Trading volume for the past 24 hours totaled $631 143 798 USD at the current Cardano price of $0,472585 USD. The value of one ADA can be converted to US dollars in real time. In the past day, Cardano has lost 0.76% of its value. There is currently a market cap of $16 153 926 665 USD on CoinMarketCap, making it the eighth most valuable cryptocurrency. There are currently 34 182 044 153 ADA coins in circulation, with a total supply of 45 billion.
Right now, Binance, BTCEX, OKX, Deepcoin, and Bybit are the best places to buy Cardano if you want to buy it on the cryptocurrency market at its current price. On our cryptocurrency marketplaces page, you’ll also find a list of others.
Cardano (ADA): What Is It?
The mission of Cardano, a proof-of-stake blockchain platform, is to empower “changemakers, innovators, and visionaries” to create a better world.
Check out our in-depth exploration of Cardano to find out more about this initiative.
An additional goal of the open-source project is to “redistribute power from unaccountable structures to the margins to individuals,” with the ultimate goal of making society safer, more open, and more equitable.
Cardano was established in 2017 and was named after the Italian polymath Gerolamo Cardano, who lived in the 16th century. Ada Lovelace, a mathematician from the 19th century who is often considered the first computer programmer, is honored with the naming of the native ADA token. The ADA token is made so that token holders can have a say in how the network is managed. Holders of the cryptocurrency can therefore cast votes on proposed updates to the system.
The developers of the layered blockchain, which seeks to make it easier to create decentralized applications and smart contracts, claim there are already compelling use cases for their technology.
Charles Hoskinson’s announcement of the release of the Alonzo hard fork in August 2021 caused the price of Cardano to skyrocket, increasing by 116% in the following month. The smart contract features of the blockchain were officially introduced on September 12, 2021, with the launch of the Cardano ‘Alonzo’ hard fork. In the first 24 hours after going live, over a hundred different smart contracts were implemented.
Farmers use Cardano to keep tabs on their crops from planting to consumption, while other uses for the platform include secure storage of credentials for higher education and the prevention of fake goods in retail.
Can You Name the People Behind Cardano?
Charles Hoskinson, who also helped create the Ethereum network, is credited as the creator of Cardano. Cardano’s blockchain was created by IOHK, where he serves as CEO.
Hoskinson stated that he began mining and trading cryptocurrencies in 2011 in an interview for CoinMarketCap’s Crypto Titans series. He said that he got his start in the industry in 2013 when he developed a Bitcoin course that was eventually taken by 80,000 people.
Hoskinson is a mathematician in addition to being a tech entrepreneur. In 2020, his tech firm gave half a million dollars’ worth of ADA to the Blockchain Research and Development Lab at the University of Wyoming.
What Sets Cardano Apart From the Rest?
When compared to Bitcoin’s proof-of-work algorithm, the proof-of-stake consensus mechanism used by Cardano uses significantly less energy. The upgrade to PoS will be gradual, even though the much larger Ethereum will be doing so.
The team is particularly proud of the fact that all of the technology they’ve created has been subjected to rigorous peer review, so even the most audacious hypotheses have been put to the test and found wanting. The Cardano team claims that the blockchain’s longevity and stability are improved by the use of academic rigor, which also increases the likelihood that problems can be anticipated and avoided.
To make its blockchain “50 to 100 times more decentralized” than other large blockchains, Cardano will hold a Shelley upgrade in 2020. According to Hoskinson’s forecasts at the time, this would allow hundreds of assets to be used by the network.
In September 2021, when the Alonzo hard fork is released, the Shelley era will come to an end, and the Goguen era will begin. Cardano’s smart contract functionality enables users to create and launch blockchain-based native DApps. On September 2, 2021, just over a month before the official launch, the price of Cardano surpassed $3, reaching a new all-time high of $3.101.