Cardano was founded back in 2017, and it is a proof-of-stake blockchain in contrast with Bitcoin that is a proof of work. The main difference between these blockchains types (proof of work and proof of stake, not Cardano and Bitcoin) is that the validators of the blockchain operating with other philosophies.
In the case of Bitcoin, you must operate power-hungry miners, but in the case of Cardano, you need to run a node and stake some ADA tokens. With Bitcoin, you must invest a lot of money for the equipment and the power supply, having a negative impact on the environment. With Cardano, you can invest your money in the coin itself and get rewards.
Cardano has a better design to stop potential 51% attack because the algorithm checks the total nodes and the proportion of ADA each node (pool) has, limiting the possibility that one can control all the network.
Furthermore, ADA holders can participate in the network’s operation and have the right to vote on any proposed changes to the blockchain network.
But who was the developer who created it?
I know you don’t care about this kind of information, and you want to listen about the economical profits, but it is always important to know the who. If I told you that it was developed by Osama Ben Laden, you probably wouldn’t buy it. (terrorism, violence, destruction)
Good for you, the founder of Cardano is Charles Hoskinson, who was also one of the co-founders of the Ethereum network.
Cardano is developed with smart contracts (DeFi) and a decentralized app to run on it in mind. We can say that Cardano is the other big blockchain that is fighting against Ethereum for the main adoption and the 2nd rank in the market capitalization.
By the time of writing, Cardano has the 4th position, and only 13 Billion are separating from the 3rd position that belongs to BNB(Binance Coin). The price is skyrocket in the last week, and now it is traded for $2.29.
There is a lot of room for the price to rise in the range of $5–$7, and that is something that I believe will happen until the end of 2021.
Why do invest in Cardano?
- It is in the top 10 coins by market cap.
- It has a strong community.
- It delivers what in the roadmap is on time.
- It is a DeFi coin.
- It is a competitor of Ethereum.
- You can make passive income if you stake.
- You have the chance to double or triple your money in 7 months. (That is the time frame I give for the pick of this cycle)
The fact that it is already in the top 10 coins and that it has a strong community means that even (if) after the Bitcoin will have a correction of over 40%, and we will go back to the winter, this coin will keep a lot of his value compared to other shitcoins.