Top 10 Cryptocurrencies by Market Capitalization – 7. Cardano

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Number 7 in the top 10 cryptocurrencies by market capitalization in March 2018 is Cardano at $4.2 billion.

What is Cardano (ADA)?

Cardano has stated that it’s the only cryptocurrency being built by a global team of leading academics and engineers. Their website goes on to say, “The scientific rigour applied to mission-critical systems such as aerospace and banking has been brought to the field of cryptocurrencies, with a high assurance implementation. We believe this is the first time that this has been done.”

The project began in 2015 without a whitepaper or a timeline as they believed they wanted to analyze what was wrong with cryptocurrencies in general and implement a better model. They have a peer review system for their protocol similar to that used in the aerospace industry. They feel the core code for a global currency should undergo thorough scrutiny before being released.

Cardano in detail

The development of Cardano has been undertaken by Input Output Hong Kong (IOHK), which was founded in 2015 by Charles Hoskinson and Jeremy Wood. Both of the founders were previously with Ethereum, and they are incorporating their own smart contract protocol for Cardano. The project is using a proof of stake (POS) protocol called Ouroboros that was developed by IOHK, University of Connecticut, University of Edinburgh, and Tokyo Institute of Technology.

The Cardano token sale ran from 2015 to 2017, mainly for Japanese participants, and raised $63 million. The circulating supply of tokens is close to 26 billion with a maximum supply of 45 billion.

The all-time high for Cardano was in early January 2018 at $1.22, and in late March 2018, it was trading at $0.16. The tokens can be traded on lots of different crypto exchanges. These are the top trading pairs and their associated exchanges:

  • Upbit     ADA/KRW
  • Binance ADA/BTC
  • Bittrex   ADA/BTC
  • Upbit     ADA/BTC
  • Binance ADA/ETH
  • Bittrex   ADA/USDT

The wallet for Cardano tokens is known as Daedalus, but the smartphone version is not due for release until Q3 2018. A full breakdown of each of the development stages is available on their latest roadmap. Cardano, like almost all altcoins, is well down on their ATH due to the trading pair with BTC on many crypto exchanges.  This will only change when BTC is decoupled from other cryptocurrencies, and we are just starting to see this as exchanges begin to pair in USD. Breaking news for Cardano can be found via the following social media channels.

Financial analyst, smartphone app designer, technical writer, and crypto enthusiast. Blockchain verified graduate of MOOC 9, DFIN-511: Introduction to Digital Currencies, run by the University of Nicosia.

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