Tuesday, November 28, 2023

As of October 6, 2023, Cardano, recognized by its trading symbol ADA, ranks as the eighth-largest cryptocurrency by market capitalization, boasting a valuation slightly above $9 billion. This accounts for approximately 0.817% of the overall $1.08 trillion cryptocurrency market. Within the dynamically shifting landscape of digital currencies, ADA has risen as a significant player. This article aims to provide a comprehensive look at Cardano’s origins, its foundational cryptocurrency ADA, its historical milestones, and its technological underpinnings.

The Genesis of Cardano: Founding Principles and Individuals

Cardano is an open-source, decentralized blockchain network designed to facilitate peer-to-peer transactions via its proprietary digital currency, ADA. The initiative behind Cardano was commenced in 2015 by Charles Hoskinson, one of the co-founders of Ethereum. Hoskinson’s vision for Cardano was to resolve the limitations and challenges that earlier blockchain systems had confronted.

The venture began in earnest in 2015 when Hoskinson, along with Jeremy Wood, established IOHK (Input Output Hong Kong), a firm focused on research and development. Their goal was to create a blockchain that was not only secure but also scalable, relying heavily on peer-reviewed academic studies. After substantial R&D efforts, Cardano’s blockchain was formally introduced to the public in September 2017.

Technological Cornerstones: Ouroboros, Plutus, and ADA

One of Cardano’s distinctive features is its consensus algorithm known as Ouroboros, which is based on the proof-of-stake (PoS) methodology. This is in contrast to Bitcoin’s proof-of-work (PoW) system. The Ouroboros PoS enables users to validate transactions while also earning rewards. The Cardano team argues that Ouroboros is the first PoS algorithm that has a security framework validated through peer-reviewed research and is divided into multiple versions.

Cardano utilizes the Haskell programming language to develop Plutus, its exclusive smart contract language. ADA serves as the native digital asset of the Cardano ecosystem, playing roles in value transfer, staking, transaction fees, and governance. The total supply of ADA is capped at 45 billion, with a circulating supply of 35 billion at present. Since its inception, ADA has facilitated a total of 76,098,522 transactions.

Market Perspective: ADA’s Role in the Blockchain Arena

As per data dated October 6, ADA is held in 3,577,963 distinct addresses. The top ten holders control 8.73% of the total ADA supply, the top 20 hold 10.37%, the top 50 have 15.09%, and approximately 20.74% is held by the top 100 ADA addresses. The single largest holder, known by the address “Ae2td,” owns 1.65 billion ADA, constituting 3.67% of the total supply.

At present, ADA is trading at $0.26 per unit, which is a 91% decline from its peak value of $3.09 in September 2021. The U.S. Securities and Exchange Commission (SEC) has recently identified ADA, among other cryptocurrencies, as potential securities or investment contracts. IOHK has counter-argued, indicating various errors in the SEC’s filings and maintaining that ADA does not fall under the definition of a security according to U.S. legislation.

Despite these challenges, Cardano has secured its standing alongside other leading blockchain networks such as Ethereum and other primary layer-one (L1) networks. In the realm of decentralized finance (DeFi), Cardano ranks as the 15th largest chain based on total value locked (TVL), which stands at $163.26 million as of October 6. Furthermore, the platform supports 27 unique DeFi protocols. In the category of all-time non-fungible token sales, Cardano holds the sixth position, with a total of $611,361,634 in NFT sales.

We invite you to share your insights and viewpoints on the Cardano network in the comments section below.

Frequently Asked Questions (FAQs) about Cardano Overview

What is the primary focus of this article?

The primary focus of this article is to provide an in-depth overview of the Cardano blockchain network. It covers various aspects such as Cardano’s origins, its native cryptocurrency ADA, technological foundations like Ouroboros and Plutus, as well as its standing in the blockchain and cryptocurrency markets.

Who are the founders of Cardano?

The Cardano blockchain was founded by Charles Hoskinson and Jeremy Wood. They established a research and development firm called IOHK (Input Output Hong Kong) in 2015 to spearhead the Cardano project.

What is Ouroboros?

Ouroboros is Cardano’s unique consensus mechanism based on the proof-of-stake (PoS) algorithm. It diverges from Bitcoin’s proof-of-work (PoW) system and allows users to validate transactions while earning rewards.

What is the role of ADA in the Cardano network?

ADA is the native digital asset of the Cardano ecosystem. It is utilized for various purposes including value transfer, staking, payment of transaction fees, and participating in governance mechanisms on the Cardano network.

How does Cardano compare to other blockchain networks in the market?

As of October 6, 2023, Cardano ranks as the eighth-largest cryptocurrency by market capitalization. In terms of decentralized finance (DeFi), it is the 15th largest chain based on total value locked (TVL). Despite regulatory challenges, Cardano has maintained a competitive standing alongside leading blockchain platforms such as Ethereum.

What is Cardano’s stance on the U.S. SEC’s categorization of ADA?

The U.S. Securities and Exchange Commission (SEC) has recently indicated that ADA, among other digital assets, could be considered as securities. In response, IOHK has refuted this claim, pointing out inaccuracies in the SEC’s filings and asserting that ADA does not meet the criteria to be categorized as a security under U.S. laws.

What is the total value locked (TVL) in Cardano’s DeFi ecosystem?

As of October 6, 2023, the total value locked (TVL) in Cardano’s decentralized finance ecosystem stands at $163.26 million. The platform supports 27 unique DeFi protocols.

What is the current trading value of ADA?

As of October 6, 2023, ADA is trading at $0.26 per unit. This represents a 91% drop from its all-time high of $3.09, recorded in September 2021.

How many unique addresses are holding ADA?

Data from October 6, 2023, indicates that ADA is held in 3,577,963 unique addresses. The top ten holders control 8.73% of the total ADA supply.

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JohnDoe October 7, 2023 - 5:47 pm

Really informative article, especially for someone who’s new to the crypto world. Great stuff, but could’ve touched on the environmental aspect of Cardano vs other blockchains.

NFTNut October 7, 2023 - 7:48 pm

6th place in all-time NFT sales huh. Not too shabby but still way to go.

TechGuru October 8, 2023 - 1:44 am

Nice breakdown on Ouroboros and Plutus. Havent seen many articles that go this deep into the tech side of things.

SkepticalSam October 8, 2023 - 2:49 am

So ADA is down 91% from its peak. That doesn’t sound very promising, does it. Why invest now?

LegalEagle October 8, 2023 - 7:29 am

Interesting to see IOHK’s stance against the SEC’s claims. Will be following this closely to see how it unfolds.

InvestorMike October 8, 2023 - 7:37 am

any insights on where ADA is headed in the market? would be useful for potential investors.

CryptoQueen October 8, 2023 - 1:27 pm

Wow, i never knew Charles Hoskinson was a co-founder of Ethereum before starting Cardano. That’s a solid background, must say.

DeFiFan October 8, 2023 - 3:51 pm

Surprised to see Cardano’s not higher up in the DeFi rankings. with their tech, should be a contender for the top spots.


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