Cardano is a blockchain and aims to offer fast and cheap transactions in a decentralised way. The network works with the Proof-of-Stake algorithm. This means that by staking coins, new blocks can be added to the blockchain, the network becomes secure and transactions can be validated. Cardano was developed to enable the processing of smart contracts. The founder of Cardano is Charles Hoskinson. He previously helped develop Ethereum and wants to build a better version of Ethereum. The two blockchains are therefore very similar.
Cardano's blockchain was launched in 2017.
Cardano focuses mainly on processing Smarts Contracts, allowing developers to build dApps on Cardano's blockchain.
Cardano's blockchain can process up to 250 transactions per second.
Cardano statistics from the last 24 hours
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To get Cardano off the ground, Charles Hoskinson and Jeremy Wood held an Initial Coin Offering (ICO). The ICO began in 2015 and ended in 2017. $60 million was raised. An ICO is form of Crowdfunding, where investors received ADA tokens in exchange for their investment. The ADA tokens were given away at a rate of $0.0024 per ADA. Out of the total supply of 45 trillion, a total of over 26 trillion ADA tokens were made available for the ICO.
The coin linked to Cardano is ADA. During the first bull run ADA experienced, the coin experienced a spectacular run. From 2017 to 4 January 2018, the coin managed to climb from $0.022 per ADA to a price of $1.29 per ADA. This was a 5900% growth in just 3 months. For a long time, the price remained stable, but in the bear market that followed, the price fell almost 99% in a period of 800 days.
In March 2020, Cardano, like many other cryptocurrencies, picked up where it left off. Cardano managed to establish itself as a top 10 coin in March 2020 and was seen as a major competitor to Ethereum from then on. During that period, Cardano managed to convince many investors that Cardano is a better network than Ethereum and that led to a huge rise in value.
We saw many cryptocurrencies (including ADA) appreciate significantly in 2021. ADA excelled and managed to rise from a value of $0.18 per ADA to above $1 per ADA within two months. on 2 September 2021, Cardano managed to reach a new all-time high of $3.10 per ADA. What followed was a sharp correction. By the 4th quarter of 2022, Cardano's price was almost 90% off its all-time high.
12 September 2021 was the date when the Alonzo Fork was implemented. The Alonzo update was an update with a major impact on Cardano's network. The update introduced Smart Contracts on the network. Developers could build dApps on Cardano's network from then on. Immediately after the successful implementation of the update, Cardano's price rose rapidly in a short period of time, but then we saw it fall again. So Alonzo's impact on ADA's share price was short-lived. Not entirely unexpected, as the entire crypto market had been falling for quite some time at that point.
On 22 September 2022, Cardano implemented a hard fork called Vasil. The update is one of the largest updates implemented on the network. The update provides:
Increased capacity and makes the Cardano network faster
Makes the Cardano network more user-friendly for developers
The Vasil update paves the way for the introduction of diffusion pipelining
Like the Alonzo update in 2021, the update has had little impact on Cardano's price. This is because Cardano's share price is highly dependent on the crypto market as a whole. Because the crypto market was facing external factors with a negative impact on the market, and was itself in a bear market, ADA's price did not benefit from the update.