CARDANO (ADA)? –IS OUROBOROS PRAOS THE ANSWER?

Established in 2017, Cardano is a brainchild of IOHK (a Hong-Kong based blockchain outfit) and it functions as a decentralized blockchain platform operated on smart contracts.

Cardano, which is precisely based on open-source smart contracts, comes with a cryptocurrency known as ADA. Officially, ADA is Cardano’s coin and as a cryptocurrency, it can be traded on popular exchanges inclusive of Bittrex and Binance.

While this article revolves around Cardano, it presents exhaustive information about ADA with emphasis on the connection between Cardano and Ouroboros, ADA’s market capitalization and the specialized crypto wallet for the storage of ADA.

Understanding the Link between Cardano and Ouroboros

Cardano is an Ouroboros-based platform majorly concerned with launching dApps (decentralized apps), metadata, multipart calculations, sidechains and smart contracts. While Ouroboros (Cardano’s algorithm) is a Proof-of-Stake algorithm which influences how the separate nodes in a whole network agree with each other, the algorithm further guarantees a high degree of security that emulates that of the Bitcoin blockchain. Importantly, Ouroboros forms an essential aspect of the Cardano crypto project as it supports the project’s ADA.

The Developers of Cardano

The developers of Cardano are a team of experts led by Charles Hoskinson (crypto expert and erstwhile founding member of Ethereum and BitShares).

About ADA

ADA is the official coin of Cardano. Built on the Cardano platform, ADA is a cryptocurrency developed with respect to the vision that digital money is the future of money. Cryptography has incorporated significant changes in the concept of money and interestingly, a digital currency (such as ADA) facilitates instant and secure transfer of direct transmissions.

Market Cap of ADA

Cardano’s ADA is reported to have recorded impressive growth in terms of market capitalization. As contained in a report by CoinMarketCap.com in 2018, Cardano (ADA) had recorded over $6.58 million in market capitalization, making it the cryptocurrency with the 7^th largest market cap as of then. Starting from September 2017, ADA is said to have recorded excellent growth up to 1500%.

Just like many other cryptocurrencies, ADA is associated with price fluctuations. To find out the current price of the ADA token, you may click the link here.

Cardano (ADA) Wallet

Daedalus is the specialized cryptocurrency wallet for ADA and it can be downloaded for the safe storage of ADA. Although ADA now supports certain other crypto wallets, Daedalus was the only crypto wallet compatible with ADA until March, 2018. Considered a generously safe wallet for ADA, Daedalus is further compatible with other cryptocurrencies including Ethereum Classic and the widely admired Bitcoin.

Daedalus is currently available in Mac and Windows versions while plans are underway for the launch of its Linux version. It’s worthy of note that Daedalus plans to support more cryptocurrencies in future and this is in consonance with the vision of growing Daedalus into a tripartite network comprising an app store, an app platform and a universal wallet.

Essentially, Daedalus is a safe wallet as well as a hierarchical deterministic (HD) platform specifically designed for Cardano’s ADA. As an investor interested in ADA, you may have to download and install the Daedalus wallet before you can store up ADA.

Conclusion

We strongly believe that reading this review article has provided you with insightful information about Cardano’s ADA. Having carefully read this honest review of Cardano’s ADA, you should be able to make informed decisions about the cryptocurrency.

With reports claiming that Daedalus (the specialized wallet for ADA) provides excellent security, one would probably consider this an added advantage to the benefits that Cardano’s ADA offers.

Concerning whether Ouroboros is a befitting algorithm for ADA, one should reckon that Ouroboros’ security level is said to emulate that of the Bitcoin blockchain. As such, we may argue that Cardano’s ADA will offer a considerable degree of security.