Launched in 2017, one cryptocurrency that has substantially risen in price is the third generation cryptocurrency, ‘Cardano’. The rapid increment in the price of Cardano was something very impressive to witness which was $0.03 to $1.28 – an increase of 400%. It was initially considered as an ‘Outsider’ cryptocurrency but later it propelled itself to have the fifth highest market capitalisation of all cryptocurrencies. The current market capitalisation of Cardano is $16m. It is different from other cryptocurrencies in one way – it is the first ‘blockchain’.
Cardano is developed using scientific philosophy and is the only cryptocurrency till date which is designed and built by a global team of leading academics and engineers. It has various advantages that seek the attention of the audience to invest in Ada, the company’s currency. It operates on Recursive Inter-Network Architecture, RINA and utilises a proof-of-stake system which allows faster transactions. The proof-of-stake system has several advantages like the efficient handling of large transactions, miners can attain more tokens in proportion to the time spent in mining etc.
The company attempts to revolutionise three central issues of crypto trading, Scalability, Sustainability and Interoperability. These aspects are successfully able to seek the attention of investors and have a significant impact on the crypto market.
The only flaw found in Cardano is that unlikely to other cryptocurrencies like Bitcoin and Ethereum, it has not yet witnessed a widespread use and implementation. However, the progress of Cardano is something unbelievable to see and analysts believe that it may become the third largest cryptocurrency by the end of this year.