Cardano is an open source, Proof-of-Stake (PoS) blockchain network founded by Ethereum Co-founder Charles Hoskinson in 2015, and later launched in 2017. Cardano looks to fill the need for a more energy efficient blockchain solution to Proof-of-Work, the consensus mechanism used in Ethereum’s underlying blockchain network infrastructure. This is a large part of the reason why Ethereum news has been primarily centered around its work over the last several years to get its highly publicized merger to PoS complete.
PoS Smart Contract Platform
Cardano operates on the Ouroboros consensus protocol, a Proof-of-Stake model. In the Proof-of-Stake consensus mechanism, nodes on the Cardano blockchain network operate as validators, which are node operators given a varying degree of ability to open blocks on the network according to the stake held by the node. Staking amounts on Cardano is equivalent to the exact number of ADA the operator has staked long-term in an active Cardano staking pool.
Cardano Cryptocurrency Coin
Transactions, development and activities on Cardano are powered by the ADA cryptocurrency coin. ADA is used as currency exchanged to satisfy network fees and other expenses on the Cardano network. At the current time of writing there are over 34,277,702,081 Cardano tokens issued and 33,934,048,405 in circulation. The total supply of ADA is capped at 45,000,000,000.
ADA is consistently a top 10 cryptocurrency. At the current time of writing, ADA is the number 8 cryptocurrency by total market capitalization.
2022 Recent Cardano News
Cardano was given a strong public bode of support by Swiss-based digital assets bank, Sygnum. Sygnum Bank, documented as being the first regulated digital assets bank in the world, is said to offer institutional-grade security for its clients, who place trust in the global digital assets bank as a secure investment platform.
ADA staking is now offered to Sygnum Bank clients, who will receive rewards for their stake in one of over 3,100 pools already created and running on Cardano. In addition to ADA, Sygnum also offers its clients staking options with Ethereum, Internet Computer and Tezos cryptocurrencies on its platform.
More On Cardano And ADA In 2022
Earlier Cardano news was heavily centered around the price of ADA, which is down 63% from this point last year. This is not far off of the news for most other cryptocurrencies, which have mostly all suffered losses in market capitalization, reflected also in asset price. There has been a total loss of over $2 Trillion across the entire cryptocurrency market capitalization since just last year, leaving just over $1.09 Trillion in total market capitalization according to most recent records available today.
ADA did experience surges like other altcoins as well, in July, not long after hitting a recent record low of $0.42 on July 11. The current price of ADA at the time of writing is $.50, up almost 20% from that earlier low price level.