Cardano (ADA)
Cardano (ADA) could be considered the purest manifestation of the crypto ethos, with the noble vision of illuminating a new era of decentralized applications and financial systems on a global scale.
Overview
Following disagreements about the future direction of Ethereum, Charles Hoskinson founded the Cardano blockchain. A Layer One network capable of smart contract development and a level of decentralization that puts its rivals to shame, Cardano embodies the fundamental principles of blockchain technology.
Built on a foundation of peer-reviewed research and high-assurance development, Cardano distinguishes itself from the crowd by offering a research-driven approach to solve some of the most pressing challenges facing cryptocurrencies today: scalability, interoperability, and sustainability.
Why is Cardano Unique?
Boasting architecture designed by some of the brightest minds in cryptography at Input Output Global (IOHK), Cardano was built from the ground-up through academic research and has carved out a unique niche for itself backed by a hearty blend of innovation, rigor, and vision.
What truly sets Cardano apart? Why has it captured the imagination of a global community and is increasingly being adopted by developers, enterprises and national governments alike?
- Ouroboros – Cardano’s innovative consensus mechanism, Ouroboros, is the first world’s first provably secure proof-of-stake protocol. Ouroboros helps Cardano maintain high levels of security and efficiency, making it one of the most energy-efficient blockchains in the crypto space.
- Hydra – Designed to facilitate ultra-fast transactions by creating off-chain state channels, Hydra brings greater speed and scalability to Cardano. This is crucially important to Cardano’s ambitious goals of supporting millions of users.
- Thriving Ecosystem – The growing range of Cardano dApps give the network an enormous range of diverse utilities and innovative protocols. From algorithmic DeFi applications like DJED to a growing NFT culture and community-led meme coins like SNEK, Cardano is making a name for itself in the on-chain world.
- Unparalleled Decentralization – With validator nodes distributed all over the world and one of the highest Nakamoto Coeffiency scores in the industry, Cardano is arguably the most decentralized blockchain in crypto.
ADA Price History
Despite having one of the most devout holder bases in the industry, ADA has experienced a tumultuous life since it first hit the markets in 2017. Launching amongst the hype and excitement of the 2017 crypto bull run, ADA quickly gained traction amongst Cardano bulls, running from as low as $0.02 to just under $1 USD in a matter of months.
Dragged down by a tumbling Bitcoin and plummeting Ethereum, ADA entered an extended period of consolidation that would last several years. Undaunted, Charles Hoskinson and the team kept their noses to the grindstone, building out the necessary architecture to support Cardano’s grand vision ahead of the upcoming cycle.
With the Defi summer of 2020 warming the embers and a crypto bull run appearing on the horizon, ADA was primed for an explosive 2021. After years of diligent work, the Cardano network was finally ready to support smart contract development and become the blockchain behemoth that ADA bulls had long been promised.
In anticipation of the Alonzo hard fork and the birth of Cardano’s DeFi and NFT ecosystem, ADA began its metoric rise. After starting 2021 at a humble price of roughly $0.17, ADA fever swept the market. Over the course of several months, ADA surged with unexpected velocity, eventually marking it’s all-time high of $3.10 on the 2nd September, one week before the fabled Alonzo hard fork.
This momental achievement turned out to be a sell-the-news event, signalling a dramatic blow-top for ADA’s price action. Despite Cardano finally supporting smart contracts being able to deliver on its promises, ADA has bled out relentlessly ever since.
Despite ADA’s devastating decline, Cardano’s future has never looked brighter. On-chain metrics signal that blockchain activity and TVL is higher than ever, with upcoming developments and network updates indicating that the network is in a state of constant growth and expansion.
