Cardano remains one of the most popular projects among crypto fans in 2023. Unfortunately, in 2022, the ADA token suffered heavy losses. But in the last few weeks, the ADA price has been seeing strong increases, which also reflects further developments in the network. But why do so many experts think that Cardano should be the future of the crypto market? Let’s look at the top 3 Cardano use cases.
What is Cardano (ADA)?
Cardano (ADA) is a cryptocurrency founded in 2015 by Charles Hoskinson, one of the founders of Ethereum, and has since established itself as one of the largest networks in the market. Cardano uses “Proof of Stake” (PoS), which enables transactions to be processed faster and more energy-efficiently.
The network is being scientifically developed and would like to combine the 3 major points of scalability, decentralization and security. The development proceeds in different phases. Most recently, the implementation of smart contracts was completed in 2021.
Cardano has been nicknamed the “Ethereum killer” as it is a strong competitor to Ethereum in the blockchain space for smart contracts and decentralized applications.
Is Cardano (ADA) price up in 2023?
The price of Cardano’s ADA token was able to rise again in early 2023 after a long dry spell. The rate fell from $1.36 in 2022 to $0.25 at the end of 2022. In the first 2 to 3 weeks of the new year, however, the price was able to rise again to a value of 0.37 dollars.
In the last 2 to 3 days the increase has stabilized and we also saw a slight decrease of a few percentage points again . But the price is back to where it was before the FTX crash and previous altcoin rally in early November. So overall momentum is pointing up again after a disappointing 2022.
Top 3 Cardano Use Cases
There are several reasons why Cardano can become one, if not the most important cryptocurrency in the future:
3. Cardano offers multiple layers of security
If the scalability of a network increases, this is often at the expense of decentralization and, above all, security. This might not be the case with Cardano. Only the upper layers are changed there in order to achieve greater scalability. The lower layers remain unchanged, which guarantees the hardness and security of the network.
2. Cardano could become the most efficient blockchain
By starting on Proof-of-Stake, Cardano has had many advantages over Ethereum in the past, most notably in terms of efficiency. The network is “lean” in its development and can work with maximum energy efficiency through its various layers.
1. The network becomes Democratic
The last step of the roadmap is the Voltaire phase, which aims to establish a complete governance model. As a result, developments can be managed democratically and users retain control of the network.
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