Learn more about Cardano, what it is, the current price, market cap and all the latest news. Visit Coin Culture for the latest Cryptocurrency news.
The live price of Cardano is $0.591 per (Cardano / AUD) today with a current market cap of A$ $20.68 B. Cardano to AUD price is updated in real-time. Cardano is 6.39% up in the last 24 hours.
- Cardano (ADA)
- Live Price $0.591
- 24h % 6.39%
- Market Cap $20.68 B
- Volume $620.70 M
- ATH $4.789
- High 24H $0.594
- Low 24H $0.556
- Available Supply 34.95 B ADA
- Rank 9
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If you’re looking for cryptocurrency alternatives to Ethereum and Bitcoin, you may be interested in Cardano. Cardano is increasing in popularity. The price of one Cardano is currently $1.36 AUD. While this may not seem like much, you should remember that the price of Bitcoin was only $2 in 2012. Cardano is just getting started, and if trends are anything to go by, it is worth considering if you’re looking to diversify your investment portfolio.
History of Cardano
Cardano is a decentralized blockchain platform founded in 2014 by Charles Hoskinson. Hoskinson is well known as being the co-founder of Ethereum. Therefore it is not surprising that his project would rise quickly in the crypto space to become the third-largest crypto asset.
Like Ethereum, Cardano is a decentralized platform. However, it was developed to provide a platform for research and implementing innovative solutions to many of the problems that Ethereum presents including scalability.
Cardano’s development team consists of a large collection of international experts in research and engineering. No other blockchain projects have published as many papers as this project. With so much data and information, the project has received endorsement from several governments.
Cardano is also different from other blockchain projects in addressing regulatory oversight. The project aims to provide a means for regulatory oversight whilst providing innovative solutions that maintain customer privacy. Cardano features a layered blockchain software stack that makes the platform scalable and flexible.
While promising, Cardano still has a long way to go in functionality.
Cardano’s native ADA token has increased in popularity in the last few years. The number of wallets with the ADA has surpassed the 3 million mark. This spike in popularity is despite the sluggish conditions of the crypto market. The digital currency experienced a surge at the beginning of 2022, when the number of Cardano wallets increased by 13.8%. This was a steep rise from 2,666,372 wallets at the beginning of the year to 3,015,400 by the first week of February. There were more than 9000 wallets added in a month. These numbers are impressive for any cryptocurrency.
The increase in popularity of the ADA is a testament to the passion of those behind Cardano. This popularity is set to increase when Cardano rolls out smart contracts. The platform has been slow in implementing smart contracts considering that it was established by one of Ethereum’s co-founders. However, the platform has finally begun to roll out smart contracts, and the future can only get brighter.
Cardano reached hit 1000 smart contracts in January and it looks like activity on their smart contract network is picking up. Their community has been awaiting this rollout for years. Now that it is finally up and running, there has been a significant increase in developer activity as well as working smart contracts.
Who Are the Founders of Cardano?
Charles Hoskinson, a co-founder of the Ethereum network, established Cardano. He currently serves as the CEO of IOHK, the company responsible for constructing Cardano's blockchain.
During an interview for CoinMarketCap's Crypto Titans series, Hoskinson shared his early involvement in cryptocurrencies dating back to 2011, where he explored mining and trading. His formal entry into the industry began in 2013 when he developed a Bitcoin-focused course, attracting 80,000 students.
Beyond his role as a technology entrepreneur, Hoskinson also has a mathematics background. In 2020, his technology company contributed ADA tokens worth $500,000 to the University of Wyoming's Blockchain Research and Development Lab.
What Makes Cardano Unique?
Cardano distinguishes itself by embracing proof-of-stake (PoS), a greener alternative to Bitcoin's energy-intensive proof-of-work mechanism. Unlike Ethereum's gradual transition, Cardano implemented PoS successfully. Rigorous peer-reviewed research ensures technology validity, enhancing durability and stability while anticipating potential issues.
The 2020 Shelley upgrade aimed 50-100 times more decentralisation than peers, priming the network for numerous assets. With the Alonzo hard fork in September 2021, Cardano shifts from Shelley to Goguen, enabling native DApps through smart contracts.
Cardano, achieving an all-time high of $3.101 on September 2, 2021, proves its unique trajectory in the blockchain landscape.
What Is Cardano’s Vasil Hard Fork?
Named after the late Bulgarian mathematician Vasil Dabov, a significant contributor to Cardano, the Vasil hard fork stands as a highly anticipated upgrade for the blockchain. Representing Cardano's third development epoch, it promises enhancements to Plutus, the smart contract programming language, and network capacity. Initially slated for June 2022, the event faced delays.
Vasil introduces five pivotal mechanisms for scalability and usability improvement:
- CIP-31 (Reference Inputs): Introduces a novel input type allowing developers to observe output results without spending them, boosting transaction throughput and concurrency.
- CIP-32 (Inline Datums): Enables attachment of datums to outputs rather than their hashes, streamlining datum value communication between users through direct input referencing.
- CIP-33 (Reference Scripts): Permits attachment of reference scripts to outputs, enhancing validation efficiency and reducing transaction size.
- CIP-40 (Collateral Outputs): Introduces a new output type, collateral outputs, to enhance overall network scalability.
- Diffusing Pipelining: A scaling solution for Cardano's consensus layer, enhancing DApp deployment through concurrent transaction processing.
What Can ADA Tokens Be Used For?
On March 1, 2021, Cardano's blockchain introduced the capability to create native tokens, akin to Ethereum tokens encompassing NFTs and stablecoins like USD Coin. Cardano native assets can be generated and distributed on the blockchain, interacting with smart contracts.
Distinct from Ethereum tokens, Cardano native tokens aren't established through smart contracts; they operate on the ADA cryptocurrency's architecture itself. This grants Cardano native assets a "first-class citizens" status on the blockchain, enhancing security and potentially lowering transaction fees.
ADA holders can delegate their coins to stake pools for network security rewards and utilise ADA tokens to cover transaction fees. In the future, ADA will grant voting rights to holders, enabling them to participate in network-related decisions.
How Many ADA Coins Are There in Circulation?
The maximum supply of ADA is 45 billion, yet the current circulating supply is around 31 billion. Cardano conducted five rounds of public token sales between September 2015 and January 2017. During its pre-launch sale, Cardano's price was $0.0024, yielding over a 1000x return based on its current price.
Following the network's launch, IOHK received around 2.5 billion ADA, while Emurgo, a key contributor to the Cardano protocol, received an additional 2.1 billion ADA. The not-for-profit Cardano Foundation was allocated 648 million ADA to promote platform adoption.
In short, approximately 16% of ADA's total supply was allocated to project founders, with the remaining 84% distributed among investors.
What are ADA All-time High & All-time Low Prices?
Cardano's (ADA) peak price stands at $3.09, achieved on Sep 02, 2021, nearly 2 years ago. In contrast, the price is 90.54% lower than this record high.
The lowest recorded Cardano price is $0.01925275, observed on Mar 13, 2020, over 3 years ago. The current price reflects a substantial increase of 1,416.27% from its all-time low.
How Is the Cardano Network Secure?
Cardano employs the Ouroboros PoS protocol, recognised for its environmentally sustainable and secure attributes. This protocol enhances security levels beyond PoW, while consuming significantly less energy—claiming to be four times more energy-efficient than Bitcoin. Ouroboros combines distinctive technology and mathematically verified processes, complemented by behavioural psychology and economic philosophy. Its overarching goal is to foster sustainable and ethical growth. The network employs an incentive mechanism, rewarding participants for their active engagement.
What Is Cardano’s Alonzo Upgrade?
This positions Cardano alongside Ethereum, which now supports smart contracts and has surpassed 3 million wallets, a 1,200% increase since Dec. 2020. Cardano led Github developer contributions but faced issues with smart contract implementation and a sluggish SundaeSwap launch in Jan. 2022.
Where Can You Buy Cardano (ADA)?
You'll require a crypto exchange account to acquire Cardano's ADA token. The process is straightforward, as major exchanges facilitate ADA purchases and sales with Australian dollars (AUD). Notable options encompass:
- Digital Surge
Certain exchanges also enable ADA trading paired with stablecoins, cryptocurrencies with steady valuations. Noteworthy exchanges offering ADA and USD Coin (USDC) pairs are:
How to Store Cardano (ADA)?
Opt for a secure wallet to hold your ADA. There are two main types: hardware wallets and software wallets.
- Software Wallets: Software wallets are digital applications that can be installed on your computer or smartphone. Examples include Daedalus and Yoroi. Ensure you download wallets from official sources to avoid malicious versions.
- Hardware Wallets: Consider hardware wallets like Ledger Nano S or Ledger Nano X, or Trezor Model T. These devices offer the highest level of security, as they store your ADA offline, minimising exposure to potential online threats.