What is Cardano (ADA)?
The network is also the world’s first-ever peer-reviewed decentralized blockchain solution and ADA is the native cryptocurrency that powers that protocol. It was created by ex-Ethereum co-founder Charles Hoskinson and Launched in September 2017. The altcoin has a supply limit of 45 billion tokens and reports even say that 95% of ADA coins are held by Japanese people.
Considered to be a third-generation blockchain, the project is different from Bitcoin or that of many others.
The blockchain is halved into two layers, namely the Cardano Settlement layer and Cardano Computational Layer. Sounds complicated? Not anymore!
Let’s see how the layers add meaning to the network’s stars. The CSL stimulates the peer-to-peer transactions within the network using the Ouroboros mechanism. On the flip side, the smart contract mechanism is taken over by the CCL layer, allowing a seamless progression in both segments!
Cardano uses a PoS algorithm. However, it’s not the conventional Proof of Stake mechanism, but a model similar to it with a distinction. The consensus of Cardano is often labeled Ouroboros PoS and brings a different dimension to the creation of blocks.
Unlike PoS, where the highest token holders get preference, Ouroboros redefined this and made time slots called an epoch. Each epoch has a slot leader chosen by other nodes in the slot. These leaders carry out block creation in each epoch, and each leader gets a chance to do it. This mechanism reduces network congestion, increasing transaction speed!
Having a look at the Cardano Road Map, it’s quite interesting to see the network bringing new updates on a weekly schedule. Commencing the month, The network had an important update, creating the Deadalus Mainnet 4.1.0, which facilitates the wallet to support tokens in decimals. The team is also working on a Proof of concept mechanism currently. This week’s progress includes advancement in decentralization by adding Cardano API dependencies.
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Cardano Price Prediction 2021
The asset started with a bullish trend at the beginning of the year. Later, the altcoin hit an all-time high of $2.4 as the Cardano Foundation published an infographic that suggests its ADA cryptocurrency is ideal for Tesla. When the market crashed on May 19th, the price plunged substantially to $1.48 from $2.
The month of August began with a bullish note! After crashing down close to $1, the digital asset has now bounced back up to reclaim its place on the market charts. The price has hit new ATH at $3.08 with the launch of smart contracts around the corner.
With the platform approaching complete integration of smart contracts, the ADA community has maintained its faith in the asset. Hold sentiments abound across investors communities. Leading to less sell pressure and more buy pressure. Which the current price surge in the asset can be attributed to.
Nigel Hemsley, head of delivery for Cardano, said in a video released by developer Input Output Friday that the platform would launch the Alonzo upgrade on “Monday, Sept. 12,” though a quick glance at the calendar shows that the date falls on a Sunday this year. The developer later tweeted again saying that the platform targeted simply “Sept. 12” for the upgrade.
Currently, Cardano is being buzzed because of its efficient Proof of stake mining process that limits the carbon footprint. If the network works more towards sustainability, then it might attract environment-conscious investors, hiking the price up to $5.294 by the year-end.
However, if the network does not carry out any remarkable development, it might merely carry over its current investors who stick to the currency due to its increased scalability and user-friendliness. In such cases, the price may move at a decent average figure of $2.761.
On the other hand, several critics are expressing the Synchronisation issues on the network, which might lead to missed transactions. If the network fails to work on fixing the matter, in the coming months, the price may slide down to $1.893.