Cardano in focus: Why this altcoin could have an exciting year ahead

We dive into the world of cryptocurrency with Simon Hudson, founder and CEO of Cheeze, Inc. First up, no not Bitcoin, but Cardano, one of the many altcoins on the market.

Token: ADA

Market cap: $47,395,324,755

Current price: $1.49 (June 8th)

History: Cardano began development back in 2014 by two former co-founders of Ethereum, Charles Hoskinson and his former Ethereum colleague, Jerry Wood. The platform first launched in September 2017 with its native cryptocurrency ADA, named in homage to the 19th century mathematician Ada Lovelace.

The Cardano project itself is named after Italian polymath Gerolamo Cardano.

Utility: Cardano is part of the so-called third-generation blockchain technology. Third-generation blockchains seek to address the interoperability and scalability issues that have plagued earlier generations.

Cardano, like Ethereum, allows the execution of smart contracts and Decentralised Apps (DApps), which are extremely powerful and allow developers to build products and solutions on the blockchains – these include NFTs (Non-Fungible Tokens) that have rocketed in popularity over the past six months.

One of the biggest advantages about Cardano is that it uses proof-of-stake (PoS) instead of proof-of-work (PoW) to confirm transactions on the blockchain which means it is much faster and doesn’t have high gas fees as seen with transactions on Ethereum.

Where to buy: Binance, Coinbase, eToro, Kraken

Simon says: I am a big believer in Cardano. The team behind the project are strong and they address a lot of the issues facing congested blockchains. For developers, the interoperability and low gas fees are attractive. I think over the next 12 months we will see some very exciting developments with Cardano.

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