The Cardano (ADA) price is currently $0.105642 in USD, with a circulating supply of 25.93B ADA. Its market capitalization (market cap) is $2.74B. $118.03M worth of ADA has been traded in the last 24 hours, with its price changing by +4.53% over this period.
Cardano (ADA) is a smart contract and dapp platform that uses the ADA cryptocurrency token. Unlike Ethereum, Cardano is considered a third generation blockchain network and claims to solve many of the problems facing first and second generation blockchains, including scalability, interoperability and sustainability.
Cardano was created by Charles Hoskinson, one of the co-founders of Ethereum, and is being developed by three organizations: the Cardano Foundation, Input-Output Hong Kong (IOHK), and Emurgo.
The Cardano Foundation is a non-profit based in Switzerland which aims to standardize, protect, and promote the Cardano Protocol Technology.
IOHK, created in 2015 by Charles Hoskinson and Jeremy Wood, is an engineering company that has been contracted to build, design and maintain Cardano through 2020.
Finally, Emurgo is responsible for developing, supporting, and incubating commercial ventures that want to revolutionize their industries through blockchain technology.
Interestingly, the Cardano team did not launch with a white paper or a roadmap. They instead embraced a “collection of design principles, engineering best practices, and avenues for exploration.” As Hoskinson has mentioned in a number of interviews, Cardano takes a science-based approach to the platform’s development, which he contrasts with the political bickering and debate commonly seen in other cryptocurrencies.
As for their consensus mechanism, Cardano uses an algorithm called Ouroboros Genesis—a unique variation of Proof-of-Stake (PoS) that is able to directly compete with Proof-of-Work (PoW) mining in terms of security, without POW’s computational demands.
Blocks on Cardano are produced every 20 seconds by nodes selected to be the “slot leader”. Slot leaders are randomly selected from a pool of “electors”, which are simply nodes that hold above a certain threshold of ADA tokens. Each slot leader produces a single block and receives a share of the transaction fees for the given time period.
Additional noteworthy features of Cardano include its two-layer modular design, blockchain interoperability, and an innovative treasury system that will be used to fund future developments on the platform.
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Cardano Price History
The ADA token’s average price during their ICO was $0.00242 per ADA. Today, ADA’s price is $0.105642 per token with a market capitalization of $$2.74B.