Emily Clarke

What is Cardano?

Since Bitcoin launched in 2009, countless virtual currencies have emerged to create a thriving cryptocurrency market. There are many decentralized networks and coins to invest in if you're interested in crypto. While most are familiar with Bitcoin and Ethereum, lesser-known alternatives present compelling investment opportunities.

Take Cardano as an example. With a Cardano price feed API, you can make the most out of the blockchain to grow your wealth in many unique ways.

Cardano 101

Cardano is a decentralized proof-of-stake (POS) blockchain. It differs from Bitcoin because it provides the coin, Ada, as a reward for work done on the blockchain by users participating in a stake pool. Bitcoin is proof of work (POW), but Cardano is proof-of-stake.

The coin is called ADA and pulls inspiration from Augusta Ada King. Known as the Countess of Lovelace, many view King as the world's first computer programmer.

Cardano entered the scene in 2017, but its early roots date back to 2015. Charles Hoskinson created Cardano as a decentralized application development platform. It has a multi-asset ledger and verifiable smart contracts. Many people who invest in decentralized finance (DeFi) utilize Cardano for its proof-of-stake protocols.

About Staking Pools

The thing that makes Cardano unique is the proof-of-stake protocol. Cardano runs on the Ouroboros consensus protocol, designed to reduce energy by eliminating the computer resources requirement of POW mining.

Users can stake a coin to become a validator with the consensus mechanism. Staking is a way to put crypto assets to work. Users can lock their holdings into the stake pool. The pool acts as a server node that validates transactions.

How Cardano Differs from Bitcoin

Beyond the POS nature of Cardano, this blockchain differs from Bitcoin in many ways. First, the creators of Bitcoin designed it to be a peer-to-peer payment system. Cardano is a more flexible ecosystem. It allows other developers to create decentralized applications, coins and more. It's a scalable blockchain network with tons of potential.

So should you invest in Cardano? A Cardano price feed API can help you keep track of ADA value and find unique ways to stake your coin and grow your wealth.

Author Resource:-

Emily Clarke writes about global equities markets, commodities prices, forex rates and more. You can find her thoughts at data analytics blog.