What is Cardano (ADA)? An introduction to Cardano
MoonPay explains Cardano (ADA) and its features, how it works, and why it's one of the most popular altcoins by market cap.
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About Cardano (ADA)
Cardano is a decentralized public blockchain and cryptocurrency project that is fully open-source. It was created out of a disagreement between the co-founders of the cryptocurrency Ethereum, Vitalik Buterin and Charles Hoskinson.
Recognizing the potential of a new blockchain platform, Charles Hoskinson and his company IOHK launched the Cardano protocol in 2017 as the first blockchain project to be based on scientific philosophy. The Cardano Foundation oversees the protocol’s development.
The Cardano blockchain is built on a Proof of Stake (PoS) consensus mechanism called "Ouroboros" (the first provably secure PoS) that allows for scalability and sustainability while being energy efficient in comparison to its blockchain competitors.
The Cardano project has undergone several development phases, called eras. The initial era, Byron, focused on establishing the foundation of the platform. The subsequent phases, Shelley, Goguen, and Basho, respectively brought about the decentralization of the blockchain network, the integration of smart contract functionality, and scalability.
Voltaire is the next era of development for Cardano, and it will focus on governance and decentralization. The Voltaire era will introduce a system of on-chain governance that will allow Cardano's native token ADA (named after Ada Lovelace) holders to vote on important network proposals.
Cardano price history
2017
Cardano was launched in 2017 and its initial coin offering (ICO) was held in September of that year. The ICO was a success, raising over $60 million. ADA was priced at $0.02 per token at the time of the ICO.
2018
The price of Cardano remained relatively stable in 2018, trading mostly between $0.02 and $0.04 per token. The overall cryptocurrency market was down in 2018, and ADA was no exception.
2019
The ADA price started to rise in 2019, reaching its highest price yet at $0.0977 per token in June. However, it fell back down to $0.03 per token by the end of the year.
2020
The price of ADA remained relatively stable in the first half of 2020. The second half of 2020 was eventful for the token and ended the year with a high of over $0.19.
2021
The price of ADA surged in 2021, reaching a high of $3.10 per token in September. The surge in the price of Cardano was driven by a number of factors, including the launch of smart contracts on the Cardano blockchain, increased institutional adoption of cryptocurrencies, and the overall bull market in the crypto market.
2022
The price of ADA was on a downward trend for most of 2022, ending the year at around $0.25 per token. The decline in the price of Cardano has been driven by a number of factors, including rising inflation, and the overall bear market in the cryptocurrency market.
2023
The ADA price experienced some fluctuations in 2023, starting the year at around $0.25 per coin and reaching small peaks of $0.41 and $0.45, throughout the year, though nowhere near the highs of years prior. Like many other cryptocurrencies, ADA rebounded towards the end of the year, reaching a yearly high of $0.6655 in December.
How does Cardano work?
Cardano operates through a layered architecture that separates transaction settlement from smart contract execution. The Cardano Settlement Layer (CSL) handles transactions, while the Cardano Computation Layer (CCL) executes smart contracts and supports decentralized applications (dApps). This layered approach improves the scalability and flexibility of the greater Cardano blockchain network.
To achieve consensus, the Cardano network employs the provably secure Proof of Stake (PoS) consensus algorithm called Ouroboros. Validators are selected based on the number of tokens they hold and are willing to stake as collateral. This energy-efficient mechanism reduces Cardano's environmental impact compared to traditional Proof of Work (POW) systems.
Cardano's governance model involves ADA holders who can propose and vote on protocol upgrades and funding initiatives. This decentralized decision-making process ensures community participation and helps shape the platform's future. Additionally, Cardano's treasury system allows for the allocation of funds to support ongoing development and initiatives within the Cardano ecosystem.
Who are the founders of Cardano?
Charles Hoskinson is the co-founder and CEO of IOHK, the company that created Cardano. He is also a co-founder of Ethereum, and he has a PhD in mathematics from the University of Colorado Boulder.
Jeremy Wood is the co-founder and CTO of IOHK. He graduated from Indiana University-Purdue University Indianapolis.
What is Cardano used for?
Smart contract functionality on the Cardano platform can be used for a wide range of purposes, including financial applications, supply chain management, decentralized exchanges (DEXs), voting systems, identity verification, and more. These smart contracts enable automation and trustless execution of agreements, eliminating the need for intermediaries and reducing costs.
Cardano's focus on security, scalability, and sustainability makes it potentially viable for various industries, including finance, healthcare, logistics, and governance. The Cardano platform aims to provide robust solutions that meet the regulatory requirements and scalability demands of real-world applications.
Cardano also serves as the underlying infrastructure for its native cryptocurrency, ADA. Cardano (ADA) can be used as a medium of exchange, or as a means of participating in the governance of the Cardano network.
What makes Cardano unique?
Cardano differentiates itself through its scientific approach to development, relying on peer-reviewed research and academic principles to guide its design and implementation. It aims to strike a balance between the needs of users, regulators, and developers while attempting to ensure the security and sustainability of the platform.
One of Cardano's key innovations is its layered architecture, which consists of two separate layers: the Cardano Settlement Layer (CSL) and the Cardano Computation Layer (CCL). The CSL handles the settlement of transactions and operates the ADA cryptocurrency, while the CCL focuses on executing smart contracts and supporting decentralized applications (dApps).
How can I mine or stake Cardano?
Cardano (ADA) utilizes a Proof of Stake (PoS) consensus algorithm, which means that instead of mining, ADA holders have the opportunity to stake ADA tokens and participate in the network's consensus and block validation process.
Below is a step-by-step guide to stake ADA:
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More FAQs about Cardano (ADA)
The price of Cardano is determined by factors such as supply and demand, market sentiment, regulatory developments, and the adoption of blockchain technology. Price fluctuations can also occur in response to large transfers of the asset in a short time period.
The all-time high of Cardano (ADA) is $3.10 per token, which was reached on September 2, 2021.
The all-time low of Cardano (ADA) is $0.01735 per token, which was reached on October 1, 2017.
There are currently about %circulating_supply% ADA tokens in circulation, out of a maximum supply of 45 billion. The remaining ADA tokens will be released as staking pool rewards.
You can buy Cardano directly via MoonPay or through one of our many partner wallets, such as Trust Wallet and Exodus.
MoonPay’s simple widget makes it easy to buy ADA with a credit or debit card, bank transfer, Apple Pay, Google Pay, and more payment methods.
