Cardano (ADA), a crypto project, released and run by Inside Outside Hong Kong (IOHK), marked yet another upwards rally since its launch in November 2017.
Cardano’s CEO Charles Hoskinson is a renowned name in the crypto sector as a co-founder of Ethereum and the lead role of Cardano’s development team.
The thing that separates Cardano (ADA) and other cryptocurrencies is the protocol — nearly all cryptos have adopted the Proof-of-Work (PoW) concept, originating from Bitcoin and Satoshi Nakamoto, while Cardano developers solidified on deriving a new, refined Proof-of-Stake (PoS) concept.
Even Hoskinson’s first crypto project — Ethereum, recognizes the strengths and value of the Proof-of-Stake (PoS) concept and will migrate to PoS in the following months. The main advantage of PoS is the more cost-efficient network handling, compared to the “old school” hash-rate PoW currencies.
Cardano made a breakthrough with its PoS concept because it gives the community an option to “stake” amounts of crypto into their wallets for faster network handling, rather than relying solely on the raw computing power of miners and mining companies. The “staking” method is ensured by community engagement — more users with “staked” amounts of coins will result in a faster network. The users who decide to help Cardano’s community will receive a deposit “fee”, proportional to the amount they put up for staking. The “cashback” is a reward for their efforts for making the network faster and more efficient.
Crypto exchanges, such as Coinbase, are also entering the staking train. Coinbase announced the support of Tezos staking for large institutional clients who stake their tokens through the exchange, rather than using their wallets. And in the light of Coinbase listing XLM and XRP on their site, Cardano investors are hoping their currency will go next.
The bullish period for ADA is in full force, with the coin surpassing currencies like TRON, Tether and even Stellar for a brief period. Now sitting at #9, ADA is getting much more recognition, and trading volumes are solidly increasing. Exchanges like Binance, Huobi Global and OKEx have reported high trading activities for ADA, but only in the ADA/BTC and ADA/USDT trading pairs.
The price soar is most probably due to the mass adoption of ADA and the newest exchange listings. Bitrue announced the listing of ADA in a Twitter post, adding XRP in the trading pairs, alongside USDT and BTC. Now all supports are expecting the listing on Coinbase.
As of press time, Cardano (ADA)’s upward rally has settled at $0.0895-$0.0900, the primary reason being overall market tranquility.