Cardano is among the largest cryptocurrencies across the globe. But it is also counted among the most misunderstood ones. For many people out there, the appearance of Cardano on coinmarketcap was earlier a bit abnormal. Although one day, the magic happened, and it was there as usual and immediately got a boost in the ranking, and guess what? No one knew how it happened. To this date, it is still the same case for many.
For this reason, it is essential to grasp a tight hold about what this project is and what its innovative developers are trying to achieve. In addition to this, it is also important to trace where this project is heading shortly.
First of all, you should understand that Cardano is a financial blockchain system working in dual layers at its very foundation. The most fundamental of these layers is the one where Cardano is exchanged. This fundamental layer is built to let the economy of a digital currency connect with ADA as its monetary unit. The primary goal of Cardano is to create a digital form of currency using its ADA token, a purpose not so different from what Bitcoin intends to achieve. Many people are willing to send & receive a digital form of currency on a secure and decentralized Finance blockchain. They can easily do it with Cardano.
A Quick History of Cardano
Cardano is an open-source blockchain technology developed from peer-refereed academic research. It doesn’t have a single published white paper, but it is developed from a set of academic papers. Cardano recognizes itself as a “3rd Generation Protocol”. This cryptocurrency is coined after a great Italian Mathematician – Mr. Gerolamo Cardano. Additionally, its mother currency – ADA is coined after a 19th-century mathematician – Mr. ADA Lovelace referred to as the 1st computer programmer.
Cardano has a backup of 3 entities – IOHK, Emurgo, and The Cardano Foundation. ‘IOHK’ is a Blockchain R&D Firm established by Mr. Charles Hoskinson & Mr. Jeremy Wood that has a contract to work on the project from the year 2015 through 2020. ‘Emurgo’ is a Japanese Venture Capital Company. Finally, the Cardano Foundation is a non-profit firm that focuses on the critical development & ecosystem growth of Cardano. The full launch of Cardano will include 5 phases –Goguen, Basho, Byron, Shelley, & Voltaire.
Development of Cardano Blockchain
The turbulence & fluctuations in the cryptocurrency market in the month of May affected many cryptocurrencies. Even the prices of Bitcoin & Ethereum were plummeting due to this. Nevertheless, Cardano was ranking high amid this turmoil. On 13th May 2021, Cardano reached as high as 2.10 US Dollars, but Bitcoin & Ethereum came down to 46,800 US Dollars & 3500 US Dollars, respectively. On average, Cardano has come up nearly 1,700% since the year 2019. The advantages of Cardano are desirable & luring the investors who want to invest in it.
Anyhow, Cardano is a new coin even now. It’s a 6-year-old Cryptocurrency that is witnessing slow but constant growth. At the same time, the market of cryptocurrencies is subsidizing eco-friendliness & promoting related cryptocurrencies. Furthermore, we aren’t sure for how long this environment-friendly bubble will survive. Since the Cryptocurrency Market is very weak to function on Twitter, one tweet may break or make Cardano. If we compare Cardano with Bitcoin & Ethereum, Cardano is relatively young. That’s why; it is incapable of acquiring Bitcoin & Ethereum shortly.
As per Charles Hoskinson (Ethereum’s Co-founder), Cardano will not achieve its vision until the year 2025. Nevertheless, Cardano can be one of your investment options as it is a promising & great-performing cryptocurrency. Even so, if you are thinking of putting all your eggs in a single basket, we’ll advise you to consider investing all of your funds in Cardano. The present rate of Cardano on 19th June 2021 is 1.43 US Dollars along with a 24-hour trading volume of $2,222,568,818.34. It means that it is the 5th largest cryptocurrency and has a market cap of 45.583 Billion US Dollars.
Cardano Consensus Algorithm
The algorithm used to produce blocks and validate transactions could be determined as the heart or core of every blockchain platform. Cardano mines blocks using Ouroboros, an algorithm that leverages the proof-of-stake (PoS) protocol. The protocol is meant to use as little energy as possible throughout the block creation process. It accomplishes this by obviating the requirement for hash power, or
enormous computer resources, which are fundamental for the development of Bitcoin’s proof-of-work (PoW) algorithm.
Staking determines a node’s ability to produce blocks in Cardano’s PoS system. The
the stake of a node is equivalent to the amount of ADA, Cardano’s cryptocurrency, it holds
Ouroboros functions in the following way on a general level. It divides physical time
into epochs, which comprises defined intervals of time called slots. In easy terms, we
could say that slots are similar to a working shift at a factory. An Epoch typically lasts
five days, and a slot lasts one second. However, these values are adjustable and can be
modified when a request is submitted. Epochs function circularly, with one
ending and the next beginning.
Future Roadmap of Cardano
The roadmap of Cardano is a conclusion of Cardano Development that is organized in 5 Eras – Goguen, Basho, Byron, Shelley, & Voltaire. Each of these eras is focused on a set of functions that we’ll deliver over various for every era parallelly along with research, prototyping, & development—code releases.
Unlike other blockchains, Cardano doesn’t depend on the technical foundations of Bitcoin or any other cryptocurrency. Alternatively, IOHK is working with global-leading institutions on research that is subject matter for Scholarly Peer Review. It also includes the papers introduced in the top-tier international conferences. Cardano is working on all crucial components & functional areas using the same research work.
With the help of the Research & Development team, the technical prototyping team is experimenting with the execution of the functions mentioned in the research. The primary objective is to create what is theoretically possible while learning about the real-world technical, functional, & implementation issues. In addition, it is letting them create the technical specifications of constructing the actual product.
In partnership with the prototyping team, technical support is designed & published based on Research & Prototyping results depicting the possible functionality & behavior. These parameters make sure that the ultimate code implementation is accurate to the as per research.
IOHK accepts influential programming languages, in particular – Haskell. These programming languages are less prone to human error & ambiguity compared to other programming languages. Moreover, they are easy to test & verify from a mathematical point of view, strengthening IOHK’s commitment to high-assurance development.
Long Term Market Analysis of ADA
Here are some of the results based on the market research we have conducted:
- The price of Cardano on the monthly chart is showing great strength in a weak market condition. Furthermore, the coin is trying to bounce back.
- Cardano is presently exceeding the performance relatively with the shaky market. Additionally, the coin has primary/vital Moving Averages like 100 & 200 a day.
- The pair of ADA & BTC is operating at 0.0000434 Bitcoins with an increase of +3.28%. Apart from this, ADA & ETH is Campcoin at 0.0006483 Ethereum moved above +6.35% in the previous 24 hours.
In the monthly chart, the price of Cardano is rebounding after testing support of 100 days long Moving Average. Currently, the Cryptocurrency assets are struggling with the moving average of around 20 to 50 DMA. For now, ADA is moving powerfully in this weak market, and it appears bulls have a firm grip over Cardano. Volume is one more significant part of our analysis that shows reasonable participation of bulls & bears. Assistance on the monthly chart is nearly $1.30 & $1.00. Moreover, opposition on the high side is nearly $1.84 & $2.15.
In the chart below, Cardano Price is moving towards ‘The Supply Zone.’
The Cardano’s price on the weekly chart is moving regarding the supply zone. This analysis indicates that Cardano has the potential of staging itself on the podium in the future and rising like a shining star.
The Team Behind Cardano
Cardano has an inspiring team that needs no introduction. We can start with the founder- Charles Hoskin, who founded IOHK and has also been one of the founders of the popular Ethereum protocol. Furthermore, there are three foundations responsible for contributing to the development of Cardano, i.e., IOHK, Emurgo, and Cardano Foundation. Each of the three organizations helps in the development of the protocol in its way. For example, Cardano Foundation is responsible for helping the project with the media and the adoption. Emurgo is helping the project with constructing a support ecosystem across the Asian markets. IOHK, at last, is the technology wing of the project consisting of engineers responsible for the development of the Cardano architecture.
These three organizations collaborate to translate the vision of Cardano into a fruitful reality.
Cardano is among the largest cryptocurrencies in the entire world and is constantly moving forward with continuous growth. Furthermore, Cardano recognizes itself in the “3rd Generation Protocol,” which means developing protocols for mobile telecommunications. While following the future roadmap of Cardano, we studied various spheres upon which the coin is working to improve itself. The spheres are Academic Research, Prototyping, Technical Specifications, and Functional Programming.
The team is constantly working to make this cryptocurrency better, safer, and more secure. Finally, talking about the Long Term Market Analysis of ADA, Cardano has excellent strength in the present weak condition of the market. It’s a young cryptocurrency with a present value of 1.29 US Dollars as of 28th July 2021, but as per our research, it is slowly but constantly moving up, and over time, it may become the top cryptocurrency in the market.