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Crypto Explained: Cardano

Updated: May 30, 2022

Cardano (ADA) is one of the largest crypto tokens in the world, yet it remains relatively unknown. This cryptocurrency is ranked the seventh-largest by value, at nearly $40 billion. It was launched officially in 2017 by Charles Hoskinson, the co-founder of Ethereum. Cardano got its name from the famous Italian mathematician Gerolamo Cardano. The ticker, ADA, is named after Ada Lovelace, who is acknowledged as the first computer programmer.

Cardano is better for the environment than Bitcoin and Ethereum because it is not a mining operation. "Arguably its biggest downfall, Ethereum uses a proof of work consensus model to verify transactions. This is extremely energy-intensive and can only handle around 15 transactions per second… Conversely, Cardano can theoretically handle thousands of transactions per second.” Investopedia states. With its increased productivity, Cardano has caught the name 'The Ethereum-Killer' because it is an updated version of Ethereum.

While Cardano has not caught as much traction as its competitors, it has made some notable partnerships. Cardano has partnered with Ethiopia and New Balance. New Balance has plans to use Cardano’s network to track the authenticity of its shoes. According to Investopedia, "Hoskinson has pushed hard to see Cardano’s potential come to fruition in Africa… due to a large proportion of Africa’s population being unbanked." Cardano is pushing to extend its utilization to all parts of the world, which further establishes its identity.

Even though Cardano is fighting to be more recognized than established cryptos, it already has some remarkable improvements. Also, it is environmentally friendly and more efficient which could benefit it in the long run. Cardano is a good alternative to already established cryptos because it has some serious room to grow.

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