What is Ada Coin?
Ada Coin is a coin used in blockchain platforms for transmission/transaction of third generation cryptocurrency. When it comes to the cryptocurrency, its encrypted digital asset should have its stability guaranteed and be promptly transmitted. For that reason, most cryptocurrencies use decentralized protocol.
Ada’s Cardano platform, however, is unique in the sense that it is centralized to comply with the existing rules rather than just focusing on decentralization. Also, in order to acquire the probability to be maintained in any system, it bears the advantage to be put in progress through softfork.
Cardano : Ada’s platform
The Cardano project started its development method and smooth work performance of common cryptocurrency was launched in 2015. By getting the grasp and settling existing problems along with seeking decentralization solutions, Cardano pursues an ecosystem that is used sustainably by multitudes of people. This enables Cardano to offer a better function than [other] numerous protocols.
Who Invented Ada Coin?
Cardano’s Ada Coin was developed by IOHK. Haskell [programming] language is used in the development process, and Charles Hoskinson is the president. Hokinson created the Bitshare with Dan Larimer, the founder of Eos coin and has such a distinguished career as the CEO of ethereum in the same year.
In March of 2015, together with Jeremy Wood, laid the foundation of IOHK in Hong Kong which subsequently developed Cardano. Later Hokinson developed the Ada coin that works on Cardano platform.
What is Cardano?
Cardano has set a mark as a cryptocurrency among the top-of-the-line projects in the digital ecosystem. However, it does come under the purpose of providing accessibility to the consumers of this digital innovation. It has developed itself as an ecosystem by improvising the tangibility of the blockchain network that allows developers to create tokens, decentralized applications for the community, and other essential use cases and utilities.
While we go a few years back, cryptocurrency turned out to be a great innovation; however, it lacked some major characteristics that led to multiple problems, including infrastructural problems and scalability issues. Although many greats worked in the dedicated field, they failed to bring something appropriate until Cardano came up with solutions related to scalability, sustainability, and interoperability of the projects. This solution was a game-changer for cryptocurrency projects and was the initiator forCardano to be recognized among the best of the best.
As we expand our discussion on the purpose of Cardano as a cryptocurrency project, it has been found that Cardano aims to become the world’s most environmentally-friendly blockchain platform. Combining its consensus algorithm, it has brought in many appropriate practical implementations that undoubtedly provided a different approach to the people within the digital community.
How Does Cardano Work?
As we have overviewed the purpose of Cardano and its need in the digital ecosystem, it clearly states itself as the “third-generation” cryptocurrency. Where Bitcoin was introduced and created under the Proof-of-Work mechanism, Cardano is a product of Proof-of-Stake. Although Ethereum has recently shifted its consensus mechanism to PoS, it has been operating under PoW for a while. However, it has been stated and proven that PoS is much better and more effective than its opposing service.
While PoW raised many problems for the growth of digital projects, PoS changed the dynamics of this energy-intensive propagation. It exempted the need of miners and their huge setups while replacing it with the concept of validators, which was an offered proposition in PoS. This conception made validators stake their ADA Coin for securing the network and processing transactions through verification. As their rewards were distributed under proportions, the working operation turned out to be quite different than the others.
The Cardano blockchain, the powerhouse behind the complete project, was divided into two different layers with different mechanisms. For processing the maximum transaction counts in a second, The “Settlement Layer” contained the information on the accounts and balances, while the “Computing Layer” executed all the computations for the applications that were created and operating on the Cardano blockchain. This division improved the working efficiency of the project, leading to quicker operations.
As promised, the project was able to integrate the use of smart contracts and defy the issues caused by scalability after the Alonzo update. The functional ability of Cardano severely improved after this iteration, which was the necessary change to be observed in the operations of Cardano.
How is Cardano Used?
There are multiple use cases involving Cardano as a cryptocurrency and a blockchain ecosystem. As the project was based on great ideologies, multiple utilities apply to Cardano, which feature some defining characteristics. While we look into how Cardano thrives in the digital market, one of its first uses was being recognized as a currency. Cardano’s dedicated cryptocurrency, the ADA Coin, gained quite a lot of traction. Thus, it is now used for sending and receiving as a form of currency. It has also been utilized in trading goods and services within the ecosystem.
Following this, Cardano developed the use of smart contracts to self-execute the conditions associated with it. Soon after the Alonzo update, the use of smart contracts was normalized and was found as an excellent source for creating dApps (Decentralized Applications).
Another remarkable adaptation by Cardano was implementing the concept of decentralized finance. Blockchain, as a whole, was designed to cast out the middleman in the operations. As the middleman in the financial sector is the banks, the use of cryptocurrencies such as Cardano enabled the formality of exempting the middleman and bringing the concept of direct transactions with other stakeholders.
How to Buy ADA Coin?
Those who seek to buy ADA Coin, the dedicated cryptocurrency of Cardano, can try purchasing them from Gate.io. This reliable source can help you hold ADA Coin under any particular need. To know how to buy ADA Coin through Gate.io, follow the steps provided below carefully:
Step 1: Log Into The Account
You must start by logging into your Gate.io account. As you log into the account, proceed to the “Buy Crypto” button on the top panel on the homepage.
Step 2: Select Payment Method
Select any of the options from the menu as per your requirements. You can go for a “Credit Card” if you wish to buy ADA Coin directly.
Step 3: Complete All Payment Parameters
You must enter the amount you wish to purchase and specify the coin in the provided space. Select “ADA” from the list and continue setting up a payment channel. As you’ve selected the channel, proceed to click “Continue.”
Step 4: Confirm Payment Details to Execute
This will lead you to the payment confirmation page, where you must click “Buy Now” after approving the information. Complete all the verifications for executing the payment procedure successfully.
What is Cardano Staking?
To run the network, holders of a cryptocurrency stake or lock away their number of tokens to become active within the ecosystem. This concept was introduced after using the PoS consensus mechanism in blockchain technology. As Cardano keenly adopted this, Cardano Staking became a proper mechanism and a part of the project.
This process involves staking Cardano’s currency, i.e., ADA Coin, which defines the capability for a node to open a block within the blockchain. This is equal to the amount of ADA Coin held by the node over the period. Also referred to as Pledged ADA, this cannot be utilized or spent. A reward amount is determined against the Pledged ADA, which comes as transaction fees to the staked user.
Cardano Staking is also practiced in pools, where users come as a group to share a collateral reward. This also proves helpful to the blockchain in many ways, where the ledger and blocks are generally updated against staking.
Cardano has not been the only cryptocurrency that has been working in the blockchain ecosystem. Several other blockchains have been present before and after the project, providing dedicated services and solutions to the problems faced by the digital community. Below we have compared Cardano with some of the most renowned blockchain projects. This comparison will surely help you know how Cardano has been operating correctly and conveniently.
Ethereum vs. Cardano
Ethereum is known as the only and most established second-generation cryptocurrency and blockchain project in the ecosystem. Although Ethereum operates on a bigger scale, it still has not had the capabilities that Cardano holds. As far as the comparison is concerned, Cardano holds strong backing in the market for its academics. Its community is more established, with better research directions within the project. Furthermore, its team has been commended for having a more robust background in multiple situations.
While we observe more things about Cardano, it is evident that it has lower transaction costs and energy usage in the market than Ethereum. This is mainly due to the lengthy PoS consensus mechanism operation, making it a veteran in this field. Cardano holds more potential to scale in the market, which is paramount because of the duo-layer system introduced for managing transactions. This gives it the leverage to increase its size in no time.
Solana vs. Cardano
We can analyze their projects in a comparative overview of Solana and Cardano. While both are third-generation blockchain projects, some fundamental differences are addressed in the market. Cardano’s academic approach gives a better stance than Solana’s in the market. With the support that most projects can’t get, Cardano holds some significant educational influence in the community.
Additionally, it has been observed that Solana does not account for the greater extent of security that Cardano does. With its settlement layer holding within the blockchain, it prevents the unauthorized access of people within the blockchain, which is essentially based on undermining the network. Such security levels are lacking in Solana, which makes it a bigger and better player.
Polkadot vs. Cardano
Polkadot has made its name in the market for offering interoperability and transaction between blockchains. Where it provides this system at a faster speed, it has its problems. Cardano, mostly known for its strong base, is referred to as more stable and sustainable than the other project. When compared deeply, the layer-2 scalability solution offered by Cardano is a game-changer for the project in terms of other third-generation blockchains.
It has also been observed that Cardano has a bigger and better goal in the market. As the project is also targeting underdeveloped regions, the idea of decentralizing and strengthening the financial adaptability of these regions makes Cardano a better choice.
Polygon vs. Cardano
Polygon and Cardano have been observed as competitors in the market; however, in-depth research displays them as two projects with two distinct roles. While they target scalability and transaction fees as their fundamental characteristics, their working operations and designs are exceptionally different, which makes their comparison difficult.
However, seeing how Polygon and Cardano have been performing in the market, Cardano has a much stronger base since 2017, whereas Polygon has been a project that was introduced in the later days. Seeing this, it is evident that Cardano can achieve much more and build into a sustainable project compared to Polygon. Furthermore, Polygon requires gaining more trust from people in the market to keep up with other blockchain projects.
We have also outlined a comparison table below against all the discussed blockchain projects to help you figure out the best project. These points will help you observe the most prominent and consistent project with effectively controlling its sustainability.
|Transaction Speed||250 tps||13.69 tps||50,000 tps||7200 tps||1000 tps|
|Programming Language||Haskell||Solidity||eBPF/Rust||Golang, Solidity, and Vyper||Rust|
|Technology||Ouroboros Protocol||Proof-of-Stake, EVM compatible||PoS + PoH||Proof-of-Stake, EVM compatible||NPoS|
|Market Position||Backed by Academic Entities||Biggest Blockchain in the market||It is still developing and does not handle bigger transactions||It has proved itself in the rising blockchains||It has been a consistent blockchain project with progressive growth|
Is ADA Coin Safe?
It is believed that Cardano is a safer investment than many other blockchain projects these days. Since the project has a strong base associated with it, with a touch of academics, it has far better potential to grow as a bigger player in the digital market. Regarding this discussion, ADA Coin is a safe investment for people. As it is also observed that it stands better than most cryptocurrency projects, it can turn out to be a better option to invest in. Volatility is present in ADA Coin; however, it is not as bad as most projects running in the market.
Ada Coin Basics
The primary characteristics of Ada Coin are as follows.
|Cryptocurrency Features||Ada Coin (ADA)|
|Publisher or Developers||IOHK (CEO. Charles Hoskinson)|
|Jurisdiction of Incorporation (Registration Number)||Switzerland|
|Published Date (CMC Registration)||2017-10-01|
|Max Supply||45,000,000,000 ADA|
Investment Suitability of Ada Coin in 2023
The results of the Ada Coin investment suitability evaluation conducted by Coin-Labs are as follows.
|Investment Suitability Rating Items||Scores and Current Status|
|Company Activation Rate||7.0 / 10.0 CAR|
|Communication Rate||9.1 / 10.0 CR|
|Technology Transparency Rate||8.0 / 10.0 TTR|
|Development Participation Rate||8.7 / 10.0 DPR|
|Listing Status on the Top 4 Exchanges in Korea||Listed on 4 Exchanges|
|Listing Status on the World's Top 10 Exchanges||Listed on 8 Exchanges|
|Number of Available Pairs Worldwide||638 Pairs|
|Market Cap of the Cryptocurrency||16,227,131,980,812 KRW (Rank #8)|
Ada Coin Price
The price and recent trading volume of Ada Coin are as follows. (Data of 2023-01-27 17:10:24)
|Price Items||Price and Trading Volume of Ada Coin|
|Ada Coin Price||469.197 KRW|
|Price Change 24h||0.83%|
|Price Change 7d||13.03%|
|Trading Volume 24h||502,598,322,102 KRW|
|Trading Volume Change 24h||-9.17%|
You can check the development status and social media information of Ada Coin through the links in the table below.
|🌎 Official Website||https://www.cardano.org|
|📖 White Paper||https://docs.cardano.org/en/latest/|
|🛰️ Source Code (GitHub)||https://cardanoupdates.com/|
|🎺 Message Board||https://medium.com/feed/cardanorss|
Korean Crypto Exchanges where Ada Coin is Listed
Korean crypto exchanges where Ada Coin is listed in 2023 are as follows.
|Top4 Exchanges||Listed Status||Page URL|
World Crypto Exchanges where Ada Coin is Listed
World crypto exchanges where Ada Coin is listed in 2023 are as follows.
|Top10 Exchanges||Listed Status||Page URL|
Frequently Asked Questions
What is the current price of Ada Coin?
Ada Coin price today is 469.197 KRW. Furthermore, the price of Ada Coin has fluctuated by 0.83% from 24 hours ago, and by 13.03% from a week ago.
Where is Ada Coin listed?
Currently, it is listed on a total of 4 among the 4 largest exchanges in Korea, and is listed on a total of 8 among the world top 10 exchanges.
What is the market cap of Ada Coin now?
Currently, Ada Coin has a market cap of 16,227,131,980,812 KRW, which is ranking 8 among cryptocurrencies worldwide.
How much is the trade volume of Ada Coin?
Currently, 34,584,882,915 ADA coins are circulating through 638 market pairs. As a result, in the last 24 hours, 502,598,322,102 KRW of ADA coins were traded in the market.