- Cardano is emerging as the fastest-growing crypto while maintaining sustainable development.
- It is currently the seventh biggest cryptocurrency in terms of Market Cap
What is Cardano?
Cardano is a cryptocurrency built by one of the co-founders of Ethereum, Charles Hoskinson. He founded Cardano because of differences in views with Vitalik Buterin. He wanted to commercialize Ethereum. So he left Ethereum in the year 2014 to build a blockchain that is not only more efficient than Ethereum but also faster and more secure.
He started the project of building Cardano in the year 2015. After 2 years of intensive hard work to build the best blockchain, Cardano was finally released in the year 2017. It was named after the Italian mathematician, Gerolamo Cardano, and its cryptocurrency was named after the English mathematician, Ada Lovelace.
Ongoing Stats About Cardano
Currently, Cardano is trading at $0.2886 and has a market cap of $10,080,490,140. This helps it ranks the 7th largest cryptocurrency on the basis of market cap. On the day of writing the article, the last 24-hour trading volume of Cardano was $187,151,536. The circulating supply of Cardano is 34,935,457,939 ADA. The total supply of the blockchain is fixed at 45,000,000,000 coins which clearly means that 78% of the coins are already mined.
Why Cardano Can Lead the Crypto Market?
Cardano has only been released in the year 2017 and since then it has seen robust growth. It is constantly becoming the investor’s favorite cryptocurrency because of its increasing use among enterprises. Today, many enterprises are taking steps towards considering Cardano because of the security it provides, fast transaction speed, and better scalability.
Cardano is an energy-efficient blockchain. It consumes only 6 GWh of energy per year. It is 47,200 times more energy efficient than Bitcoin. This is because it uses the Proof-of-Stake consensus algorithm which is way more efficient than the Proof-of-Work algorithm that Bitcoin uses.
Stats have proved that Bitcoin uses 131 TWh per year which is enough to run countries like Ukraine and Norway. By using the energy-efficient technique, Cardano has reduced its energy consumption to only 0.00277429 TWh which is negligible as compared to Bitcoin.
While ensuring less energy consumption, Cardano is also maintaining the sustainable growth of the world. This statement can be verified by the fact that Cardano Foundation has announced planting one Million trees and also achieved this goal.
Currently, Cardano has a transaction speed of 250 transactions per second. Its developers are working hard to develop Hydra Layer-2 which will enable it to process 1 Million transactions per second. If Cardano is able to achieve this number, it will become an efficient cryptocurrency. Even though currently, it is way faster than Bitcoin and Ethereum which can process only 5 and 15 transactions respectively.
Cardano also enjoys high staking. According to recent consensus, 70% of the Cardano is already staked and users receive as much as 5% APY (Annualized Percentage Yield) which is way higher than other blockchains.
Cardano is not only a sustainable currency but also energy efficient. It consumes 47,200 times less energy than Bitcoin and also works hard towards saving the environment. It is also constantly working towards increasing the transaction speed which is currently 250 transactions per second. The team of developers working at Cardano are working to develop Hydra Layer-2 which will increase its transaction speed to an astonishing 1 Million transactions per second.