Cardano (ADA) was created in the year 2017, the ADA token is made to ensure that the owners can participate in the functions of the network. Thus, the owners (those who own the cryptocurrency) have the power to vote on any proposed changes to the software.
Cardano is used by retailers to clamp down on counterfeit goods, it is also used by agricultural companies to track fresh produce from fields to park houses, while other products built on the platform allow educational credentials to be stored in a tamper-proof way. The team also says, there are some compelling use cases for ADA to authorize its technology to be used by smart contracts and decentralized apps with modularity.
Cardano (ADA) Coins in Circulation
There are around 45 billion coins according to the current supply. However, during the launch, there was a 31 billion coin supply. Cardano tokens had five rounds of public sales between 2015 and 2017.
Around 2.5 billion Coins were given to IOHK at launch. 648 million coins were given to Cardano Foundation, the not-for-profit which aims to increase levels of adoption and promote the platform. Last but not least, 2.1 billion ADA was given to Emurgo, a blockchain company that was the founding company for the Cardano protocol.
About 16% of ADA coins total supply were taken by the project’s founders, while the rest of 84% was split among investors.
It has been a good week for ADA cryptocurrency after the Ethereum ALT coin proved to be working well among the major cryptos sell last week. This move was facilitated by the announcement of Elon Musk to suspend BTC/USD as an alternative payment method for Tesla, after showing the negative repercussions its mining has on our environment.
When the sell-off changed its move, ADA/USD was the best for many traders after revealing a negative union with Dogecoin, Bitcoin, and Ether, thus the rise of ADA’s prices in the weekend.
We can evaluate ADA as the second after Ethereum, in the lower-priced cryptocurrencies. It can go above $5 in the coming days. It can make a good investment, and research suggests that its price will have a massive growth soon.
As cryptocurrency trading continues. The prediction for the best coin in the market has increased volatility to the ultimate levels, just as predicted by the ATR. We should expect changes in ADA trajectory this week, though the nature is unprecedented. With any changes in the market, or if Musk changes his thoughts on BTC/USD. ADA will have a significant move.