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Cardano: What is it and price forecast

by Mandla Ndlovu
06 Nov 2022 at 20:28hrs | Views
Cardano (ADA) is one of the most promising cryptocurrencies in the world. While most people know crypto coins like Bitcoin, Ethereum, and Litecoin, few people have even heard of Cardano. But this is a cryptocurrency that has the potential to be worth ten times its current value in just a few years.
What makes Cardano so special? The short answer is that it's the first blockchain platform to use Ouroboros, a ground-breaking proof-of-stake algorithm. Proof-of-stake systems don't need expensive mining hardware to function, which makes them more efficient than proof-of-work algorithms. Because of this efficiency, Cardano can handle a much greater number of transactions per second than other blockchain platforms.
What is Cardano?
Cardano (ADA) is a cryptocurrency that was designed with the purpose of making digital money more secure and efficient. Its platform is made up of two layers: the Cardano Settlement Layer (CSL), which allows for fast and direct transfers of value, and the Cardano Computation Layer (CCL), which allows for smart contracts.
These layers are powered by ADA tokens, which are mined by users on the network. The project is still in development, but currently it's on track to become one of the top 10 most valuable cryptocurrencies.

The goal of Cardano is to create an entirely new blockchain network that will solve the problems of previous cryptocurrencies like Bitcoin and Ethereum. Cardano aims to be a more secure and scalable blockchain network than Bitcoin or Ethereum by using a layered architecture that separates accounting and computation into different layers.
The cryptocurrency is ranked as the 8th largest currency in the world by market capitalization, with a value of more than $1.5 billion.
The Cardano Foundation and Community

The Cardano Foundation is a non-profit organization based in Switzerland. Its mission is to standardize, protect, and promote the Cardano Protocol technology, as well as to support and grow the Cardano community worldwide.
Supporting the community includes education about blockchain technology and Cardano’s philosophy, advocating for the adoption of sound financial privacy standards and encouraging new applications of the protocol that empower individuals.
The Cardano project has a global community with contributors from around the world who are passionate about blockchain technology. The community consists of brilliant minds working on research, engineering (developing hardware wallets), marketing (creating awesome content such as our recent case study on IOHK’s research), translating our materials into different languages, creating videos, writing papers, attending events and spreading the word about Cardano.
The foundation supports the community by providing resources such as funding for meetups around the world, developing tools to help developers with their work (such as our paper wallet generator tool ), supporting educational programs such as Hackathons, providing strategic guidance for IOHK and Emurgo (the commercial arm of the Cardano ecosystem), etc.
Cardano Price Forecast

Cardano has experienced wild crypto prices swings in recent months and it will likely continue to do so given the overall volatility of the cryptocurrency market. At its peak less than two weeks ago, Cardano reached a high of $1.07 USD per ADA, but that price has since fallen to around $0.56 USD at the time of writing this brief.
To identify where it's headed in the future, we'll have a look at the most recent developments in this cryptocurrency's ecosystem. Cardano's market cap is currently ranked 5th among all cryptocurrencies, with a total market cap of $9.2 billion USD as of December 2017.
It's worth noting that while other cryptocurrencies experienced relatively similar levels of volatility over the last few months, none of them exploded into popularity like Cardano did in October 2017 - when its market cap jumped from around $2 million to over $25 million within two weeks.
Factors Affecting Cardano Price
 This blockchain is designed to offer a more advanced platform for decentralized applications and contracts to be built upon it, and it’s one of the most promising projects out there at the moment. Here are some of the factors that have an effect on Cardano’s price:
The Cardano platform has been under development for quite some time now, and its team is aiming to have it fully functional by 2020. Now, there are several other platforms that have been launched recently, and they are all vying for a position in the market, so Cardano has a lot to prove if it wants to carve out its own niche - and this will certainly affect its price.
As we mentioned above, there are currently quite a few other blockchain platforms out there competing with Cardano - like Ethereum, EOS and IOTA. These platforms all want to become blockchain 3.0 (or whatever they will eventually be called), and they all offer some unique feature that Cardano currently doesn't have.
Coin's Functionality
This is one of the most important aspects to take into consideration as it tells you what makes it unique from other cryptocurrencies. Think about what features are offered by the coin, and if it helps solve an issue that many other coins do not address.

Source - Byo24News