$ (ADA) Cardano - Ethereum's African half-brother

[ForTheHoard]

I'm surprised this thread hasn't been made yet. At the time of writing, Cardano is ranked 5th among all cryptocurrencies for market cap. ADA is often touted as a "green" alternative to other smart contract block chains, and its price slowly increased while the rest of the market took a shit after Tesla's comments on BTC being environmentally unfriendly. For the sake of disclosure, I hold and stake Cardano and I'm not a financial advisor.

From CoinMarketCap.com:

What Is Cardano (ADA)?​

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals” — helping to create a society that is more secure, transparent and fair. Cardano was founded back in 2017, and the ADA token is designed to ensure that owners can participate in the operation of the network. Because of this, those who hold the cryptocurrency have the right to vote on any proposed changes to the software. The team behind the layered blockchain say that there have already been some compelling use cases for its technology, which aims to allow decentralized apps and smart contracts to be developed with modularity. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.

Who Are the Founders of Cardano?​

Cardano was founded by Charles Hoskinson, who was also one of the co-founders of the Ethereum network. He is the CEO of IOHK, the company that built Cardano’s blockchain. In an interview for CoinMarketCap’s Crypto Titans series, Hoskinson said that he got involved in cryptocurrencies back in 2011 — and dabbled in mining and trading. He explained that his first professional involvement in the industry came in 2013, when he created a course about Bitcoin that ended up being taken by 80,000 students. As well as being a technology entrepreneur, Hoskinson is also a mathematician. In 2020, his technology company donated ADA worth $500,000 to the University of Wyoming’s Blockchain Research and Development Lab.

What Makes Cardano Unique?​

Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually. The project has taken pride in ensuring that all of the technology developed goes through a process of peer-reviewed research, meaning that bold ideas can be challenged before they are validated. According to the Cardano team, this academic rigor helps the blockchain to be durable and stable — increasing the chance that potential pitfalls can be anticipated in advance. In 2020, Cardano held a Shelley upgrade that aimed to make its blockchain “50 to 100 times more decentralized” than other large blockchains. At the time, Hoskinson predicted that this would pave the way for hundreds of assets to run on its network.

How Many Cardano (ADA) Coins Are There in Circulation?​

There is a maximum supply of 45 billion ADA — but at the time of writing, there was a circulating supply of about 31 billion. Five rounds of public sales of Cardano tokens were held between September 2015 and January 2017. Approximately 2.5 billion ADA was allotted to IOHK once the network launched. Meanwhile, an additional 2.1 billion ADA was given to Emurgo, a global blockchain technology company that served as a founding entity of the Cardano protocol. Last but not least, 648 million ADA was given to the not-for-profit Cardano Foundation, which aims to promote the platform and increase levels of adoption. Overall, about 16% of ADA’s total supply went to the project’s founders, with the remaining 84% being split among investors.

How Is the Cardano Network Secured?​

Cardano is secured through an “environmentally sustainable, verifiably secure” PoS protocol that’s known as Ouroboros. The project says that Ouroboros improves upon the security guarantees that are delivered by a PoW consensus mechanism while using substantially less power — claiming that it is four times more energy efficient than Bitcoin. It is described as a blend of unique technology and mathematically verified mechanisms, with behavioral psychology and economic philosophy thrown in for good measure. Overall, the objective of Ouroboros is to achieve sustainable and ethical growth. An incentive mechanism means that participants in the network are rewarded for their involvement.

 

[shameful existence]

Most staked crypto (73%).
Best community.
Is not going to save Africa, but that's OK.

 

[DiddyKongMain1989]

I'm hodl'in.

 

[An Avenging Bird]

Hoskinson strikes me as being full of shit and completely up his own ass but I did enjoy this exchange with equally up his own ass Max Kaiser a few weeks ago

 

[ForTheHoard]

Hoskinson strikes me as being full of shit and completely up his own ass but I did enjoy this exchange with equally up his own ass Max Kaiser a few weeks ago

View attachment 2210626

Max is driving me nuts lately. In my opinion, going all in on 1 digital asset is a bad idea and he should know better. He's also leveraging his gold to buy more BTC.

 

[mindlessobserver]

Cardano makes a good hedge in case Ethereum implodes. It is frustratingly tied to what ETH is doing ATM though.

 

[HOMO FOR LIFE]

I am looking to add cardano soon. I think er $500 to start. I dunno. I bought $25 for lulz.

 

[ForTheHoard]

I am looking to add cardano soon. I think er $500 to start. I dunno. I bought $25 for lulz.

Smart contract implementation is coming soon. I'm extremely bullish on ADA this summer and have pulled over profits from my bitcoin. More use cases means more exposure, and it could see close to $10 by the end of the year. Fingers crossed.

 

[mindlessobserver]

Smart contract implementation is coming soon. I'm extremely bullish on ADA this summer and have pulled over profits from my bitcoin. More use cases means more exposure, and it could see close to $10 by the end of the year. Fingers crossed.

ADA is about half my portfolio right now. I like where it's going, especially considering the meme coin spam on Ether. The other half is still Ether and BAT though.

 

[IAmNotAlpharius]

ADA is about half my portfolio right now. I like where it's going, especially considering the meme coin spam on Ether. The other half is still Ether and BAT though.

I’ve been getting a lot of cardano too in order to hedge against eth.

 

[ForTheHoard]

ADA is about half my portfolio right now. I like where it's going, especially considering the meme coin spam on Ether. The other half is still Ether and BAT though.

I recommend staking it if you're not already. I use Adalite.io as a wallet with my keys stored on a hardware wallet and it's the most convenient way I've found. Current return is about 5-6% per year and there's not a lock period so you can pull all your ADA out whenever you want.

 

[shameful existence]

I use Adalite.io as a wallet with my keys stored on a hardware wallet and it's the most convenient way I've found.

I use Yoroi and a hardware wallet and can confirm. Pretty effortless.

 

[Marchesa of the Vast]

I use Daedalus and a hardware wallet, Daedalus being the full node wallet. Just keep in mind with staking they make you wait like 4 epochs before you start receiving rewards.

 

[An Avenging Bird]

Max is driving me nuts lately. In my opinion, going all in on 1 digital asset is a bad idea and he should know better. He's also leveraging his gold to buy more BTC.

Kaiser thinks he's entitled to be believed on everything he says because he brought Bitcoin to many people's attention in 2011.
Fact is, since he says stupid things like, "There's nothing the other cryptos do that Bitcoin can't do" proves he either doesn't know what he's talking about or he is singularly stuck trying to pathetically pump his own investment when, in a true free market, people will decide for themselves the demand level.

I don't take him seriously in the least.

 

[Tookie]

Sitting on a bunch of this and XLM. Hedged effectively against the BTC crash and ETH's retracement.

 

[ForTheHoard]

Kaiser thinks he's entitled to be believed on everything he says because he brought Bitcoin to many people's attention in 2011.
Fact is, since he says stupid things like, "There's nothing the other cryptos do that Bitcoin can't do" proves he either doesn't know what he's talking about or he is singularly stuck trying to pathetically pump his own investment when, in a true free market, people will decide for themselves the demand level.

I don't take him seriously in the least.

He also has a stake in BitcoinSwan.com and they offer BTC only recurring purchases. I think his target audience is boomers looking to get into crypto with minimum effort exerted. I keep buying bitcoin but almost always trade it for something else. I don't leave my coins on the exchange and I only buy it $200-$500 at a time, so when the time comes to transfer it to my hardware wallet, I'm looking at a $50 fee. I'd love to hold BTC but I'm not gonna pay the insane fees to move it every time and I'm not willing to hold high enough value on the exchange to make the fee worth it.

 

[mindlessobserver]

He also has a stake in BitcoinSwan.com and they offer BTC only recurring purchases. I think his target audience is boomers looking to get into crypto with minimum effort exerted. I keep buying bitcoin but almost always trade it for something else. I don't leave my coins on the exchange and I only buy it $200-$500 at a time, so when the time comes to transfer it to my hardware wallet, I'm looking at a $50 fee. I'd love to hold BTC but I'm not gonna pay the insane fees to move it every time and I'm not willing to hold high enough value on the exchange to make the fee worth it.

This is why I think BTC is boned in the long run. The Proof of Stake consensus blockchains are just way more efficient. The ultimate proof of somethings value is someone is willing to sell it and someone is willing to buy it. Bitcoin has become too unwieldy and the major stakeholders have been too resistant to change for far too long.

 

[John Furrman]

I believe

 

[Kujo Jotaro]

This is why I think BTC is boned in the long run. The Proof of Stake consensus blockchains are just way more efficient. The ultimate proof of somethings value is someone is willing to sell it and someone is willing to buy it. Bitcoin has become too unwieldy and the major stakeholders have been too resistant to change for far too long.

Also wtf is even the point of bitcoin? Originally it was for payments I assume, but the transaction speeds are so abysmal the only thing you could justify it for is large payments. Which would require it to retain its inflated price. Ik it's a meme but BTC is basically dead, great proof of concept but the only thing's it has going for it now are #1 name recognition, and #2 its price history. Not saying that BTC won't stay the dominant coin for years to come, but I don't see it dominating beyond 2030. Also store of value is such a meme, doesn't matter how big the market cap is crypto is such a speculative asset that a 10% drop in a day hardly even causes people to blink.

 

[shameful existence]

I took Charles Hoskinson's appearance on today's Lex Fridman on a long walk with me, so in case anyone cares what the 5 hours are about... It's more technical than the Vitalik interview from last week and will have more value to someone tech smarter than me. He only had nice things to say about ETH, but was somewhat aggressive towards BTC maximalists ("PoW religion", "does nothing"). Didn't address the accusations of sociopathy etc. directly, but shades the guy who wrote the book where this wave of gossip came from. At the age of 33, he puts himself into a role of a wise old man who has seen a lot, calls many other crypto people "kids". To be fair, he knows something about pretty much everything and met almost everyone. Didn't mention Steve Jobs once and slowed down on the aesthetics.

Spoiler: Embedded: Charles Hoskinson: Cardano | Lex Fridman Podcast #192

Spoiler: Clipped: On why he has a farm and what he did with his ETH.