Cardano (ADA) cryptocurrency is one of the new digital currencies in a market where developers are continually coming up with new digitals assets. This crypto coin was released in 2015 and it was developed by a firm known as IOHK whose leader is Hoskinson, who is a previous Ethereum CEO. Actually, Hoskinson left Ethereum due to differences with the team there and decided to create a new blockchain with better principles.
Therefore, you should expect better results for the Cardano!
A brief history of Cardano (ADA)
After being released in 2015, the developers’ first embarked on a rigorous selling activity where they sold the coin through an Initial Coin Offering (ICO) program, which they subdivided into four stages. The last face of the ICO ended in January 2017 and at that time the Coin had gained some value to sell at $0.00242 per token.
The coin was later listed on the cryptocurrency market in October the same year going for around $0.02 per token and its value since then has seen a slow but steady rise.
Is there any similarity with Ethereum?
You must be thinking that since the Cardano developing firm is led by a previous Ethereum CEO, the two coins must have some similarities. On the contrary, the two coins have very little in common. The only common thing is that the two are cryptocurrency coins whose backbone is the use of blockchain technology.
Otherwise, the fundamental technology of the ADA is different from that of Ethereum. To begin with, Cardano coins are mined differently; miners use proof-of-stake formula known as Ouroboros, rather than just the common computing power used by Ethereum miners. For Cardona, the more the tokens the miner invests in, the larger his/her reward is. The main object of this Cardano mining algorithm is to make the mining process very random in a bid to eliminate any cartel monopoly.
The ADA developers are also hopeful that they will eventually come up with their own different blockchain and also develop a Daedalus wallet.
2018 Cardano (ADA) price forecast
For the better part of 2017, coin’s value remained below $0.05 till mid November when the prices assumed an upward trend.
The bullish trend gained momentum in December, 2017 catapulting the value of the coin to a record high of $1.22 in 4th January, 2018. the prices later retraced to find a resistance at $0.63 on 11th January, before resuming with the bullish trend.
As of 14th Janauary, 2018, the coin was going at $0.852624. comparing this to its price when it was first listed on the financial mrkets, it represents a 4,150% growth rate, which is more than what most digital currencies (even the major coins like Bitcoin) have registered in a year.
If it continues with the same growth rate, investors might see the value of the coin going past $30 in 2018.
It is clear that the Cardano (ADA) coin started 2018 with a boom and it is expected to even do better once the new blockchain and Daedalus wallet are realised.