Can Cardano witness a rate strike of $25 in the next five years?

What is Cardano(ADA):

Cardano is one of the most significant blockchains. The third-generation blockchain platform works on the Proof-of-Stake(PoS) consensus, designed to be a compatible alternative to the Proof-of-Work(PoW) consensus. The native token ADA is designed to facilitate the network’s users to participate in the operations. The holders of ADA have a right to vote on the proposed changes to the software. The Ecosystem has emerged to be an alternative to Ethereum. 

Currently, the Ecosystem is collectively maintained by three separate independent organizations:

• The Cardano Foundation- This is a Switzerland based blockchain and crypto organization. This organization looks after the supervision and development of the ADA blockchain.

• IOHK- It is the software engineering and technology company responsible for building ADA. Charles Hoskinson and Jeremy Wood co-founded it. IOHK also works with academic partners to promote blockchain education and enhance the long-term scalability of the Protocol.

• Emurgo- It is the global technology partner responsible for driving the adoption of Cardano’s technology and encouraging enterprises and larger organizations to do so. 

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Developers can utilize the blockchain for features like transacting currency, smart contracts, decentralized finance(DeFi) and digital applications.

History of Cardano:

Cardano was created by technologists Charles Hoskinson and Jeremy Wood. Hoskinson happens to be the co-founder of Ethereum(working on the PoW). He realized the challenges of the Proof-of-Work and began to develop Cardano and its cryptocurrency ADA in 2015, with the final launch in 2017.

What makes the Cardano Ecosystem distinct?

Cardano Ecosystem differentiates itself from other projects by focusing on a research-driven approach to design and its emphasis on an academic approach towards its blockchain adoption. 

It has emerged to be reliable and offers its users and developers optimizations based on scientific research and formal verification, through which its code is verified mathematically. 

Cardano is the first to implement the consensus algorithm, Ouroboros was created by Cardano in its foundation time, which is the first PoS protocol that proved to be secure and first to be informed by scholarly academic research. Also, it’s code is written in the Haskell programming language, which is commonly used in the defense and banking sectors. The algorithm is used by computer networks running the software to provide security, validate transactions and earn newly minted ADA.

How does it work:

The Cardano blockchain is divided into two layers, the Cardano Settlement Layer(CSL), which is used to record transactions and transfer the ADA between the accounts. The Cardano Computation Layer(CCL) consists of the smart contract logic that users and developers can utilize to move the funds programmatically. The computers operating the Cardano software can join as one of the nodes out of three, Relay nodes, more nodes or Edge nodes.

It basically allows the users to transact in the cryptocurrency ADA and allows developers to ADA powered scalable and secure applications. 

Cardano Vs Ethereum: 

Both the blockchain have some similar features, and both thrive on being decentralized platforms building new tools and protocols globally. Hoskinson is the co-founder of both projects. 

He realized the need for a different blockchain with more security and scalability, whereas Ethereum had some issues related to scalability. 

Ethereum was created a couple of years before Cardano and comparatively has around ten times more market cap than ADA.

Cardano works on the Proof-of-Stake mechanism, and Ethereum currently works on the Proof-of-Work but plans to shift towards PoS.

ADA programming language is Haskell, and that of Ethereum is Solidity. 

It’s blockchain is divided into two layers, CSL and CCL, and Ethereum is Layer 1 blockchain. 

ADA differs in its emphasis on a research-driven approach to design, whereas Ethereum was designed for any number of custom assets and programs. 

Cardano Roadmap:

Cardano is developed and built in five phases, each of which is named after a prominent and influential historical figure. Each phase, also known as Era, revolves around a set of functionalities delivered across several code releases. The five Eras are:

1. Byron Era: Foundation phase
2. Shelley Era: Decentralization
3. Goguen Era: Smart Contracts
4. Basho Era: Scaling
5. Voltaire Era: Governance

The recent week saw a fixing of UI issues. The team also released the versions of Cardano-graphQL and Cardano rosetta. They worked on finalizing the new transaction workflow, they further continued to review IOSimPOR, and they are continuously working towards the enhancement of the network, making the Cardano ecosystem more compatible and reliable.  

Cardano’s SundaeSwap:

Decentralized Exchange is an application accessible via a series of smart contracts operating on a blockchain. SundaeSwap is the first Decentralized Exchange developed and built on the Cardano blockchain that went live last month. It provides facilities usually provided by central entities but without the need for an intermediary. SundaeSwap allows the users and participants of the Cardano blockchain to provide liquidity and create a market for others to exchange their native tokens. Via the SundaeSwap, a user can lend, stake, borrow, and swap in a decentralized way. SUNDAE is the native token of SundaeSwap. 

How to Stake Cardano:

Becoming active network participants by depositing or locking a number of tokens is Staking. ADA Staking is possible because of the Proof-of-Stake consensus its blockchain uses. In the case of ADA, users can rely on entities called stake pool operators. These pools are run by specialists and individuals who have thorough knowledge about the network’s staking. There are digital wallets available for staking ADA. For example, the Yoroi wallet provides a list of pools with required information like ROA, Pool size, Costs, Pledge, Blocks. These research pools should be researched about, and then a decision should be taken. Like any other investment, staking involves risks. Hence, before Staking ADA or any other cryptocurrency, having the knowledge and information about everything is necessary.

How to Trade Cardano:

How to start Buying Cardano:

• The first step in buying ADA is to get a Cardano wallet which can be a hardware wallet or a software wallet. 
• The next step is to locate an ADA address.
• Choose a cryptocurrency exchange for ADA. Some popular exchanges can be Coinbase, Binance, Kraken, OKEx etc., that can be chosen for buying Cardano. The crypto exchange chosen should be decided after thorough research about its security. 
• Sign up for an account and clear the account verification process. 
• Make your ADA purchase: According to the payment methods accepted by your Exchange, you can purchase Cardano via fiat currency or other crypto assets. But the requirements of different exchanges can differ. It’s better to check and research before buying Cardano.

How to Sell Cardano:

• Sign up on a Cryptocurrency Exchange.
• Clear the verification process.
• Sell Cardano in Exchange for Ethereum or Bitcoin or whatever currency your Exchange allows. 

The reliability of the cryptocurrency exchange you are using should be checked thoroughly, and also the knowledge of market pairs available. An ideal platform ensures maximum security and reliability.

Cardano Price Predictions 2022 and following years:

At the time of writing, Cardano(ADA) is trading at $1.03. The market capitalization stands at $34,694,070,131. The maximum supply of ADA is 45,000,000,000. It witnessed its All-time high in September last year at $3.10. 

As Price Predictions are common in the cryptocurrency industry, Cryptopolitan, a London-based publisher, recently made Price Predictions that ADA would be bullish in 2022. It further predicts the ADA price may hit around $3. Whereas Changelly, the cryptocurrency exchange, highlighted that it would be around $3.25 for most of the year. 

Coinpedia, the crypto news outlet, also made a price prediction recently that the price of Cardano to hit around $10 in the next five years. And given the new updates in the smart contacts, the ADA price might even witness around $25 by the end of five years.

Although these Cardano Price Predictions would prove accurate or not will be something to look forward to. Because the ADA Ecosystem has to offer numerous applications, the demand might increase, affecting the prices to increase.