Cardano (ADA) is a smart contracts platform founded by Charles Hoskinsons, CEO of IOHK. It currently ranks as the 8th largest coin by market cap, above TRON (TRX) and below EOS (EOS). There are a number of smart contracts platforms currently available but not many of them can back what they claim. Cardano (ADA) however, appears to be one of the few exceptions. This smart contracts platform is not only more secure but also more robust and scalable. Its governance is also more fair and transparent.
When blockchain projects entered the smart contracts industry, a growing concern was the transparency and fairness of those platforms. The basic purpose of cryptocurrencies is to eliminate central control and allow for a decentralized economy. Unfortunately, that is not what some smart contracts platform like Ethereum (ETH) and EOS (EOS) are doing. A limited number of miners control the future of these platform as voting power is deeply concentrated in a few hands. This could be a problem with proof of work (PoW) especially if there are not enough measures to safeguard interests of the majority. Some of these projects have tried experimenting with proof of stake (PoS) but they have failed so far. Fortunately, Cardano (ADA) has resolved this issue with its Ouroboros algorithm.
Cardano (ADA)âs Ouroboros algorithms supervises how each and every individual node reaches consensus and ensures that voting rights are allotted fairly to ensure a democratic, decentralized economy. This is also what sets Cardano (ADA) apart from competitors like EOS (EOS) and TRON (TRX) as Cardano (ADA) has a working solution to this problem whereas those platforms do not. Blockchain academia frequently admires Cardano (ADA) for their efforts to safeguard the core principles of blockchain technology rather than to make compromises like most other platforms out of greed. Cardano (ADA) has a very active github account with a lot of impressive developments taking place every week.
Many crypto enthusiasts have considered proof of stake (PoS) a better alternative to proof of work (PoW) as it gives loyal supporters of a project more control. However, until now no blockchain project had successfully come up with a solution to an effective proof of stake (PoS) governance. Cardano (ADA)âs Ouroboros algorithm, which was designed by renowned professor and IOHKâs Chief Scientist, Aggelos Kiayias is the first mathematically proven proof of stake algorithm ever designed. According to Cardano (ADA), the level of security of the Ouroboros algorithm compares to that of Bitcoin (BTC), which means it is immutable and has never been compromised.
Cardano (ADA) is known for its aggressive moves both against Bitcoin (BTC) and the US Dollar (USD). It is currently trading at $0.167 and is up more than 6% against Bitcoin (BTC). The ADA/USD pair is trading in a falling wedge and is at the verge of a breakout to exit the wedge, which could push the price back into the bullish channel to continue trading towards a previously established ATH of $1.22.