on the crypto
If I had bought Cardano (quotation ADA) worth $ 10.000 two years ago, you would have nearly $ 190.000 in your digital wallet today.
Two years ago, each Ada was worth $ 0,08554, so $ 10.000 would have allowed you to buy 116.904 Ada. At the time of writing, Ada's price is around $ 1,61, so 116.904 Ada would be worth around $ 188.216. That's an increase of over 1.700% and makes Cardano the fifth largest cryptocurrency by market cap right now.
What is Cardano?
Cardano is a third generation cryptocurrency that aims to solve some of the scalability and sustainability problems faced by Bitcoin (BTC) and Ethereum (ETH).
Here are some ways Cardano stands out.
Use a new blockchain network
Blockchain is like a very sophisticated database that connects a series of blocks, each containing information. Many cryptocurrencies have adapted the underlying technology used by the two largest cryptocurrencies, Bitcoin and Ethereum. Cardano's developers have returned to the drawing board and developed a new blockchain. If you think of it as a road, instead of repaving or trying to widen the existing road, Cardano went ahead and built an entirely new highway.
Each step is peer-reviewed
Cardano took longer to develop its blockchain solution than other cryptocurrencies. This is because every move it makes is carefully researched and verified with experts and academics before launch.
It is focused on real world applications
From the beginning, Cardano founder Charles Hoskinson looked for ways blockchain could solve problems like economic inequality. It already has a team in Africa and recently announced a partnership with the Ethiopian Ministry of Education.
The way to go
Cardano is exciting, but it still has a long way to go compared to other digital currencies. His slow and steady approach means he's just started testing smart contracts. Hopefully, it will launch them in a few months.
Smart contracts are small, self-executing pieces of code that can take the blockchain to another level. The simple blockchain is like a giant ledger, which records individual transactions. For example, suppose Mary pays John 500 Ada. A smart contract allows both parties to include conditions. In this case, Mary might say to John, "I'll pay you 500 Ada if you mow my lawn for a year."
Cardano can process transactions much faster than Ethereum, at a fraction of the environmental and economic cost. But Ethereum and other platforms are already using smart contract capabilities and have thousands of applications built on their networks.
This means Cardano has some catching up to do. The question is whether this eco-friendly cryptocurrency can outperform Bitcoin and Ethereum.
Buy, sell and trade cryptocurrencies
There are hundreds of platforms that give you access to thousands of cryptocurrencies. And to find the one that's right for you, you'll need to decide which features interest you the most.
