ADA and the Cardano platform – A Brief History
Here at Coinmama, we have added three new cryptocurrencies to purchase in addition to our Bitcoin (BTC), and Ethereum (ETH) packages. This week we’ve decided to give a history of each coin we have added and in our last post we discussed Litecoin (LTC). During this summary we will talk about the Cardano (ADA) platform and why the cryptocurrency has been a top digital asset over the past year.
Cardano’s ADA Asset Joins Coinmama’s List of Newly Added Cryptocurrencies
The Cardano platform and its ADA token is a largely demanded cryptocurrency introduced on September 29, 2017. Cardano and ADA is a project developed by the firm Input Output Hong Kong (IOHK) and is led by its lead developer Charles Hoskinson. Hoskinson is a well-known contributor to the cryptocurrency industry after co-founding two very large projects Ethereum and Bitshares. Since then Hoskinson had dedicated his energy towards progressing IOHK and the ADA cryptocurrency.
In contrast to coins like Bitcoin and Ethereum which use a Proof-of-Work (PoW) mining mechanism, the Cardano platform, and ADA distribution is mined by a Proof-of-Stake (PoS) method called ‘Ouroboros.’ This means newly created coins are created by those who hold ADA in their Daedalus wallets and the more stake an owner has invested, the more they accrue. Moreover, the Cardano technology aims to add features like metadata, side chains, smart contracts, decentralized apps (Dapps), and multi-party computation.
Right now Cardano’s ADA token has an average price of $0.38 U.S. cents per token and the market is the seventh largest cryptocurrency valuation. ADA’s market cap is around $9 billion USD and there are 25Bn ADA in circulation at present. ADA has a large market volume of over $360Mn every 24-hours, and today ADA is the tenth most traded cryptocurrency among 1600 other digital assets worldwide.
Here are a few reasons why cryptocurrency investors like the Cardano platform and ADA:
- Proof-of-Stake. ADA offers investors a PoS mechanism which rewards investors for holding coins. Newly minted coins are distributed using PoS and proponents believe it’s a fair distribution method in comparison to SHA-256 proof of work. Moreover its more environmentally friendly because it doesn’t use as much electricity to create coins.
- Features. Cardano aims to have similar features much like the Ethereum network, and Cardano developers aim to add token creation, Dapps, smart contracts and more.
- Development. Charles Hoskinson is a very well respected cryptographer and developer. Both Ethereum and Bitshares are two projects he co-founded and are now billion dollar cryptocurrency networks. ADA aims to have the same potential, and enthusiast believe Hoskinson working on the project will drive more innovation.
- New and inexpensive. Cardano is a new project starting from the ground up and ADA tokens are very inexpensive compared to other cryptocurrencies. Cardano proponents believe the project has great potential and is currently in its very nascent stages.
Coinmama chose Cardano to join our lineup for these very reasons and we think our customers will appreciate the diversity of a new project with great prospects. ADA tokens are available for Coinmama users today and can be purchased quickly and effortlessly with our package offerings.