Cardano is a decentralized proof-of-stake (PoS) blockchain that was designed to become a better alternative for proof-of-work (PoW) networks. The interoperability, sustainability, and scalability of the PoW networks are limited due to the energy usage, growing costs, and slow transactions.
Cardano was developed by the co-founder of Ethereum blockchain, Charles Hoskinson, who realized the challenges faced by ethereum. This search led to the launch of the platform in 2015 and the native token ADA in 2017. The current market cap of ADA is $43,372,974,817 with a trading volume of $798,258,642, as of July 2021. The current price of this token as of 9th July 2021 is $1.36.
Basics of Cardano
The current price of the token is $2.22 as of October 2021. The maximum supply of this coin is capped at 45 billion while the current supply being 32 billion. The token achieved its all-time high value on September 2021 for $3.09. The token was at its all-time low on March 13, 2020, at $0.019.
Why buy Cardano
Cardan offers numerous use-cases of Ethereum blockchain and its smart contracts. The design of Cardano was such that it was energy efficient and supported fast transactions at nominal transaction fees since its inception. Investors who are interested in hard money are also inclined towards Cardano. The strict supply cap of the coin is 45 billion when compared to Ethereum that does not have any fixed limit on the supply cap.
It has been quite successful in the past years and currently holds the fifth position in the world with respect to its market capitalization. The project has drawn a lot of attention in 2021 when the environmental impact of crypto was brought to discussion. Experts believe that Cardano has the potential to soar in the months and years to come.
3 Random facts about Cardano
-Cardano (ADA) received its name after the world’s first computer programmer.
-It required a fraction of the energy consumed by BTC.
-Since its inception, Cardano has always been among the top 10 cryptocurrencies.
Cardano price trends
|Cardano (Year closing price)||$0.44||$0.033||$2.22|
Also Read: Top 10 Crypto to Invest
How to buy Cardano on CoinDCX
The three-step process to get your first ADA on CoinDCX
- Sign up to CoinDCX platform
The very first step to buy your first ADA on CoinDCX is signing up to the platform. Use a valid email id to create the account. Use a strong password to avoid any security issues.
- KYC verification
CoinDCX is very particular about the credibility and authenticity of the user. You need to submit the required documents once logged in to complete your KYC. It hardly takes 15 minutes for the complete verification.
- Buy Caradano on CoinDCX
Once the KYC has been verified you shall be redirected to the buying section where you can get your first ADA for an exchange of fiat currency. Deposit the money and the token with the same amount will be reflected on the CoinDCX token list. With these three steps, you can easily make your first crypto investment.