Exploring ADA: The World’s 7th Largest Cryptocurrency.

ADA was named in honour of Ada Lovelace, the 19th century Mathematician.

ADA is the cryptocurrency of the Cardano blockchain. It was officially released in 2015. Since its invention, it has consistently been ranked as one of the leading cryptocurrencies in the world. In point of fact, it is the 7th largest cryptocurrency by market capitalisation. According to CoinDesk, its total market capitalisation is $17,867,866,862 and it currently has a circulating supply of 33,934,048,406 ADA coins — for now!

At the time of writing, the price of ADA is $0.526547 USD and its 24-hour trading volume is $601,640,139 USD.

ADA as a digital currency was named in honour of Ada Lovelace, the renowned 19th century mathematician, who is commonly regarded as the first computer programmer.

ADA can be used as a store of value and as a mode of payment on the Cardano blockchain.

The Cardano blockchain, which supports ADA, is the first decentralised protocol to run on purely mathematical and scientific principles, and it can be used to build smart contracts and Dapps(Decentralised Applications). It is designed with scalability and interoperability in mind, and it is considered as a potential rival to Ethereum in terms of its capability to scale up.

RANKING

ADA is ranked as the 7th most valuable cryptocurrency in the world by market cap and it is actively traded on major cryptocurrency exchanges such as Binance, OKX, BTCEX, BingX and CoinW .

COUNTRY: Switzerland

ADA’s MONETARY POLICY

ADA is maxed out as a digital currency with 45 billion threshold. This limits the amount of ADA that will be held as assets. By implication, this is expected to increase the demand for ADA in the future.

ADA’s ATH

In September of 2021, ADA had an ATH price of $3.10 , seven months after it recorded a massive price increase of about 100%(Thanks to investors Apeing in).

ADA’s ATL

ADA’s reached an all time low of $0.019252746946 March of 2020(Two years ago).

THE USE CASES FOR ADA

In addition to being a store of value, ADA can be used as a voting tool by ADA token holders. It is used pretty much the same way a BTC or SOL is used within its ecosystem, and it makes transferring and receiving money convenient , fast and hassle free.

ADA as a voting instrument implies that holders are fully integrated into the Cardano ecosystem as members of its community and decision makers. This distinguished ADA from other cryptocurrencies where miners are solely responsible making any major changes to the protocol. In th e case of ADA, only its token holders can vote on proposals which is why holding ADA compares to being a stakeholder within its ecosystem.

HOW CARDANO($ADA)WAS FOUNDED

The vision to create a better blockchain underlines the founding of Cardano by Charles Hoskinson and Jeremy Wood, his former co-worker at Ethereum, and to this day developing Cardano into a more scalable and efficient protocol lies at the core of every effort to improve and standardise the ecosystem.

Charle’s knowledge of how Mathematical and scientific principles can be used to build a scalable blockchain is tied to his background in Mathematics, and in co-founding Ethereum, the 34-year-old American engineer saw the need for a more scalable protocol that can surpass its limitations.

CARDANO’S PROGRAMMING LANGUAGE:

The Cardano protocol is written in a programming language known as Haskell which is purely a functional language.

CARDANO’S ECOSYSTEM

Cardano boasts of a rapidly growing ecosystem with several crypto services spread across it. In its present state ,it is home to a slew of offerings including payment, wallet support, lending and borrowing, launch pad, payment stable coins, DEX(liquidity), NFT Marketplace, gaming, oracle, graph and query.

The ecosystems represents a vast opportunity for ADA holders to stake their tokens in new and ongoing projects on Cardano for ADA rewards or as an incentive to earn the tokens of those various projects.

KEY POINTS ABOUT ADA

The following is a checklist of all things related to ADA as a cryptocurrency.

Ticker : ADA

Consensus: Proof of Stake(PoS)

Blockchain: Cardano

Token TYPE: Coin

Algorithm : Ouroboros

Smallest unit : 1 Lovelace_ 10^-6 ADA

All Time Low(ATL):)$0.017

Max Supply:45,000,000,000 ADA

Circulating supply 32,143,026,588 ADA

Exchanges: Kucoin, Gate, Binance, Huobi, Coinbase, etc.

The Cardano Roadmap

The Cardano roadmap describes five different developmental phases, some of which include Byron, Voltaire, Shelly etc.