Cardano (CRYPTO:ADA) has had one of the largest price increases of any major cryptocurrency so far in 2021. The cryptocurrency, which is presently valued at $1.71, is more than ten times more valuable than it was on January 1 and is among the top five cryptocurrencies by market valuation.
Cardano seems to be an altcoin garnering a lot of interest during 2021 as a crypto asset. Because of developers’ future plans for this young cryptocurrency, it has experienced significant growth in the past few months.
The developers recently announced the launch of the Alonzo testnet, as well as a plan for future development, including the much-anticipated smart contract capabilities.
Over a million ADA wallets were opened last month, a milestone that might be attributable to the forthcoming release of smart contracts. The digital cryptocurrency has also attracted over 600,000 staked addresses, totaling over $40 billion in staked value.
There are presently over 2,500 stake pools in operation. According to the most recent news addressing Cardano’s goals, August will mark the conclusion of Alonzo’s implementation. Blue, white, and purple will be the first three phases of the deployment. Each phase will introduce new features, which will very certainly lead to further milestones.
At the present time, the cryptocurrency is worth $1.7.
More environmentally friendly than Ethereum or Bitcoin
Both Bitcoin and Ethereum are built on energy-intensive “proof-of-work” systems, which require miners to utilize powerful computers to solve complicated arithmetic equations in exchange for money. In fact, it’s one of the reasons why the crypto market has been crashing recently, after Tesla’s decision to cease taking Bitcoin due to the mining’s massive environmental effect.
Cardano, on the other hand, has a considerably more environmentally friendly “proof-of-stake” mechanism, in which validators keep their currencies in the network to participate and receive incentives. Cardano’s network is “1.6 million times more energy efficient” than Bitcoin, according to its creator Charles Hoskinson.