Note: It’s something I have invested in, and I think it’s a pretty cool project
History
Cryptocurrency Cardano was named after Gerolamo cardano,and he was an Italian polymath from the 1500s. He was known as one of the most influential mathematicians of the Renaisance. ADA, which is the coin that powers the cardano blockchain,was named after Ada Lovelace.She was a famous English mathematician from the 1800s. She was famous for being the first to recognize the full potential of a “computing machine,”and she was technically the first computer programmer.
Cardano project was established by Charles Hoskinson. You’ve probably heard his name before that’s because he was a former CEO of Ethereum and also the co-founder of Ethereum. He partnered with the Cardano Foundation around 2015.
The Cardano ICO took place over four stages,and it was a little long-winded.It started in September 2015,and it ended in January 2017.They had really heavy KYC requirements, or “Know Your Customer” requirements.
What is Cardano(ADA)?
Cardano is a Third Generation cryptocurrency,which aims to resolve the issues we see with major blockchain tech now;which is scalability, sustainability,and inter operability. Cardano is made up of three different companies that have distinct roles in the project.
- The first is the Cardano Foundation.It is a Swiss organization that’s non-profit,and it’s main job is to oversee the Cardano ecosystem and most of the Cardano community.It aims to proactively work with governments and regulatory bodies as well as oversee partnerships to further mass adoption.
- The second company that’s part of the project is IOHK.It’s an engineering company that was created by Charles Hoskinson and Jeremy Wood.Their goal is to use peer-to-peer innovations to provide financial services to three billion people in the world who don’t have access to them.
- The third and final portion of the Cardano Project is Emurgo,and it’s a venture capital company.It’s role is to invest in start-ups and assist with ventures that are going to start building on the Cardano blockchain.
What’s so unique about this project?
- Cardano is the first project to be built on peer-reviewed academic research.And it was built from scratch using the functional programming language Haskell.
- IOHK hired Philip Wadler.He’s a principal designer of Haskell,and he was hired to work on Cardano’s project.According to Hoskinson, because Haskellis more similar to math in its approach,code can be written in a more precise manner.This results in an overall more secure and reliable protocol.It minimizes the number of errors,and adds extremely strong security to the platform.
- Their aim is to use blockchain technologyto bring in distributed institutions,such as things like insurance and banking,and they want to bring it to the whole world,especially the developing nations.
Why Cardano(ADA)?
- Cardano’s goal is to create a platform for smart contracts to be utilized on, but they’re also focusing on security by utilizing a layered architecture. It’s similar to Ethereum in that it’s a platform for smart contracts, but it’s also extremely different in its underlying technology.
- ADA runs on Ouroboros and it’s the only Dpos or “delegated Proof of Stake” system that has gone through a peer review process.This means they’ve gone through the process of getting a paper accepted in an academic conference.
- And according to the chief scientist at IOHK,it’s also supported by a formal security proof.
- Cardano boasts that their network offers deep functionality,which comes with speed,small fees, and efficiency.
- Eventually, there’s going to be a Treasury model too,which is similar to DASH,and so people will be able to vote on changes to the ecosystem and things that they want to improve.
- They also plan to be compliant with all different regulators from different jurisdictions.That’s going to be a pretty serious undertaking.
How far has Cardano(ADA) come?
Visit the link to see how far this guys have come implementing the project its easy to read am posting here a small part of this page just to give you an idea of how it looks
Difference between “Circulating Supply”, “Total Supply”, and “Max Supply”
- Circulating Supply is the best approximation of the number of coins that are circulating in the market and in the general public’s hands.
- Total Supply is the total amount of coins in existence right now (minus any coins that have been verifiable burned).
- Max Supply is the best approximation of the maximum amount of coins that will ever exist in the lifetime of the cryptocurrency.
Now here comes the interesting part the Price scaling / Price predictions
Lets do some data oriented Price scaling/Price prediction
Note: Price predictions have been done through various comparisons, that is relative to either Bitcoin or Total Marketcap,This is done because today Bitcoin is the basis of price calculation in cryptocurrency world.You will better understand this if you have seen how crypto price fluctuations vary with bitcoin price.So its more legit and compelling to predict or scale the prices in comparison with Total Cryptocurrency marketcap and BTC Marketcap.
- Marketcap based price prediction
If ADA had the same market cap as BTC
This graph is presented here just to illustrate :
- How far Cardano has to come to reach the BTC marketcap
- How high and how soon the prices of Cardano can grow.The greater the area covered by green area increases greater will be the price.So looking at the chart one can easily guess that it’s going to be a long journey for Cardano before it reaches at least a $ 5 Price.(current price )
- With current market cap comparisons this is where Cardano stands in comparison to BTC. Cardano fills a very small portion of BTC marketcap. So there is definitely a huge scope for growth
Here we compare the Current Marketcap of Cardano with the Marketcap of CardanoIf ADA had the same price as BTC
If ADA had the same price as BTC then ADA market cap would be equal to $ 306,592,794,525,958 which is just way too much higher then current total Cryptocurrency Marketcap
This graph is for all those who think Cardano is the next bitcoin,If you dont mean it literally when you say this then you are living in the real world of Cryptocurrency otherwise you need to look at the graph below to pull yourself out of the fantasy world of Cryptocurrency.
looking at the graph you can easily feel that the task of cardano marketcap reaching such high levels is practically almost impossible.
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Source: Coinmarketcap and Matchcoin.info
Tipjar:
Cardano Address:
DISCLAIMER: The information provided is not to be considered as a recommendation to buy or invest in certain assets or currencies and is provided solely as an educational and information resource to help traders make their own decisions.
