Once the smart contract launch is successful, ADA could take off, so it is wise to allocate a portion of your crypto portfolio to the ADA crypto.
ADA is the native token of cardano, it is named after a 19th century mathematician who is recognized as the first computer programmer. This is a currency that can be obtained through the Cardano blockchain.
What is ADA?
This is a digital currency that can be used as a secured means of exchange and also store of value without requiring a third party to mediate the exchange. It is available on Cardano blockchain, where transactions is permanently done, secured and transparently recorded.
What is ADA Cardano Smart Contract?
These are contracts that are effectively executed once a series of conditions have been met. The Cardano network has completed an upgrade that will allow it to incorporate more advanced contracts and decentralized finance application to its blockchain.
Cardano Vs Ethereum : Which is the Best?
Cardano and Ethereum are mostly compared to each other because their network provides similar offerings. Developers can use both the Ethereum and Cardano blockchain for similar features but both offer different philosophies. The difference between them are:
• Date Founded
Cardano (ADA) was founded in September 27th, 2017 while Ethereum white paper was published in late 2013 and the software went live in July 2015.
Cardano was created by technologist Jeremy wood and Charles Hoskinson, one of the co-founder of Ethereum while Ethereum was created by Vitalik Baterin
Cardano used ADA while Ethereum uses ETH
Cardano’s vision is to allow transactions in its native cryptocurrency, ADA and to enable developers build secure decentralized application powered by it. It emphasizes a research driven approach to design, aiming at achieving an academic rigor, it believes will propel and promote its technology.
Ethereum was created with the intent of becoming a global open-source platform for custom assets and new kinds of economic applications. It seeks to leverage blockchain technology to decentralise products and services in a wide range of use beyond money.
• Launch and Issuance
Cardano is maintained by three separate and independent organization which are the Cardano foundation, IOHK and Emurgo. It created over 31 billion ADA, nearly 26 billion were sold. Participant were able to purchase voucher that could inturn be exchanged for ADA on the software’s release.
Ethereum was launched through the Ethereum foundation which sold 72 million ETH and raised $18 million at that time.
• Network Design
Cardano uses ouroboros, a consensus mechanism similar to proof of stake (POS) that enables users to validate transactions and earn newly minted ADA.
Ethereum employs proof of work (POW) mining to power it’s blockchain.
• Monetary Policy
ADA is the main cryptocurrency powering Cardano, it is minted in every block and distributed to slot leaders as rewards for verifying transactions.
Ether is the main cryptocurrency powering Ethereum, it is minted in every block and distributed to its miners.
Alonzo Smart Contract Testnet
Alonzo is the next step in a series of upgrades to the Cardano blockchain that will bring exciting features and highly anticipated new capabilities to Cardano through the integration of plutus scripts onto the blockchain. It will enable the deployment of a wide range of new Defi applications for the first time.
How Cardano Smart Contract Release Will Impact Its Price
The ADA crypto token is now the fifth largest cryptocurrency, according to Coinmarketcap.com. It had a market capitalization of $42.046 billion, as of July 31, at a price of $1.32 per ADA crypto token. This introduction of smart contracts, once fully announced, will become a big boon for the crypto and you can expect to see the price move significantly higher.
The introduction of smart contracts will enable investors have access to automatic execution of their trade agreement so that they may be certain of the outcome, without any intermediary’s involvement or time loss.
The founder of Cardano have further made it known that they are now moving to integrate the ability of the cryptocurrency to be allowed Web compatibility of Cardano smart contracts on the blockchain platform’s mainnet.
Ada is the native token of Cardano that should be considered as a potential market topper, given that the release of Cardano smart contract is imminent.