Cardano (ADA) is considered a third-generation blockchain, following in the footsteps of Bitcoin and Ethereum. Cardano aims to compete directly with Ethereum, a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts.
The price of Cardano has risen by 0.36% in the past week. A single ADA currently trades at $0.5016 with a current circulating supply of 33.9 billion ADAs, according to coinbase.
In September 2021 it reached its all-time high of $3.10. To buy ADA, you can sign up for an account with one of the major cryptocurrency exchanges such as Binance, Coinbase, Gemini and Kraken, and then you can store ADA either on the platform itself or in a crypto wallet.
Cardano’s Business Model
Cardano is built on a Proof-of-Stake consensus through its native token Ada that validates transactions without requiring high energy costs. It achieves this by eliminating the massive computing resources that the algorithm uses. Charles Hoskinson, who is also the co-founder of Ethereum, began the development of Cardano in 2015 and launched the platform in 2017.
Cardano’s blockchain is divided into two separate layers: the Cardano Settlement Layer (CSL) and the Cardano Computing Layer (CCL). The CSL contains the ledger of accounts and balances where transactions are validated while the CCL layer is where all the computations for apps running on the blockchain are executed through smart contracts.
Unlike other cryptocurrencies that are developed to be peer-to-peer payment systems, Cardano is an ecosystem that allows other developers to create tokens, decentralized applications, send and receive payments, or create other use cases for scalable blockchain networks. With it, users can install compatible wallet software on their computers or devices, to start staking their ADA, and to start earning rewards as network validators.
Is Cardano a good investment?
Over the years Cardano has seen tremendous growth and is currently the eighth largest cryptocurrency by market cap with a market capitalization of $16.9 billion. Due to its real-world use cases and robust peer-reviewed process, Cardano’s ecosystem is touted by some experts as one of the more future-proof cryptocurrency ecosystems, with potential for industry adoption outside the cryptocurrency industry.
One of the reasons that make Cardano attractive is that it provides long-term scalability and quick transactions. Compared to its rival Ethereum which offers 15 transactions per second (TPS), Cardano can process up to 250. Its native token ADA has performed well as well providing users with huge returns, as it is up over 2,300% since its 2017 release. Cardano is designed to be developed in ‘eras’ named after notable figures in poetry and computer science history. It is currently in the Basho stage of scaling and optimization, intended to bring more capabilities to Cardano.
Last month Cardano announced that it is undertaking its Vasil upgrade which is driven towards bringing increased functionality, performance, scalability, and interoperability to Cardano through new features and improvements
In addition to being a Peer-reviewed network, Cardano works closely with academics to generate peer-reviewed research to guide blockchain development and enhancements. The open-source nature of this peer-reviewed blockchain helps it to continually evolve to meet the demands of the market.
Given the volatility and high-risk nature of cryptocurrency markets, it is important that investors do their own research on the particular cryptocurrency to determine if it is a good fit for their investment portfolio. Whether Cardano or any other crypto is a suitable asset for you to trade will depend on your risk tolerance and how much you intend to invest. Most importantly remember to never invest money that you cannot afford to lose.
How to Mine Cardano
Users cannot mine Cardano but can earn rewards through staking. Staking is the process of participating in the validation of transactions on Cardano’s Proof-of-Stake blockchain in exchange for staking rewards. Proof-of-Stake protocols unlike Proof-of-Work employ significantly less energy. This reduces the energy and waste footprints by not requiring large amounts of electricity to power computers specifically designed for mining making them attractive among investors.
Ada is given as a reward for work done for the blockchain by users participating in a stake pool. Cardano has no slashing penalties, which means delegators have complete control over their ADA. There are several staking pools you can choose from to stake your ADA.
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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.
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
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