Connect with us


What is Cardano (ADA)?




What is Cardano (ADA)?

Cardano (CRYPTO:ADA) is a blockchain platform that has set its sights high with a goal to make the world work better for everyone and redistribute power to the margins. ADA tokens are its native cryptocurrency, which are used to pay transaction fees on Cardano. They can also be staked to earn rewards.

Like rival Ethereum (CRYPTO:ETH), Cardano has smart contract functionality. Developers can use it to build decentralized apps (dApps) and large decentralized finance (DeFi) platforms.

Cardano calls itself a platform for changemakers, innovators, and visionaries. In this guide, we’ll take a closer look at what it does and how it fares as an investment.

Image source: Getty Images.

What makes Cardano unique?

The major difference between Cardano and other cryptocurrencies is its reliance on peer-reviewed research and evidence-based methods in its development. While most of the crypto market moves fast, Cardano veers in the opposite direction. It takes a slower, more methodical approach. The benefit is that this makes it more likely that developers catch potential threats.

However, there are drawbacks to Cardano’s approach. Its development process tends to take much longer than its competitors, which can cause it to fall behind. Critics have also pointed out that today’s peer-review system has its issues, so relying on it isn’t necessarily an advantage.

Another way that Cardano crypto stands out is that it uses a proof-of-stake protocol to validate transactions. Proof of stake is much more energy-efficient than proof of work, the original consensus mechanism introduced by Bitcoin (CRYPTO:BTC).

Many cryptocurrencies now use proof of stake, but, for a time, Cardano was the largest. This helped it develop a reputation as a green cryptocurrency compared to cryptocurrencies that used proof of work.

Where Cardano came from

Charles Hoskinson, a co-founder of Ethereum, began developing Cardano cryptocurrency in 2015. He had decided to leave Ethereum a year earlier due to a dispute with fellow co-founder Vitalik Buterin. Hoskinson wanted to make Ethereum a for-profit company and accept venture capital, whereas Buterin wanted it to remain a nonprofit organization.

With former Ethereum colleague Jeremy Wood, Hoskinson created the blockchain engineering company IOHK. That company, the Cardano Foundation, and EMURGO are in charge of Cardano’s development.

Cardano launched on Sept. 27, 2017. It’s named after Italian polymath Gerolamo Cardano. Its native token, ADA, is named after mathematician Ada Lovelace.

How Cardano works

Cardano validates blockchain transactions with a proof-of-stake protocol called Ouroboros. In proof of stake, any of a blockchain’s token holders can set up their own network node and become validators. They must stake their crypto tokens to do this, meaning they pledge their tokens to the blockchain.

For each block of transactions that need to be verified, the Ouroboros protocol pseudo-randomly selects a validator node. Selections are based in part on the amount of ADA tokens the node has staked. The more ADA tokens you stake, the more likely you are to be chosen.

After a validator node confirms a block of transactions and adds it to the blockchain, it receives the block reward. Block rewards are paid in ADA tokens, which gives token holders an incentive to stake.

Since peer review is a big part of Cardano, it’s important to know what that means. Before Cardano integrates any new technology, that technology is researched, and the research is peer-reviewed. Cardano’s research team includes leading academics and explores a diverse range of fields, including philosophy, sociology, behavior, and game theory.


Cardano has established quite a few interesting partnerships over the years. Here are a few of the most notable examples of these partnerships and Cardano’s role in each one:

  • The Ethiopian government has partnered with Cardano to give students in the country’s schools blockchain-based IDs. This will allow their academic performance to be recorded and tracked on Cardano’s blockchain.
  • Global reforestation company veritree is using the Cardano blockchain to store records of the trees it plants.
  • DISH Network (NASDAQ:DISH) is integrating the Cardano blockchain as a way to provide digital identity services for its customers.
  • Cardano is working with esports company Rival to help it mint and distribute non-fungible tokens (NFTs).

Can I make passive income with Cardano?

You can make passive income by staking Cardano. Because it uses proof of stake to validate transactions, anyone who stakes their ADA tokens can earn rewards.

There are two ways to do this. The easiest option is to use a crypto exchange that offers crypto staking. After you buy ADA tokens, you can stake them directly from your account. Here are a few exchanges that supports Cardano staking:

Another option is to stake Cardano yourself through your own blockchain wallet. This requires a little more work, but it will likely get you a better return. To do this, you need to transfer your tokens to a wallet that supports Cardano staking. Two popular options are Daedalus and Yoroi Wallet. Then you can choose a staking pool and stake your Cardano.

Remember that the passive income you’ll earn is in ADA tokens, not cash. That means the value of your income will depend on Cardano’s price.

Unique risks

Reliance on research is a key part of Cardano, but this can also be a disadvantage. While Cardano is still in the research phase, it gives competitors the opportunity to acquire larger market shares.

For example, despite launching in 2017, it wasn’t until September 2021 that Cardano launched smart contracts. It also had issues with them right away. The very first dApp, a multiple exchange called Minswap, had to shut down due to issues with processing transactions.

Ethereum had already been running smart contracts for years at this point, which helped establish it as the blockchain with the most dApps. Another competitor, Solana (CRYPTO:SOL), also beat Cardano to the punch despite the fact that it didn’t launch until 2020.

To its credit, the Cardano ecosystem has been steadily growing. It now has decentralized exchanges, NFT marketplaces, blockchain games, and much more.

Is Cardano a good investment?

Cardano could be a worthwhile investment for patient investors who can handle the volatility.

As a blockchain platform, Cardano has a lot of potential. It’s eco-friendly and has all kinds of applications, including DeFi and NFTs. It has built some great partnerships so far that demonstrate the different uses it offers. You can also stake Cardano to earn more ADA tokens, which is an added benefit if you buy it.

Still, the lengthy development process could be problematic, and Cardano has also run into performance issues, including heavy congestion at the start of 2022. Those are things to consider when deciding if you should invest.

While long-term investing is always a smart way to go with digital currencies and cryptocurrency stocks, it’s especially important with Cardano. This project takes a slow-and-steady approach, so you need to give it time to develop.

Even though Cardano operates differently than other cryptocurrencies, it’s still highly volatile. The price can go through significant changes in a short period of time. If you decide to invest, remember that long-term changes are more important than weekly swings.

How to buy Cardano

Because it’s one of the market leaders, there are plenty of places to buy Cardano. After choosing an exchange that offers it, you can sign up for an account and make the purchase.

You may want to pick an exchange that also supports Cardano staking. As previously noted, Kraken, eToro, and are all suitable options. However, you can always buy Cardano and stake it yourself if the exchange you choose doesn’t have this feature available.

Cardano has built a strong following based on its real-world utility and evidence-based approach. With the quality leadership and the funding behind it, this cryptocurrency will likely remain a major player in the years to come.

Lyle Daly has positions in Bitcoin, Cardano, Ethereum, and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy.

Source link

Continue Reading


PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP




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.

The Bottomline 

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:





Source link

Continue Reading


Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange




Cardano Reaches “Important Milestone” on Road to Vasil Upgrade

Alex Dovbnya

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.

Source link

Continue Reading


WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M




Cardano Founder Charles Hoskinson Criticize SEC Cracking Down on Companies Outside Its Jurisdiction

– Advertisement –


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. 

cardano total value locked
Cardano total value locked

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.” 

– Advertisement –

Source link

Continue Reading


Copyright © 2022 CASHVerse LLC.