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What is Ada Coin (ADA)?
Ada Coin (the native token of Cardano, abbreviated as ADA) is one of the most academic contenders in the cryptocurrency space today.
Its founder is Charles Hoskinson, who was one of the co-founders of Ethereum back in the day, and later left to create Cardano due to ideological differences. Cardano does not shout about wanting to change the world like many other coins; it follows a particularly 'slow and meticulous' approach: first writing papers, publishing academic results, and then gradually bringing the code online.
The entire project has been in research since 2015, and it has been over a decade now, claiming to be the third generation of blockchain— the first generation being Bitcoin (decentralized currency), and the second generation being Ethereum (smart contracts). Cardano aims to be a next generation that is safer, more sustainable, and scalable. Its core technology is called Ouroboros (Ouroboros is the serpent that bites its own tail in Greek mythology), which is a proof-of-stake (PoS) consensus mechanism that saves energy compared to Bitcoin mining and is more scientifically grounded than early PoS.
Cardano's token is called ADA, reportedly named to commemorate the 19th-century mathematician Ada Lovelace (the world's first programmer). Currently, Cardano has launched smart contract functionality (Alonzo upgrade), supporting applications such as NFTs, DeFi, and stablecoins, but its ecosystem is still much smaller than Ethereum's.
Its advantages include: very rigorous code, strong academic backing, and a relatively rational community; its disadvantages are: slow development speed and slow application deployment, often criticized for being too academic. If you feel that other coins are too frivolous and want to find a blockchain project that resembles scientists conducting research, Cardano and its ADA might be just what you're looking for.
$ADA
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