- Price $0.101853
- Market Cap
Cardano is a smart contract platform that is fairly similar to the Etherum network. The platform’s main focus is security; therefore, it is constructed in layers that gives it flexibility and the ability to be maintained. It also allows for upgrades to take place.
It uses the Ada cryptocurrency which can be used to send and receive digital funds. The company claim that this is the future of money, and can be used to make fast, direct transfers that are guaranteed to be secure through the use of cryptocurrency.
The technical platform is more than just a cryptocurrency however, it is also capable of running financial applications on its network. The fact that it is constructed in layers allows for the system to be extremely flexible, while also will be much easier to maintain. Upgrades on the system will be able to take place by way of soft forks.
Cardano is unique in the fact that it is the first blockchain project to be created from scientific philosophy, and has been built on peer-reviewed academic research. It is further unique as it uses Haskell, which is a programming language that has a high degree of fault tolerance.
The aim of this project is to use the power of blockchain technology to bring banking systems to places where they have previously been too expensive to implement. Three organisations are currently working together on the project, the Cardano Foundation, Input Output Hong Kong and Emurgo, and although it has a lot going for it, it is directly competing with other blockchain projects, Ethereum in particular.
Where to buy Ada
Ada is currently available to purchase on just a few of the major exchange platforms, such as Bittrex and Binance. Although to purchase them on this platform you will have to by either Ethereum or Bitcoin first to trade for it.
At the beginning
On the 1st of October 2017, a single ADA could be purchased for 0.02 cents, and it remained at this price, only fluctuating up to 0.03 cents, all the way to November 25th of the same year. Three days later it suddenly rose to 0.11 cents, giving investors hope for a profitable future. By December, things were looking really good for this new crypto coin, as by the middle of the month it could be bought for 0.51, which was 1,942% higher than its opening rate just a few months previously.
Hitting the dollar mark
Ada finally hit the dollar mark in the new year on the 3rd January 2018, and fluctuated only slightly for the following week. Unfortunately, this high was not set to last. By the 2nd February, its price was slashed by over half, bringing it down to just 0.39 cents!
A downward spiral
Late March 2018 saw some heavy losses for Cardano, at the end of the day in the 26th of march its value was down to 0.1611, a drop of around 9.14%. A long way off breaking its all-time high of $123 in 2017.
The fall of Ada price here is mainly due to Cardano losing its ground in the ADA/BC ratio. Many people have high expectations of this cryptocurrency, and its fall in market cap and price has affected the market as a whole.
Another major reason for this drop can be accredited to the South Korean markets investigation week. In these weeks, banks have been carefully watching their relationship with exchanges and therefore are having to face stricter regulations.
Something that is affecting the cryptocurrency market as a whole at this point is the unchecked growth of the number of ICOs, meaning that weaker alt coins are being released into the market, removing the attention of coins like Ada.
The future of Cardano
The project is an ambitious one, and aims to tackle some of the most pressing problems in the crypto industry. After noting the problems that Ethereum went through, it seems right that this project has a focus on code security and peer-reviewed security measures. Despite its dramatic fall in recent months due to the tight regulations in Asian counties, it is still expected to rise again in the near future.
This is due to the constant system improvements and upgrades that are taking place thanks to the active development team who aim to improve user experience. It also has a strong community of followers who help to project it even through these rough times. Additionally there is also plans for Interledger Trasactions, with rumours of splitting the network into smaller divisions, which would make sharing data in real time much easier.