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What is Cardano and What to Expect from this Cryptocurrency?
04/03/2023
Cardano (ADA) is one of the most famous Cryptocurrencies in the Crypto Market and is loved by many and questioned by others for the delay in its updates. What to Expect from this Crypto?
What is Cardano and What to Expect from this Cryptocurrency?
What is Cardano?
Evidently, Cardano (ADA), is a Smart Contract Cryptocurrency, that is, companies that want to position themselves and build in this new universe of technology: Web3, will be able to create their applications within the Cardano ecosystem, but of course, this will happen over time , because unlike Ethereum, ADA is a bit slower in its updates and implementations.
Its main competitors are Ethereum, Solana, Polkadot and Cosmos and each of these smart contract cryptocurrencies has its own identity and peculiarity.
Cardano's ecosystem is very interesting and decentralized and its mining works through Proof-of-Stake (cloud mining where ADA Token holders can 'temporarily' give up their coins to help with network scalability), with Therefore, they are rewarded with ADA tokens for doing this procedure.
The most interesting thing about Cardano is that it is a brand - including one of the most famous in the world - rivaling Microsoft itself (very impressive for a currency other than bitcoin).
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How Does the ADA Token Work?
ADA is the native token of the Cardano network: just like ETH is the native token of the Ethereum Blockchain. It's pretty simple to understand. The ADA token is always among the Top 10 (those with the highest market values).
There will only be 45 billion tokens to be issued, so supply is limited (just like bitcoin, there will only be 21 million tokens to be mined). This "scarcity" offer is very interesting for long term investors.
Cardano was created and founded by Charles Hoskinson (who was one of the co-founders of Ethereum) and like Polkadot, his idea is to have a scalable system that would make life easier for common users, as we know that Ethereum fees are extremely high.
It is always important to mention that although Cardano's ideal is very beautiful: 'to be better where Ethereum has failed', we cannot forget that today, Ethereum is a reality, Cardano, however, remains far from its main competitor and, Ethereum itself has improved significantly in many aspects of scalability.
Therefore, if you are going to invest in Cardano, take it easy! Although there is indeed significant potential in this cryptocurrency, we must bear in mind that it still has a long way to go to face Ethereum, for example. That's why it's important to have good risk management.
Well then: What to expect from Cardano?
Cardano is a great Cryptocurrency project, including one of the most interesting on the market. In fact, there is a relatively high potential for it to 'work out', however, it is important to be attentive on social networks to follow its development, don't you agree?
What's the use of investing in a cryptocurrency just because 'so-and-so' said it was a good opportunity? Would you be able to withstand a 90% drop in this asset without thinking about selling it? Therefore, study the project before putting your money into it.
We heard Cardano's ambassador in Brazil once say that Cardano (unlike Polkadot or Solana), is built from absolute zero - hence the delay and delay in its updates. In fact, although developers often delay new implementations on the network, they end up happening.
Therefore, as a toast for having made it this far, we are going to leave you the official Twitter of the Cardano Community, so that you, of course, stay on top of what is happening with this Blockchain. Did you like our content? Don't forget to share us on social media!
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Disclaimer:
Cryptocurrency investments are risky. The Bitcoin Lovers website is not responsible for the quality of the products or services presented on the pages and cannot be held responsible, directly or indirectly, for any damage or injury caused after the use of a good or service highlighted in this or any other article. Cryptocurrency related investments are risky in nature, readers should do their own research before taking any action and invest only within the limits of their financial capabilities. This page or any other article does not constitute investment advice.
AMF Recommendations: There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of that savings. Do not invest if you are not willing to lose all or part of your capital.