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What is Cardano?
Before anything else, it’s important to clarify that Cardano is the platform and the Cardano coin is actually called ADA. Cardano runs on an especially-designed proof-of-stake consensus protocol called Ouroboros that welcomes both permissionless (public i.e., anyone can join) and permissioned (i.e., only those with access can join) blockchains. The platform is written in Haskell, a programming language designed for security, commonly used in defence, finance, and aerospace. Cardano has gained a reputation for being deeply rooted in academic research: the Cardano team routinely publishes academic papers, attends conferences, and seeks the input of independent scholastic bodies. ADA coin, on the other hand, is the first and the most important currency on the Cardano blockchain. Looking for ADA share price or Cardano price in AUD? On the hunt for where to buy Cardano in Australia? Maybe you’ve recently bought an ADA coin (or more) and are looking for the latest Cardano price prediction? Are you just on the lookout for the hottest Cardano news? Good news: we’ve got all of that, and more! But first, let’s talk about Cardano’s history.
The development of the Cardano platform started in 2015 by mathematician and entrepreneur Charles Hoskinson, and the project was officially launched in 2017. One of the most interesting facts about Cardano is that Hoskinson is one of Ethereum’s original eight co-founders. After a disagreement with founder Vitalik Buterin about whether to keep Ethereum nonprofit or turn it into a for-profit entity, Hoskinson left Ethereum. He was then approached by Ethereum co-founder Jeremy Wood about starting Internet Online Hong Kong (IOHK), a blockchain engineering company. Together, they worked on Cardano: a public blockchain designed to house smart contracts. At the heart of Cardano is the currency that they named ADA, (after the 19th-century mathematician, Ada Lovelace). Cardano’s development is currently being supervised by Switzerland-based non-profit Cardano Foundation.
The Market Cap
Market capitalisation, or market cap, is the total circulating supply of a crypto, multiplied by its current price. Market Cap is often used to determine the size of a particular currency. ADA started out with a meager price of $0.93 in July 2016 (around $540 million market cap). In March 2021, ADA price hit $1.48, with a market cap of $45 billion.
ADA Token Security
Ouroboros, Cardano’s proprietary Proof of Stake (PoS) protocol was designed to be resistant to Sybil and 51% attacks. The protocol’s security is mathematically verifiable. Moreover, the platform is coded in Haskell, a programming language designed for security, commonly used in defence, finance, and aerospace.
Uniqueness of Cardano
The foundation of Cardano is in its foresight: the Cardano Foundation and IOHK have carefully addressed most of the issues that haunt other currencies and networks through a comprehensive, precise roadmap. They have addressed issues of scalability through separate protocol layers that we will discuss in the “How Do Cardano Smart Contacts Work?” section, security through a mathematically secure Proof of Stake (PoS) protocol, and decentralisation through the implementation of a decentralised system governed by all token holders through their chosen stake pools. Moreover, Cardano has always had an academic approach to the entire project: the source code to the entire platform is peer-reviewed and open source. Cardano has over 90 peer-reviewed papers, not to mention collaborations with academics from world-renowned universities such as Tokyo Institute of Technology, University of Edinburgh, and University of Connecticut.
Who Are the Founders of Cardano?
Cardano has two founders: Jeremy Wood and Charles Hoskinson. Both Wood and Hoskinson are Ethereum crypto co-founders, and the two left around the same time.
There are three entities behind Cardano:
The Cardano Foundation - The Cardano foundation is a Swiss non-profit responsible for the administration and supervision of the Cardano network and the Cardano brand. The foundation is also responsible for making the connections and building the network necessary to facilitate Cardano’s widespread adoption. Cardano Foundation also releases up-to-date news and updates to the general Cardano community in easily digestible language.
Input Output Hong Kong (IOHK) - The IOHK is Cardano’s engineering arm, focusing mostly on research and development. IOHK also writes and publishes Cardano’s peer-reviewed papers.
Emurgo - a Japan-based blockchain technology company focused on the practical applications of the technology. Emurgo is responsible for plugging businesses, enterprises, and even governments to the blockchain.
These three entities work together to cover all bases to ensure the success of the project.
Who Owns Most Cardano?
The question of who owns most Cardano, or ADA, is a tricky one. Since the wallets are completely private, there’s no way to tell who owns high-value wallets. Looking at distribution, however, Cardano is arguably one of the most diverse cryptocurrencies. At the time of writing, there are around 4 high value wallets that hold more than 1B ADA. Most wallets hold around 1,000 - 10,000 ADA (around 100,000 wallets), followed by those who hold around 10,000 - 100,000 ADA (around 70,000 wallets), closely followed by wallets that have 100 - 1,000 ADA (around 69,500 wallets).
How Do Cardano Smart Contracts Work?
First off, a primer on what smart contracts are: smart contracts are contracts whose terms and conditions are recorded in code. The blockchain network is a public ledger that ensures the details of the agreement are satisfied prior to allowing the transaction. The code ensures that every transaction on the platform is permanently recorded, and couldn’t be reversed.
If Ethereum is the second generation platform to Bitcoin’s first, Cardano calls itself a third generation platform. That means it focuses on the problems that plague Ethereum, in this case, scalability. Bitcoin crypto transactions contain only information like the sender, the receiver, the transaction date, and transaction amount. Ethereum has improved upon Bitcoin’s technology by allowing for the addition of more information on transaction details (also known as metadata). However, this has also bogged down the network because the more information there is, the more resources it requires to be validated.
Cardano’s smart contracts fixed this by creating two distinct layers, the Cardano Settlement Layer (CSL) and the Cardano Control Layer (CCL) to contain the core transaction details and the metadata, respectively. This allows users to take advantage of the services that they need without being bogged down by data that they don’t.
How Can Cardano Reach $100?
ADA coin price can reach $100, but not for a long time. Based on the price index, sources think ADA will breach $1.60 by mid year 2021, and reach $3.30 by 2022. The future of Cardano coin is marked by a series of seamless phase changes and hard forks (all the ones promised by the developers have been delivered on time, with no inconvenience to holders and investors), inspiring a lot of trust and a consistently bullish attitude among Cardano supporters.
How to Choose a Cardano Stake Pool?
Here are some factors that you need to consider before choosing a stake pool:
Epoch fee - A fixed value of ADA (minimum of 340 ADA) that goes to the operator at the end of every epoch (around 5 days).
Variable fee - A percentage of the epoch rewards that goes to the operator
Pledge - The amount of ADA that the operators have also staked in the pool. To use a popular saying, the pledge shows you how much skin the operator has in the game. The higher their pledge is, the more incentive they have for the pool to succeed.
Leverage - Total stake in the pool/pools of an operator divided by the pledge of that operator. The higher the leverage of a stake pool operator, the more disruption they could possibly cause in the network (which could possibly negatively affect the entire Cardano ecosystem.) The best practise is to stake with operators with low leverage, especially if they are operating multiple stake pools.
Saturation - based on a proprietary mechanism that they call protocol K, the saturation is the cap on the rewards received by a stake pool.
Return - With everything else considered, this is how much returns you’re going to make on your investments.
To keep the network decentralised, Cardano reduces the rewards available to a certain staking pool past a certain saturation point. To support Cardano’s vision of a truly decentralised network, it is advised to not stake your ADA on pools operated by companies that own a lot of other stake pools.
Can I Stake ADA Tokens?
It’s possible to stake ADA tokens through a Daedalus (a full node wallet) or a Yoroi (light) wallet. Make sure to download the wallets through Cardano Foundation’s official website — there are lots of fake wallets circulating in the market today! Staking ADA is as easy as selecting “delegate” on your chosen ADA wallet. One of Cardano’s most interesting features is every user’s ability to make their own choices when it comes to staking, so it’s important to choose the best staking pool based on your values and priorities. It will be quite a research, since there thousands of up-and-running stake pools to choose from.
Is Cardano a Good Investment?
If you believe in Cardano’s promise of a scalable, secure financial system backed by research and collaboration, then it might be a good coin to add to your portfolio. While profit is not promised when investing in any cryptocurrency, Cardano’s limited coin supply might make it a pretty profitable coin in the future (if that’s your priority). Always remember that cryptocurrency is highly volatile. Do your due diligence before buying any cryptocurrency. Read the whitepaper, research about the price history, and stay tuned to the latest Cardano news.
Can I Buy ADA With Paypal?
No. As of writing, Paypal account owners can buy, hold, and sell Bitcoin, Ethereum, Litecoin crypto, and Bitcoin Cash, but not ADA. Moreover, only US-based Paypal owners can buy cryptocurrencies on the platform.
How Can I Buy Cardano With My Credit Card?
Where can you buy Cardano in Australia? Can you buy it with your credit card? The answer depends on the exchange that you’re buying from. Some trading platforms allow users to fund their accounts through bank transfers, while some only allow trade with another digital currency. We hope this quick Cardano coin review helped you decide whether to invest in ADA. Check back in regularly for real-time Cardano price prediction and ADA share price, and other cryptocurrency related news!