After a brief hibernation this summer, cryptocurrencies are rising again. And this time, traders are baffled about Cardano’s token ada.
But what is it and how did it become the third largest cryptocurrency? Here’s what you need to know:
What is Cardano?
Cardano is a decentralized blockchain platform launched in 2017 and led by Ethereum co-founder Charles Hoskinson. Its self-described mission is to become a more sustainable and environmentally scalable blockchain network, in part less dependent on energy-consuming cryptocurrency miners.
What is ada?
Ada is a digital token or cryptocurrency. Works with the Cardano blockchain. It is so named by Ada Lovelace, a nineteenth-century mathematician who is often regarded as the first computer programmer.
Why does the price go up?
In general, high currencies, or alternatives to bitcoin, have been on the rise lately as individual investors accumulate in cryptocurrencies. Cardano’s ada testimonial has appeared as a recent favorite of the package.