Cardano has the not-so-insignificant goal of “making the world work better for all” and is a blockchain platform not in itself a cryptocurrency
Cryptocurrency giants Bitcoin and Ethereum continued to surge amid slow week for Cardano.
Bitcoin has risen 12.5% since the start of the week and on Thursday was trading at just over $54,000, while Ethereum has climbed 4.6% to $3,560.
Cardano, meanwhile, is yet to enjoy the same support, climbing a mere 2.3% since the start of the week to $2.29.
However, Cardano’s Ada cryptocurrency was priced at just 17.5 US cents on exchanges at the start of the year.
Cardano, which has the not-so-insignificant goal of “making the world work better for all”, has a different approach to computation compared to Bitcoin and Etheruem.
It uses a ‘proof of stake’ (PoS) methodology to run its blockchain whereas Bitcoin and Ethereum use ‘proof of work’ (PoW), which require complex computation to make new crypto units. Increasingly PoW is a problem for the scaling, and, more recently, they are in the spotlight due to environmental concerns because of high electricity usage.
In simple terms, success in crypto mining in a PoS system is based on the amount of the crypto that a miner or a pool of miners hold – instead of completing difficult calculations as quickly as possible.
Detractors claim that POS is less egalitarian, could be more easily controlled by majority stakeholders, and some have also been sceptical about security.