Cardano ( ADA ) is one of the famous Cryptocurrency in the digital market. In addition, it uses the proof-of-stake.
In this method, owners/holders put their tokens as collateral to acquire authority over the token in proportion to stake pricing. Charles Hoskinson, the founder of Cardano, launched the network in 2017 and it uses ADA as its token.
Additionally, Charles Hoskinson also doubles up as the co-founder of Ethereum network and Input-Output Hong Kong.
The ADA token
An interesting fact about the ADA token is that the token got its name from Ada Lovelace. Ada is a historical figure who is considered the starter of computer programming. In addition, Lovelace was also the child of Lord Byron, a famous poet.
The ADA token, simply put, is a digital cryptocurrency. Therefore, users from anywhere around the globe can use Cardano as a secure and valuable exchange without any third party involved in the exchange. Cardano transactions are also safe and are transparently stored on the Cardano network.
Every holder of the ADA token also has stakes in the blockchain. For holders to earn rewards, wallet-stored ADA tokens can get assigned or pledged to a stake pool. Resultantly, this assignment of the token, in turn, increases the pool’s chances of getting rewards.
ADA tokens play significant roles in the Cardano, including;
- Rewarding nodes
- Staking
- For peer-to-peer transactions
Just like other coins like Bitcoin and Ether, holders use Cardano because it is widely accepted in blockchain networks.
How to purchase or Sell the ADA tokens
One can purchase or sell Cardano tokens with Crypto Exchanges. Some exchanges that can support buying and selling of ADA tokens include:
- Sugi wallet (Hardware)
- Infinito Wallet(mobile)
- Yoroi Wallet(Web browser)
- Keepkey Wallet(Hardware & web browser wallet)
- Ledger Nano X (Hardware)
- Atomic wallet(desktop)
To choose a wallet that works best, look for a few key features. Examples of features to look out for include;
- Ability to support the Crypto you want to store A good history
- simplicity when using
- One with a high level of security.
Cardano Price Data
As of writing this article, Cardano’s price is $2.05 with a daily trading volume of more than four billion dollars. Additionally, Cardano has a market capitalization of over USD 65,000,000,000.
Cardano currently has a circulating supply of over 32 billion coins and a maximum supply of 45 billion coins.
Conclusion
In summary, the prices of cryptocurrencies are increasing daily. Therefore, experts expect the Cardano network to rise on top of the game.
Just recently, for instance, the Cardano token became the third biggest digital currency around the globe. So, the future’s looking good for Cardano.
Click here to know whether you should invest in Cardano.