5 Things To Know Before Investing In Cardano
Cardano has been a popular choice for crypto investors because of its many attributes. Due to environmental concerns, big companies choose Cardano (ADA) as it only consumes six gigawatt-hours (GWh) of power, which is way lower than what Bitcoin and Ethereum consume.
Yet like Bitcoin, the network’s functionality has confidential and transparent transactions. Unlike Bitcoin, though, Cardano has a faster speed of transaction. Continue reading for more information on whether you should invest in Cardano.
The Market For Cardano
Like other digital currencies, Cardano mainly uses its native coin ADA as crypto.
However, this network aims to move towards a control layer beyond its current layer—the settlement layer. Hence, systems with complicated features such as gaming and gambling can use Cardano as a trusted computation framework.
This blockchain network also envisions being used in several crypto wallets with crypto to fiat conversion capabilities and automated crypto trading facilities such as Swyftx and others. Recently, Cardano has also released Alonzo hard fork, a smart contract upgrade as they explained.
Moreover, they plan to enter apps in the credit system and identity management. Cardano has partnered with many institutions to develop new governance structures and refine the network’s algorithms to achieve such.
How Cardano Works
The network of Cardano is similar to the blockchain of Bitcoin. It verifies transactions to make every token unique so people won’t have to spend twice on the same tokens. The good thing is that no institution, bank, or central authority handles the verification process because it’s a decentralized network.
The Ethereum and Bitcoin network has miners that add new blocks of data to the network by solving complex mathematical equations on their computers. In exchange, these miners can receive crypto. However, this activity uses up large amounts of electricity and consumes more time to complete each transaction.
Meanwhile, Cardano works by having a protocol that minimizes energy consumption during block production, making it more sustainable than the two largest cryptos in the market. Besides, Cardano allows network participants to build the blockchain by depositing set amounts of crypto, called staking.
Cardano Team And Foundation
Behind the platform is a non-profit entity known as the Cardano Foundation. It’s responsible for ensuring its functionality and protecting its protocol technology. In addition, the foundation also furthers interoperability to promote standardization in the sector.
The people behind Cardano consist of a decentralized team of developers working on three independent entities. They have their own support for the project while utilizing the standards to ensure proper operations in the network.
Cardano Is Energy-Efficient
As mentioned, Cardano is considered more eco-friendly than other cryptos. Unlike Bitcoin, which consumes so much energy for a transaction to be completed, Cardano doesn’t. While it is estimated that Bitcoin uses 127 terawatt-hours annually compared to Ethereum’s 50 terawatt-hours, Cardano only consumes six gigawatt-hours.
Compared to a household’s energy consumption, Cardano only consumes the energy from about 600 US homes. Meanwhile, Bitcoin is compared to 45 million people consuming energy.
As mentioned, Cardano doesn’t consume as much energy as Bitcoin because of its staking or proof of stake. It keeps energy usage reasonable because it limits the number of devices verifying a transaction. On the other hand, Bitcoin and Ethereum use proof of work as their system. This system allows any number of devices to verify a transaction, so it consumes extreme energy.
Cardano Is Working Towards Affecting Lives Positively
Cardano is bent on tackling financial accessibility and other genuine global issues. It currently has a team in Ethiopia coordinating and working with services and governments across the country.
One of their most significant undertakings is the team managing the Ethiopian Ministry of Education. They use the Cardano network to create computerized IDs for millions of understudies.
As a result, each understudy can have a sealed and protected record that they own permanently. They can use the ID to assist them in showing their academic credentials to their target companies.
These are some vital things you should know before investing in cryptocurrency such as Cardano. The information discussed here makes this crypto a better choice for many investors than some of its competitors. You can use this information to gauge whether Cardano has the potential to stay in the market for a long time. If you think Cardano will be more valuable in the future, it may be time to start buying ADA while the market is down. Therefore, your investment will double, if not triple, when the market becomes bullish.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
At the time of writing, it ranks number 6 on CoinMarketCap, making it a cryptocurrency to buy now.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
– Advertisement –