What is Cardano Cryptocurrency?

Cardano is a proof-of-stake blockchain system that targets the scalability concerns in legacy blockchain platforms like the first-generation Bitcoin and second-generation Ethereum. Cardano is the 3rd generation go-to blockchain that is getting very popular in the market.

Since 2017 it has been generating noise to make the crypto world more sustainable and more scalable. Cardano is a blockchain platform for visionaries, innovators, and changemakers, with the technologies and tools required to create possibilities for anyone to bring about positive global change.

What is Cardano?

Three organizations are overseeing Cardano’s development - Cardano Foundation, IOHK, and Emurgo. The name Cardano was decided to pay tribute to Italian Mathematician Gerolamo Cardano. Cardano’s journey started back in 2015. The co-founder of BitShares, and Charles Hoskinson, one of the early developers of Ethereum, developed this altcoin. Cardano considers itself as an alternative to Ethereum. Both platforms are used for the same applications, such as smart contracts, and have goals to build a decentralized and connected system. The blockchain platform also provides banking services to places in the world that do not have access to banks.

The best feature of Cardano is its focus on independent research and well-informed, evidence-based development. Since August 2021, the market share of Cardano has increased to 60%. So it looks like their plan to resolve the scalability and sustainability issues of the crypto world is about to reach its climax.

What are some features of Cardano?

• Saves Energy

Cardano is energy efficient, and it consumes 6-gigawatt hours. That means Cardano uses approximately 600 U.S. homes in terms of power. Bitcoin consumes as much energy as the country of Argentina, which has about 45 million people.

• Can Support Large Transactions

Bitcoin can support five transactions per second, Ethereum can process up to 15 transactions per second, and Cardano can process up to 257 transactions per second. They are currently planning to add new technology named Hydra, which will support 1 million transactions per second.

• Multiple Uses

Cardano can authenticate pharma products to avoid the risk of counterfeit medications. In some countries, they use it to record people’s identities and can judge their creditworthiness. It can also support farmers and merchants to take accounts of their supply chain reliably.

• Limited Availability

Cardano has a maximum supply of 45 million ADA. Currently, there are 32 million ADA in circulation. If the demand increases, maybe the supply will increase.