If you are a crypto enthusiast, you must have heard about Cardano. You’re however not an alien if you don’t know much about this crypto coin named after Italian polymath, Gerolamo Cardano.
Cardano is one of the largest cryptocurrencies in 2021. As of November 2021, it is ranked 6th by CoinMarketCap. It is with a live market cap of $51, 247, 966, 911 USD.
Bitcoin, Ethereum, and USDT are undoubtedly the most popular cryptos, Cardano is however not too far from these tokens in the crypto market.
In this article, we’ll discuss Cardano as one of the biggest crypto tokens available today.
What is Cardano (ADA)?
Cardano is a proof-of-stake blockchain platform that says its goal is to allow changemakers, innovators and visionaries to bring about positive global change.
This crypto coin was founded in 2017 by Ethereum co-founder, Charles Hoskinson. The platform is named after Gerolamo Cardano, an Italian Polymath from the 16th century. The token (ADA) takes its name from the 19th century Mathematician, Ada Lovelace.
The ADA token is designed to ensure that owners can participate in the operation of the network. This allows holders of the token the right to vote on any proposed changes to the software.
The maximum supply of Cardano coin is 45 billion even though there was a circulating supply of 31 billion at some point.
What Makes Cardano Different From Other Cryptocurrencies?
Cardano does not have a white paper like several other cryptocurrencies. Instead, it uses design principles intended to overcome issues faced by other cryptocurrencies.
Unlike Bitcoin and Ethereum which uses proof-of-work protocols, Cardano uses a proof-of-stake protocols named ‘Ouroboros’. This makes it use less energy than the proof of work chains. Cardano is therefore known as the largest cryptocoins to use proof-of-stake blockchain.
What Are The Uses of Cardano?
Cardano (ADA) coins are used by agricultural companies to track fresh produce from field to work.
Other products built on the platform allow educational credentials to be stored in a tamper-proof way.
It help retailers to clamp down on counterfeit goods.
The digital currency is used in crypto trading where holders can stake their ADA to receive interest on their investment through so-called epoch payments.
Also Read: 7 of The Best Crypto Coins in 2021
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