Cardano is claimed to be a “green” cryptocurrency that would overcome Bitcoin in popularity and, thus, in price. Will it ever happen and what is Cardano? Let us have a closer look at this project.
Cardano was launched in 2017. It is a newer cryptocurrency referred to as a third-generation one. It offers the benefits of Bitcoin and Ethereum. However, this crypto aims at being more sustainable. So, when you are looking for an XMR to DOGe exchange, consider also ADA for your next swap.
So, Cardano is in the focus of our attention today because of the following features.
It is eco-friendly. Just to compare:
- ADA uses just 6 gigawatt hours of energy per year;
- Bitcoin uses 130 terawatt hours of energy per year;
- Ethereum uses 50 terawatt hours of energy per year.
The figures are impressive, aren’t they? Considering concerns about the environment, the Cardano price shall be skyrocketing. Why is the difference so big though?
It is because ADA uses the proof-of-stake consensus mechanism instead of the proof-of-work that is common to Bitcoin and Ethereum. Proof-of-stake allows verifying transactions in a more efficient way which keeps the energy usage lower. While Ethereum is just in the process of moving to proof-of-stake, Cardano has been using it since its launch.
Indeed, the Cardano network has managed to solve the scalability problem that has been a serious issue to the majority of cryptocurrencies. The network can handle 257 transactions per second. Well, ok, now, there are networks capable of much more. But at the time of the project launch, it was a unique feature among the existing cryptocurrencies.
ADA isn’t going to stop by this though. The solution Ouroboros Hydra, its basic version, has been implemented already. The solution isn’t perfect yet. The development works are still in progress. When everything works as expected, the network will be able to process at least 1 million transactions per second. It shall make the ADA value skyrocket. There is no doubt that with it, Cardano will leave all its competitors behind.
Cardano is used in many industries. So, among the widest application industries are:
- Health care: the cardano blockchain is used to authenticate pharmaceutical products. It helps to prevent making purchases of counterfeited products.
- Finance: The project is used in developing countries and serves as a record of identity.
- Agriculture: blockchain can serve as a reliable tracking of supply chains for merchants, farmers, etc.
Cardano is serious about all innovations and functions that it introduces to its network. Every new functionality is developed in collaboration with specialists in a respective field. So, if something is developed for finance, it is done in collaboration with a financist, and similar. So, the blockchain provides exactly what is needed in a respective field.