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After intense turmoil in late spring and early summer, the cryptocurrency market has picked up again. Bitcoin, Ether, Dogecoin are on a dynamic upward trajectory. But there is one cryptocurrency whose race impresses more than any other. This is Ada, a digital currency based on the Cardano blockchain platform. The latter was founded in 2017 and its stated goal is to offer a more environmentally sustainable blockchain network, based less on mining, which requires huge amounts of energy.
Ada is named after Ada Lovelace, a 19th century mathematician who is considered the first computer programmer. The excitement of the last few months around this particular cryptocurrency has to do in part with the upcoming upgrade of Cardano, which is believed to support it in the competition against the Ethereum network. Among other things, it will offer the so-called smart contracts, ie digital agreements, written in code, which can be executed without an intermediary, provided that certain conditions are met.
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A key difference of the Cardano platform is that it does not require such intensive mining - the process for which Bitcoin has been heavily criticized. As concerns about the impact of cryptocurrencies on climate change intensify, Ada is emerging as an attractive alternative and has seen its value more than double in less than a month. It closed at $ 2.85 on Friday, according to CoinDesk, which means it has a market capitalization of over $ 90 billion. It is thus the third largest cryptocurrency, based on market value, behind only Bitcoin and Ether.
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- Since the beginning of the year it has seen its value jump to almost 1,500%. At the same time Bitcoin has gained 67% and Ether has strengthened 340%.
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