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Welcome to our Cardano Price Prediction Video!
What Is Cardano?
Cardano is a blockchain and ADA is the coin that powers the Cardano network. This is similar in some ways to ether and the Ethereum blockchain.
Think of Bitcoin as Crypto 1.0. It’s essentially digital gold, but the system is beset with scalability issues. Then there’s Ethereum, often referred to as Crypto 2.0.
Cardano, launched in 2017, is Crypto 3.0, with the goal of improving upon the functionality that Ethereum was initially missing.
Charles Hoskinson founded Cardano, and he’s also a co-founder of Ethereum. Hoskinson had a falling out with the Ethereum team due to a dispute with co-founder Vitalik Buterin in 2014 regarding whether the Ethereum project should be commercial or not.
Hoskinson moved on to launch Cardano as a more scalable, interoperable and sustainable blockchain, intending to improve upon Bitcoin and Ethereum.
“Referred to by supporters as an ‘Ethereum killer,’ Cardano’s ongoing development is supported by the Cardano Foundation and the IOHK research institute, which engage in [resources and development] and peer review via a formal development model,” said Henrik Gebbing, co-CEO and co-founder of Finoa, a digital asset custodian.
One of the major criticisms of Bitcoin and other popular cryptocurrencies is that their blockchain networks, based on proof of work consensus mechanisms, waste huge amounts of energy. Cardano uses a proof of stake consensus mechanism, offering a more sustainable and scalable blockchain.
What Is ADA?
ADA is the cryptocurrency for the Cardano platform. Cardano’s coin is named after Ada Lovelace, a 19th-century mathematician known as the first computer programmer.
People use ADA tokens to pay transaction fees for using the platform. It’s also given out to the validators as a reward for running the proof of stake system.
How Does Cardano Work?
With a blockchain network, there needs to be a way to verify transactions to ensure people don’t spend the same tokens twice. Given the decentralization, there’s no central authority like a bank working to handle the job.
Based on proof of work consensus mechanisms, Bitcoin and Ethereum 1.0 miners run computers to solve complex mathematical equations and add new blocks of data to the blockchain, receiving crypto in exchange for their work. This is time-consuming and uses up large amounts of electricity.
Cardano uses staking, a process where network participants deposit set amounts of crypto to earn the right to participate in the operation of the blockchain.
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our Cardano Price Prediction video. Make sure to leave a like on the video if you gained value from it!
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