CARDANO (ADA) has become one of the fastest-growing cryptocurrency’s and is now the third biggest by market capitalisation.
But what is Cardano and what are the price predictions for ADA?
What is Cardano (ADA)?
Launched in 2017, ADA was created by Hong-Kong based blockchain infrastructure firm Input Output (IOHK), which was co-founded in 2015 by Ethereum co-founder Charles Hoskinson.
The ADA cryptocurrency is run on the Cardano blockchain.
The Cardano blockchain is a first-of-its-kind decentralised network that can be used to build smart contracts and which in-turn can create decentralised applications and protocols (a protocol is a set of rules used to communicate between systems in a network).
The Cardano blockchain also allows you to send and receive funds instantly with small fees.
Cardano is looking to solve many of the blockchain industry’s current problems, including building a blockchain with regulations in mind, providing a provably secure blockchain that is less prone to cyberattacks, the creation of a secure voting mechanism for token holders and a mechanism that is infinitely scalable.
What are the uses of Cardano?
One of the main ideas behind Cardano is its PoS blockchain protocol.
This means ADA is staked to the blockchain to help “stake pool operators” verify transactions on the digital database.
Staking cryptocurrencies is a process that involves committing your cryptocurrency assets to support a blockchain network and confirm transactions.
In return those who stake their ADA to the blockchain are given more Cardano in return.
This staking system helps maintain security on the blockchain.
Unlike other blockchain projects, it isn’t miners who vote and decide on changes to the protocol, it’s the owners of ADA.
Therefore, when a development is proposed to the Cardano blockchain, holders of the coin can use their ADA to vote on these ideas.
Everyone who owns the cryptocurrency has a say in its development.
Moving forward, ADA will also be used to power the smart contract platform on the Cardano blockchain.
Developers will use ADA to create smart contracts and applications that run on the blockchain.
Without a Cardano coin, there wouldn’t be a way to execute these contracts.
Cardano can also be used as a transfer of value in a similar way that cash is currently used.
This is not different from other cryptocurrencies such as Bitcoin and Ethereum.
Cardano (ADA) price predictions 2021, 2022, 2023, 2024 and 2025
How the value of Cardano (ADA) will change moving forward is impossible to know for certain.
Forecasting site WalletInvestor predicts Cardano will reach between $2.58 and $2.98 by the end of 2021.
By the end of 2022, they predict ADA will reach between $4.21 and $4.95, between $5.55 and $7.14 by the end of 2023, between $6.85 and $9.54 by the end of 2024 and by December 31, 2025, WalletInvestor predicts Cardano will reach between $8 and $11.93.
Meanwhile, DigitalCoin predict ADA will reach $3.66 by the end of 2021, $4.53 by the end of 2022, $5.07 by the end of 2023, $6.17 by the end of 2024 and $7.31 by the end of 2025.
