Cardano (ADA) Breaks Above $1 Ahead of Huge Milestones

Please, note that any information provided below is for informational purposes only and should not be treated as investment or financial advice of any kind.

First ‘Ethereum killer’ is going to launch native assets in a week. And what about smart contracts?

Launched back in 2017, Cardano (ADA) is a product of Ethereum’s co-founder Charles Hoskinson and Input Output Hong Kong development studio.

Being one of the most prospective third-generation blockchains, it is approaching Goguen update: Cardano (ADA) evolves into a programmatic smart-contract platform. Ahead of this ambitious milestone, ADA price revisited its fresh high at $1,2.

‘Cardano is here to stay’

Hoskinson’s Cardano (ADA) was among the first Proof-of-Stake (PoS) blockchains: it secured the transactions not by computational power of miners, but by the value of their ‘stakes’.

Since 2017, Cardano has its native coin, ADA, that commemorates Ada Lovelace, an English mathematician. Out of the whole 45 billion ADA, 32 billion coins are circulating.

In Q3, 2020, Cardano (ADA) Ouroboros Proof-of-Stake Consensus implemented delegation: multiple pools allow stakers to earn on their idle ADA holdings. Cardano (ADA) developers are proud of their ‘most decentralized’ system of staking that prevents large pools from domination.

Celebrating this milestone (called Shelley hardfork), Cardano’s inventor Charles Hoskinson announced:

Cardano is here to stay. Forever.

Cardano’s (ADA) end user infrastructure includes Daedalus wallet and Yoroi extension that works with both software and hardware wallets.

Goguen is in sight: Introducing smart contracts

Meanwhile, the most anticipated upgrade for Cardano is Goguen. Replacinga Shelley, Goguen will bring smart contracts to the blockchain.

Thus, Cardano (ADA) will host decentralized applications (dApps) including decentralized financial protocols (DeFis). Approaching this update, Cardano (ADA) delivered Marlowe and Plutus native programming languages.

On March 1, 2021, Cardano (ADA) will activate Mary hardfork as a part of its transition to Goguen. Mary will allow Cardano (ADA) to mint multiple assets alongside the ADA coin. Thus, new standard of coins will evolve hand-in-hand with upgraded infrastructure.

In March and April, first DeFi experiments will take place on Cardano (ADA). To build the passionate community around its programmatic platform, Input Output HK launched community-driven initiative Project Catalyst. In Project Catalyst, valuable early-stage Cardano-focused projects receive support in terms of money, business and technology expertise, promotion and so on.

ADA smashes $1,2, when new ATH?

Anticipation of such an impressive milestone has already resulted in a remarkable rally of ADA token price. Although it is still far from all-times-high ($1,33 on January 04, 2018), it surged 30x in the last 12 months.

New local high was registered on February 21 near $1,2. On February 20, it crossed $1 level for the first time in months. Compared to ‘Black Friday’ level, ADA price added more than 5,000 per cent.

Thus, ADA looks very attractive for the mid-term hodling. Why?

  1. Large community, solid brand.
  2. Rapid technical development.
  3. Valuable use-cases to be unveiled in 2021.

Originally published at https://getblock.io.

GetBlock is a service that provides fast and easy API connection to blockchain nodes of 40+ cryptocurrencies.