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ADA is the native cryptocurrency of the Cardano blockchain. The primary use of the coin lies within the network's proof-of-stake mechanism. This involves token holders locking away (staking) ADA coins to validate transactions and secure the blockchain.
A transaction fee must be paid in ADA when using the Cardano blockchain. This allows validators in the network to complete the transfer within Cardano's settlement layer (see below for more details). All applications that are built on the Cardano blockchain will use ADA for transactional fees.
The coin also carries monetary value and, therefore, can be used to transact between friends, pay for goods and services and deposit funds on an exchange or decentralized application.
The supply of tokens is capped at a maximum of 45 billion ADA. Cardano is being built with two layers – the Cardano Settlement Layer and the Cardano Computation Layer. The two layers provide the flexibility businesses need to tailor smart contracts to their requirements.Cardano Settlement Layer. The settlement layer acts as the platform's balance ledger. It uses a proof-of-stake (PoS) algorithm to generate new blocks and confirm transactions.Cardano Computation Layer. The execution layer for smart contracts. The Cardano team will soon be launching a new programming language (Plutus) that will be used to build smart contracts.
Instead of using a proof-of-work consensus algorithm like Bitcoin, Cardano uses a proof-of-stake algorithm called Ouroboros. Under this system, blocks are generated and transactions verified by slot leaders, or validators. Anyone who holds ADA tokens can become a slot leader, with slot leaders randomly chosen using a coin-flipping protocol.
Cardano (ADA) is the 9th largest cryptocurrency in the world by market cap, valued at $8,619,592,452. The current price of Cardano is $0.245984, which is 0.444% higher than yesterday. Prices have ranged between $0.246678 and $0.243742 over the past 24 hours. All prices are listed in US dollars and accurate as of September 23, 2023 11:09 UTC.
|Total ADA supply||45,000,000,000|
|All time high||US$3.09|
|All time high date||September 02, 2021|
|Notable team members||Charles Hoskinson|
|Partnerships||Dish, Chainlink, Near Protocol|
|Token uses||Utility token, rewards|
Disclaimer: Cryptocurrencies, including Cardano, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of ADA is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Cardano or any other cryptocurrency discussed.
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