Main stages of Cardano development:
• The project is being developed in phases, each phase called an “epoch”. So far, several major phases have been completed:
• Byron: Launching the mainnet and starting to use ADA.
• Shelley: Enables decentralization, where users can participate in the transaction validation process by putting ADA into the network.
• Goguen: Introducing smart contracts.
• Basho: Improve performance and scalability.
• Voltaire: Developing self-governance for the network.
Uses:
• ADA can be used as a digital currency for exchange.
• ADA holders can participate in staking to help secure the network and earn rewards.
• Support and operate smart contracts and decentralized applications (DApps).
Difference from other currencies:
• Cardano relies on an academic approach based on peer-reviewed research.
• The Cardano project is considered one of the most interested projects in the academic aspect and scientific research in blockchain development.
Expansion and adoption:
• Cardano aims to expand into the developing world, particularly in Africa, where the technology is being used to improve financial infrastructure.
Wallets and storage:
• You can store ADA in several wallets, the most famous of which is the Daedalus wallet, which is considered the official wallet for Cardano, and also the Yoroi wallet, which provides lighter and easier-to-use solutions.
Future directions:
• With continued development and improvements, ADA and the Cardano network are expected to grow in importance in the coming years, especially after expanding into the areas of smart contracts and self-governance.
Therefore, ADA is considered one of the promising projects in the field of smart contracts and decentralized applications, and it enjoys strong community support and an active development team. It has a long-term roadmap to improve the network and increase its scalability, which may contribute to its future value.
-Investment-
Is ADA a good long term investment?
• If you believe in the technology and research behind the Cardano project and see the world moving towards adopting blockchain-based solutions, ADA could be a good long-term investment.
• Investing in ADA may be suitable if you are willing to take on the potential risks and volatility, while at the same time seeing significant growth potential thanks to ongoing technical developments and ecosystem expansion.
4. Investment strategy:
• It is advisable not to put all your money in one currency or even in the same asset class. It is better to spread your investments across multiple assets to reduce risk.
• If you are willing to take risks and believe in the future of Cardano, you can start by investing a small portion of your portfolio in ADA and follow the developments of the market and the project in the long term.
Conclusion:
If you are willing to take the risks associated with cryptocurrencies and have a long-term vision, investing in ADA may be a good option, especially if the project continues to achieve its goals and promote adoption of the technology.
