To date most digital currencies have been developed with a financial or technological focus; few have if any have been developed with a philosophy rooted in science.
All this has changed now that Cardano (ADA) is on the digital cryptocurrency stage. ADA has an interesting history. The digital currency was developed and launched by Hoskinson, the former CEO of Ethereum. Hoskinson had philosophical differences with the other members of Ethereum and so left to start his own digital currency with a more refined blockchain. The result was the launch of ADA back in 2015. As mentioned on the main website for ADA, Cardano is developing a smart contract platform which seeks to deliver more advanced features and is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach.
Sound philosophy is a good thing, but that alone can’t make a strong digital currency. The big question then is how ADA stocks up against the competition. Right out the gate ADA gives itself distinct advantages over regular blockchain currencies. One way in which it does this is through its mining technology. ADA uses a technology called Ouroboros, a proof-of-stake formula that rewards miners in bigger ways than other cryptocurrencies. With Ouroboros miners are given more tokens in proportion to their mining investments. ADA is also staking its future growth on a refined blockchain, thereby allowing developers to develop and deploy a Daedalus wallet.
Cardano (ADA) has had a pretty decent run in the markets and gain huge momentum in December 2017. The strong growth in December was in line with the general growth in demand for cryptocurrencies. This demand culminated in a high of $1.22 on January 4, 2018. Since the big push over a dollar, ADA has pulled back, currently trading at around $0.80 but with huge underlying upside. That upside is also readily seen in the number of coins both in circulation and total supply. Coins in circulation total around $25B while total supply maxes out around 31B; max supply incidentally is 45B ADA. Volume trading per day is around $988M with total market cap of $20B – a figure that outdoes several companies on the traditional exchanges that produce actual goods. For anyone uninitiated ion the digital currency space they would say that fact speaks to the lunacy of the whole thing. But even flying air planes was a lunacy once so it appears those skeptical traders who don’t dive into digital currencies will be on the wrong side of history.
The outlook for ADA looks good potentially. Stable development from a veteran of the cryptocurrency world bodes well for the underlying technology pushing Cardano (ADA). Leadership is also a big factor with these things so investors can take comfort in the fact that ADA’s founder is no upstart to the digital currency space. The pullback under a dollar is perhaps an opportunity for traders to buy the rally.