ADA has been lowkey for almost 2 years, but this summer its price rate hit 2020 highs and there are signals of an upward trend. What is special about Cardano and will it meet investors’ expectations in this crazy market? Read on to find it out.
Cardano is a DeFi smart contract platform running on the Ouroboros PoS algorithm. It was founded by Input Output Hong Kong and Charles Hoskinson, one of the first Ethereum developers. The blockchain is based on mathematical proofs and game theory, hence its name Cardano — the surname of an outstanding Italian mathematician, physicist, philosopher, writer, and gambling enthusiast. ADA native token was named after the world’s first female programmer Ada Lovelace.
The successful transition of the Cardano ecosystem to the long-awaited Shelley protocol will result in the complete decentralization of the system. After the main launch, the investors resorted to a buy-on-the-news strategy, which is an important fundamental factor behind the current growth of ADA. Quantstamp, the company that has been auditing the coin’s codebase, assures that it is “one of the best”, and soon Cardano-based dApps might take away ETH dominance. In August, ADA was listed by Bitfinex, one of the leading сryptoexchanges.
First off, you need a crypto wallet. A reliable open-source desktop wallet for ADA is Daedalus. Another recommended option is browser-based Yoroi. As the coin has only been traded since October 2017, there are not so many platforms to buy Cardano. Bitfinex, Binance, and Bittrex are the top-3 common choices, but here you can find the full list of exchanges supporting it.
“The biggest third-gen platform” coin currently trades at about $0.09. ADA is the №13 on CoinMarketCap, but after the hard fork, the long-term vision for its rate has been very optimistic. The minimum gain crypto enthusiasts predict is 100% and up to 14,358%.
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. We kindly ask traders to do their research.