What is Cardano (ADA)?
Cardano (ADA) is definitely one of the most promising projects in the crypto world. The project was started in 2015 and it is now one of the largest in the industry. The main goal behind Cardano is to offer a smart contract network that would be faster, scalable and more efficient than the current blockchain networks in the world.
In this guide, you will learn all you need to know about Cardano and how this network has been growing in recent years. You will also have data on which are the future projects of Cardano and many other things.
Cardano was launched to the market after several years of development in 2017. The Initial Coin Offering (ICO) was very successful and since that time ADA became one of the largest digital currencies in the world.
The project was started by Charles Hoskinson, one of the co-founders of Ethereum. It is worth taking into consideration that Cardano is backed by three main organizations:
- Input Output Hong Kong (IOHK)
- The Cardano Foundation
IOHK is in charge of the main development of the Cardano blockchain. They are the ones in charge of understanding how the system works and to provide new features to the network.
Emurgo is working to search for a wide range of commercial opportunities. This is one of the most important arms of the Cardano organization because it allows the company to continue growing financially.
The Cardano Foundation, instead, is working on a wide range of partnerships. They expand the Cardano network by integrating it with other companies, platforms and projects.
Cardano is working on different frameworks that would release to the market different features. For example, they divide their working plans on what they call “eras.” The ears are known as follows:
Each of these eras is being developed at the same time. However, they have different scheduled times to be released. The entire Cardano community is now waiting for the release of the Goguen era. This would allow projects running on Ethereum to be deployed on Cardano.
ADA in the Cryptocurrency Market
The ADA virtual currency has been one of the most valuable in the market. According to CoinMarketCap, ADA is the 8th largest digital asset in the world. The digital currency has a market valuation of $4.8 billion.
Each ADA token can now be purchased for $0.194 and there are 31,112,484,646 ADA coins in the market.
There are some challenges that the Cardano organization needs to face in order to continue growing. One of the things that affected the network is the delay they had in recent years. They have been working very hard in order to release new features but there were delays on these projects.
Nowadays, these delays have been left behind and they became much more efficient with their timelines. Another thing to mention is related to the expenditure on marketing. While other projects spend large amounts of money promoting their coins, ADA prefers to focus on development.