Cardano (ADA) has had a spectacular week, soaring 251 percent higher over the last seven days. Looking at the past 30-day stretch, this crypto-coin’s price has skyrocketed 1,475% higher! As one of the lesser-known altcoins on the market, this cryptocurrency is currently the seventh-highest valued around – just behind Ripple (XRP) and Litecoin (LTC).
Never heard of Cardano (ADA)? Here’s what it is:
Frequently referred to as the “Ethereum of Japan,” Cardano (ADA) is still a relatively new project in the blockchain space. One of its co-founders, Charles Hoskinson, actually helped work on Ethereum (ETH) in its early days. Similar to Ethereum (ETH), this digital coin runs decentralized apps and enables smart contracts.
The creators tout the platform as being based on scientific philosophy – built using a research-driven approach. The team of engineers and academics that developed the technology come from all over the globe.
Cardano’s blockchain uses an algorithm called Ouroboros, which the company claims to be a proven, secure proof of stake system – despite the fact that proof of stake algorithms don’t have a clean history when it comes to security mishaps. Whether this particular cryptocurrency’s technology can successfully prove itself against this trend has yet to be observed.
If you’re interested in investing in this cryptocurrency, it can be purchased via Bittrex – where about 60 percent of the coin’s total supply is trading. In second place with 45 percent of the supply is Binance, another exchange where you can trade Cardano (ADA).
The author of this article owns none of the assets mentioned above.