Rank: 6
What is Cardano?
Cardano (ADA) is a 3rd generation cryptocurrency developed by IOHK.
On Cardano, a blockchain network created by Charles Hoskinson, co-founder of Ethereum, ADA cryptocurrency allows users to operate smart contracts and decentralized apps. What distinguishes Cardano is its emphasis on strict academic research to ensure that a secure, fast, and scalable blockchain is created.
With the assistance of a former member of the Ethereum development team, the Cardano project started in Tokyo, Japan. Because of this, it was informally recognized early on by those in the cryptocurrency community as the “Japanese Ethereum.” This moniker is not being used actively anymore.
Cardano is not a coin, it is an autonomous blockchain that does not rely on any previous infrastructure.
It has been built using the programming languages of Haskell and Rust from scratch.
The History of Cardano
The platform started to be established in 2015 and Charles Hoskinson, a co-founder of Ethereum and BitShares, released it in 2017. He had quit Ethereum after a disagreement over holding Ethereum nonprofit, according to Hoskinson.
After leaving, he co-founded IOHK, a blockchain innovation company whose key business, together with the Cardano Foundation and Emurgo, is the creation of Cardano.
The network is named after Gerolamo Cardano and the ADA token is named after Ada Lovelace.
With a $600 million market value, the currency launched. It had a market cap of $10 billion at the end of 2017, then briefly hit a valuation of $33 billion in 2018 until a general tightening of the crypto market dropped its value down to $10 billion.
Cardano suggests that it overcomes current crypto industry issues: primarily that Bitcoin is too sluggish and inflexible, and that Ethereum is not secure or scalable. Cardano is deemed a cryptocurrency of the third century by its developers.
A team of academics and engineers is researching and constructing Cardano. The cryptocurrency symbol is ADA, while the overall project is named Cardano.
Where can I store the ADA token?
Daedalus Wallet is the official complete node wallet from Cardano (which will allow staking once Shelley main net goes live). Users can store ADA on the Daedalus wallet easily.
The Yoroi wallet is also a stable and very common Cardano wallet that has risen in popularity in recent months. The Yoroi wallet is known for its ease of use.
Can I stake ADA?
Yes, ADA is a proof of stake-based coin that you can mint by its particular ADA staking method, to be precise.
In late 2019, the staking experiments began. Users would be able to stake their ADA coins and receive slot (“block”) prizes until completely decentralized (after the Shelley update). Staking ponds are found in PoS schemes rather than mine pools.
