Cardano, with its native virtual currency ADA, could become valuable in the cyber world. here’s why

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Cardano is one of the few highly regarded cryptocurrencies that have “lasting” properties.

Even if one is new to the world of cryptocurrency, Bitcoin and Ether are the names that most of the users are familiar with. But now cryptocurrency experts around the world are talking about a lesser-known Cardano cryptocurrency, calling it one to watch out for. Cardano, with its native virtual currency ADA, became the third largest cryptocurrency in the world in August of this year. Currently, it has an estimated market cap of around $ 72 billion (around Rs 5,31,416 crore) and is only topped by Bitcoin and Ether on the chart. And, it looks like things are only getting better for the cryptocurrency. Currently, its virtual currency (ADA) overtakes Bitcoin and Ether, after a 1000% increase in value in 2021.

What works in Cardano’s favor is the fact that it is one of the few highly regarded cryptocurrencies to have “sustainable” properties. This is relevant at a time when conversations about the sustainability of cryptocurrency have caused the value of big players like Bitcoin to fall. Bitcoin even fell out of favor with a former supporter, SpaceX founder Elon Musk, who cited lack of sustainability as the reason to cast it in favor of Dogecoin.

ADA is sustainable due to its blockchain protocol. So, unlike Bitcoin, Cardano does not rely on supercomputers to generate new ADA units and process transactions. Cardano is based on what is called a “proof of stake” system. Here, miners are required to place their cryptocurrency as a “game”, to validate a transaction. This, in turn, makes Cardano’s power consumption a minuscule percentage of Bitcoin network usage.

According to the official Cardano website, the cryptocurrency is poised to have a “capitalization similar to that of the tech giants.” A statement on the site adds, “It might be fair to compare blockchain projects with current tech giants like Microsoft, Apple and Amazon.”

In addition, Cardano also recently saw the “Alonzo hard fork” upgrade. Almost two weeks ago, the software upgrade was put in place to allow users to create and deploy “smart contracts” on the Cardano blockchain. The upgrade is also expected to allow Cardano to host use cases such as Decentralized Finance (DeFi), improving the ease of transactions and doing business.

On September 27, at 10:40 a.m., the value of Cardano in Indian is Rs 179.


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