Cardano is a unique cryptocurrency platform known for its scientific approach to blockchain development. It is a third-generation blockchain platform designed to provide a more secure, scalable, and sustainable ecosystem for the creation and execution of smart contracts. Cardano's native token, ADA, is named after Ada Lovelace, a 19th-century mathematician recognized as the first computer programmer.
Cardano was founded by Charles Hoskinson, one of the co-founders of Ethereum. Hoskinson leads IOHK (Input Output Hong Kong), the company behind Cardano's development. IOHK is known for its commitment to peer-reviewed academic research to ensure the robustness and security of its blockchain solutions.
Cardano has a maximum supply of 45 billion ADA tokens. As of now, there is a circulating supply of about 31 billion ADA. The distribution of tokens was carried out through five rounds of public sales between September 2015 and January 2017.
As one of the top cryptocurrencies by market capitalization, ADA is available for purchase on many major cryptocurrency exchanges. These include Binance, Bittrex, eToro, and HitBTC. Users can trade ADA for various cryptocurrencies and fiat currencies on these platforms.
Cardano's ADA token is primarily used to participate in the network's operation. ADA holders can vote on any proposed changes to the software. Additionally, Cardano's blockchain has found use cases in various industries. For instance, agricultural companies use it to track fresh produce from field to fork, and educational institutions use it to store credentials in a tamper-proof way.
Cardano has recently made significant strides in its development. In September 2021, the platform launched the Alonzo hard fork, which introduced smart contract functionality to the blockchain. This upgrade allows developers to create decentralized applications (DApps) on Cardano, marking a significant milestone in its roadmap.
Following the Alonzo upgrade, Cardano witnessed a surge in its user base. The number of Cardano wallets surpassed the three million mark in February 2022, indicating a growing interest in the platform. However, the network has faced some challenges with the implementation of its smart contracts, leading to user complaints about the sluggish launch of its decentralized exchange, SundaeSwap, in January 2022.
Despite these challenges, Cardano continues to attract developer interest. It has the most developers contributing to its Github compared to other blockchains, with an average of more than 50 contributions submitted to its repository per day.
Looking ahead, Cardano plans to introduce several upgrades to its blockchain's smart contract programming language and network capacity through the Vasil hard fork. This upgrade, named after the late Bulgarian mathematician Vasil Dabov, is expected to significantly enhance Cardano's scalability and usability.
Cardano's CEO, Charles Hoskinson, recently announced the organization's goal to reach a billion users within the next five to ten years. This ambitious target comes after surpassing the one million user mark. The company is also focusing on expanding its reach in Africa, as evidenced by a recent partnership with World Mobile.
Cardano has been making significant strides in its technological development. The much-anticipated Vasil upgrade was launched recently, which promises to increase network capacity, lower transaction costs, and improve the developer experience. This upgrade is expected to enhance the performance of decentralized applications built on the Cardano chain. Furthermore, discussions are underway about the possibility of creating a cross-chain bridge between Cardano and Litecoin, which could further expand Cardano's capabilities.
Despite some critics labeling Cardano as a "zombiechain" due to its low transaction rate, the platform has seen a steady accumulation of its native token, ADA. Analytics firm Santiment reported that Cardano sharks, or traders holding large amounts of ADA, have added over $35.5 million worth of Cardano to their stacks in the past month. However, it's important to note that the Cardano price today can fluctuate, and potential investors should research where to buy Cardano and monitor recent news about Cardano for the latest updates.
In a significant move towards digitizing education, Cardano's parent company, IOHK, is partnering with the Ethiopian government. This partnership will leverage Cardano's decentralized identity solution, Atala PRISM, to digitize the education sector in Ethiopia, initially benefiting 3,500 schools, 5 million students, and 750,000 teachers.