cardano - What Is Cardano And Why The Sudden Rise in Value?

What Is Cardano And Why The Sudden Rise in Value?

Cardano is both a Cryptocurrency and a Blockchain Technology. Owned by former CEO of Ethereum, Charles Hoskinson who is now a joint founder of IOHK (Input Output Hong Kong).

Cardano is categorized as 3rd generation blockchain technology. The first being Bitcoin was great, peer-to-peer financial transaction technology that allowed borderless transactions without an intermediary. The second generation of blockchain which was Ethereum took blockchain technology a little further by implementing smart contracts that allowed payments/transactions under certain conditions. But the problem with 1st and second generations of blockchain was every time there was an upgrade; it meant there was going to be a split.

Cardano plans to advance on that with all layers they are implementing on the Cardano blockchain technology that supports easy scalability on the network.

Why Cardano’s Sudden Growth?

The concept behind the technology alone is a great reason for a boost in people supporting the technology, but we’ve seen nothing much happening with Cardano until recent times. It went from $0.03 to $0.24 within three days, with a market cap at $3.08bln and over $382.85mln volume within 24hrs (as at November 29th, 2017).

A recent announcement about Cardano (ADA) to be listed on the Coinrail Exchange on the 29th of November, 2017 had also added to its recent burst to join two other exchanges (Bittrex and Mr. Ripple) it is currently being traded. Now with more people involved in buying or exchanging other cryptocurrencies for Cardano (ADA).

Why Has Cardano Been Silent?

Unlike all other projects, Cardano didn’t start with promotions. In fact, they have spent the last few years, since 2014 to be precise in developing the Cardano platform and seeing it delivers its aim. It also had it’s ICO in Japan as it avoided going against the Securities and Exchange Commission (SEC) in the United States.

How High Will Cardano Fly?

That’s a tough question to answer especially in recent times that cryptocurrencies like Bitcoin and other alternatives have surpassed expectations of many and against adverse circumstances like in the case of China’s ban on Bitcoin, it has continued to get large adoptions by many all over the world with or without China.

Presently, significant Cardano trading is happening on the Bittrex exchange, and with the addition of ADAs listing on the Conrail Exchange, we expect more volumes on Cardano, and much more eventually when Cardano hits more popular exchanges around the world.

With the idea behind Cardano, there is a high possibility that it will become widely adopted like it’s contemporaries like Ethereum and NEO. It’s a cryptocurrency to watch out for in the nearest future.

How Is Cardano (ADA) Stored?

Like every other cryptocurrency, Cardano as well is stored in a wallet, and currently, the Daedalus Wallet by same IOHK is the only wallet which presently supports Cardano outside exchanges and can be installed on any personal computer or smartphone. Future versions of the Daedalus is to support other cryptocurrencies such as Bitcoin, Ethereum Classic and so much more.