The Cardano news today places the coins ADA tokens at a record high of $2.55. This price uptick makes the Cardano coin bigger than all crypto apart from Bitcoin and Ethereum. The current market capitalization of Cardano’s ADA stands at $80.7 billion.
Cardano’s developers pride the coin as a third-generation cryptocurrency. The catch in third-generation cryptocurrencies; they offer improved security and sustainability. Generally, their blockchain platforms are an improvement of the first-generation crypto, such as BTC.
So, what’s more to Cardano? How is it different from other cryptocurrencies? This article discusses the latest Cardano news, including everything you need to know about this coin.
1. The Cardano Coin Offers the Greatest Scalability
At its inception, the Cardano platform could only handle up to 10 transactions per minute. However, in March 2020, Hoskinson published the Hydra paper, a new technology for scalability.
Hydra is a two-layer solution that allows the Cardano platform to handle up over a million transactions per second.
How? A single “Hydra head” processes about 1,000 transactions every second. Thus, 1,000 stake pools processing 1,000 transactions can go up to a million.
What’s more, a Hydra head prevents the irreversibility of a transaction almost instantly as it can reach the fast finality.
2. Secure Proof-of-Stake Protocol
Cardano brings an innovative consensus protocol known as Ouroboros. This chain-based POS protocol chooses leaders randomly to approve blocks. If your node approves the next block in the chain, you’ll get a reward in your Cardano wallet.
So, how does a leader get approved to add blocks? Of course, the system will handpick a leader from the stakeholder pool. The more ADA tokens you stake, the higher the likelihood of the system picking your node to approve the block.
The system relies on random seed and the fixed stake distribution in the node.
3. Energy Efficiency
Crypto users rarely talk about the energy efficiency of their preferred coins. However, it’s worth mention that the Cardano coin is an eco-friendly cryptocurrency.
It consumes only six gigawatt-hours per year. On the other hand, BTC and ETHconsume 130 terawatt and 50 terawatts, respectively.
This is because Cardano’s proof-of-stake protocol allows only a limited number of devices to approve transactions at a single time. Conversely, Ethereum and BTC’s proof of work model doesn’t restrict devices. Thus, an unregulated number of transactions consumes more energy.
That’s among the reasons why Cardano’s price keeps going up. Check it out on online platforms and take advantage now for more returns in the coming years.
4. The Cardano Network Offers Multiple Applications
This coin offers more than just the Cardano wallet for making payments. The Cardano blockchain is a pretty ambitious project that will transform many industries. For instance, blockchain can enhance supply chain tracking in the agricultural sector.
Also, developing countries can use Cardano’s network to keep a record of people’s identities. In Ethiopia, the Ministry of Education is already in a partnership with Cardano. They want to create a blockchain identity register for nearly five million students.
Cardano Has a Promising Future
Although the Cardano coin has a long way to go in smart contracts, all the latest Cardano crypto news suggests a brighter future. Moreover, it’s still early to differentiate the hype from the substance surrounding various cryptocurrencies.
So, ensure you do thorough research on expert Cardano price prediction to determine whether it’s worth your investment. Read more articles on this site for more Cardano crypto news.