What is Cardano (ADA)?
Cardano (ADA) is a digital currency, like many others, in the sense that it offers users a store of value and a unit of account, but it has rapidly grown to one of the most impressive and expansive digital currencies. This is due to the fact that ADA Is powered by the Cardano blockchain which results in it being a different kind of digital currency than most others.
- Price $0.320
- Market Cap
What’s Unique About Cardano (ADA)?
ADA has a number of unique features, primarily due to the fact that it has been created using blockchain technology. Here are three of the most unique features of ADA:
No Need for Mining
Unlike other more traditional crypto-currencies, Cardano does not need to be mined as, theoretically, all 5 billion ADA coins have already been manufactured far in advance. 35 billion of the 45 billion were distributed amongst the creators of Cardano. The remaining 10 billion coins are slowly being introduced into circulation as new blocks are acquired by the founders of the coin. This makes Cardano extremely unique amongst cryptocurrencies as, unlike most if not all, the only way to acquire ADA coins is to purchase from them from an existing owner.
Cardano (ADA) Uses the Ouroboros Algorithm
The ouroboros algorithm is a Proof-of-stake algorithm (POS) that has been designed to ensure the safety of all transactions. It works by dividing a chain into a smaller number of units known as ‘epochs’ which are further sub-divided into ‘time-slots’. For each ‘time-slot’, a slot leader is selected and designated the responsibility of providing additional blocks to the chain. This approach results in a highly secure network that guarantees safety to anyone wishing to conduct a transaction. The unique nature of this design is essentially what makes it extremely difficult for anyone to possibly bypass.
Ada has Unique Wallets
Unlike nearly all other cryptocurrencies, Cardano’s ADA comes with its own wallets, named Daedalus, which not only provides all of the functions of a standard cryptocurrency wallet but also has the additional features of providing users with an entire blockchain node that allows them to experience not only a heightened sense of control over their funds but also a greater degree of security. This in stark contrast with nearly all other cryptocurrencies whose wallets can be manufactured by individual companies and provide comparatively limited functionality.
Why Should I invest in Cardano (ADA)?
Cardano (ADA) has been rising in value over the past few years, and it is a cryptocurrency that has a lot of potentials to become a major giant within the industry. The big advantages of Cardano (ADA) are that it has a very unique design, due to its blockchain technology, that has not yet been replicated by any other rival currency. Blockchain technology is expected to grow exponentially in the next few years which lends to Cardano (ADA) having a lot of potential in the near future. Overall, the unique high-tech nature of ADA will likely result in it surging in popularity in the future which makes it a good investment.