Cardano (ADA) is a blockchain platform that validates high-speed transactions with low computing costs, using the proof-of-stake (PoS) consensus protocol. Cardano is one of the biggest cryptocurrencies by market cap, being hailed as the evolution of Ethereum (ETH). The Cardano blockchain is used to host decentralised applications (dApps) and execute smart contracts.
Cardano’s proof-of-stake protocol, named the Ouroboros protocol, aims to offer a greater level of security than existing proof-of-work protocols, while keeping computing costs low. ADA is the native token on the Cardano blockchain, ADA tokens can be used for staking on the Cardano platform to aid in verifying transactions. Anyone who stakes ADA is rewarded with more ADA tokens. The Cardano roadmap plans to use ADA to help facilitate smart contracts and run applications on the Cardano network.
Learn more about Cardano in our In-depth guide to ADA, available on Swyftx Learn.
The Cardano price charts display the price of ADA as Australian dollars (AUD). Swyftx users can use these charts to conduct crypto technical analysis and develop strategies for trading Cardano.
The ADA price chart is presented as a candlestick chart, which is the most popular chart used by traders. Candlestick charts track the price movements of an asset between hourly, daily or monthly trading intervals.
Check out our guide to candlestick charts to learn more about reading candlesticks.
Cardano was founded in 2017 by Charles Hoskinson, a digital currencies entrepreneur and co-founder of the Ethereum network. Hoskinson’s aim was to provide a more balanced and sustainable ecosystem for cryptocurrency.
The Cardano blockchain has been designed through evidence-based methods and peer-reviewed research. The blockchain proof-of-stake consensus protocol does away with the issues faces by earlier generation blockchain networks and instead provides people with increased transactions speeds and a fraction of the energy costs required.
Cardano’s PoS protocol is a sustainable security mechanism that greatly improves upon the security delivered by PoW mechanisms while also using less computing power. The ADA token is used when staking to verify the authenticity of a transaction.
Cardano (ADA) current price is influenced by supply and demand. When demand for ADA increases the price of the asset will rise. A decease in demand will cause Cardano price to fall. The supply of ADA will also affect the assets price. If there is low trade volume and excess ADA, Cardano price will go down.
When you trade Cardano with Swyftx means you receive the lowest trading fees and smallest spread on the Australian crypto market.
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