Within the current cryptocurrency boom, one that is drawing strong attention is Cardano (ADA), for all its implications.
Well, it has been sold that Cardano Overcomes all the difficulties of electronic money today, especially the well-known Bitcoin.
Being faster, more secure, flexible and scalable, unlike all its competitors. However, there are many doubts around you.
Here we will briefly explain what it is Cardano and some of its most relevant implications.
Of course, take into account that like all cryptocurrencies, you must be careful with Cardano before deciding whether to bet on it or not.
What is Cardano?
Cardano It was launched in 2017 by Charles Hoskinson, co-founder of Ethereum and BitShares, based on peer-reviewed studies.
Cardano Coin debuted with a market capitalization of $ 600 million. In mid-2021, its capitalization amounted to $ 39.8 billion.
According to its creator, Cardano It is a blockchain of scientific cut of the world, for its development with revised analysis.
It also ensures that it is a third generation cryptocurrency, surpassing the current first and second generation.
Cardano it does not follow a white paper, instead, it uses design principles and is funded by an initial cryptocurrency offering.
Cardano it only uses the first entry of the blockchain, then verifying the honesty of the chain locally without the need for a third party.
Does Cardano have a product that works?
Cardano they already have a POS system in place, as well as strategic partnerships, with countries and companies around the world.
Cardano It will be used by Ethiopia to store the data of its students, through a certified copy of the blockchain.
It should be noted that Cardano It is not completely finished, it is still in advanced development phase, it will probably never be completed.
This is due to the constant technological, IT and market advancement, so that Cardano it cannot be kept static.
Therefore, for now, invest in Cardano It is very risky; however its growth is exponential, with a view to being bigger in the future.
The developers note that Cardano is moving slowly because they want the cryptocurrency to be the most functional in the world.
Will Cardano kill cryptocurrencies?
No, Cardano it will not kill any cryptocurrency, in fact Charles Hoskinson points out that he seeks coexistence with the other currencies.
According to him, Cardano it can coexist with multiple POS chains, since the currency is de-centralized and that is its greatest virtue.
Well, it is not obliged to use a certain service by a certain company or government, it is practically free to do almost anything.
This is intended to enter the ecosystem of Bitcoin and Ethereum; but with an improved and more attractive product for the investor.
It is like with traditional currencies, where currencies from all over the world coexist; however, some are more “effective” than others.
How is Cardano mining?
Mining Cardano makes use of the aforementioned POS that is based on the analysis of the amount of cryptocurrencies, instead of the computer hardware race.
Rather than awarding the “first-come,” consensus is reached through a vote of cryptocurrency holders of Cardano.
They elect slot leaders based on the participation of each of the slot owners. Cardano.
Since it is a de-centralized network, the production of blocks of Cardano it is the sole responsibility of the unit group operators.