Cardano Bull Run: New Roadmap Lifts ADA to Top 10
The Cardano (ADA) market price has soared by 600% since trading started in October, and the bull run continues.
Cardano (ADA) continues to explode for days now, growing to $0.13 from its long-standing resistance of $0.03. The price continues to rise, currently up 163% just in the past 24 hours, as investors eagerly anticipate the next roadmap announcement forecast coming ahead of the weekend.
The rapid boost in prices landed the ADA token on position nine at CoinMarketCap, once again re-arranging the top 10 of coins ordered by market capitalization.
But some are still skeptical, believing the move of ADA to be a short-term pump:
"I like how$ADAis going hard and nobody is talking about it#Cardano" — Crypto K.R.I.T. (@Coin_Controlla) November 28, 2017
What is Cardano (ADA)
The Cardano project began back in 2015 with the aim to be “the first blockchain project to be developed from a scientific philosophy”. Partnered with IOHK, a leading cryptocurrency development company, its impressive team of academics and cryptographers includes Professor Aggelos Kiayias from the University of Edinburgh and Ethereum co-founder Charles Hoskinson.
Since its arrival on Coinmarketcap last month, ADA’s price struggled to break $0.03 following a drop to $0.019 after its first roadmap announcement failed to excite investors. With a maximum circulating supply of 45 billion coins and 99.9% of its trading volume coming from one single exchange, Bittrex, it may be fair to assume that some may have overlooked this coin up until now.
What can we expect from Cardano?
For the first time ever, Cardano offers an academic peer-reviewed "provably secure proof of stake protocol" named "Ouroboros", which claims to defend against an array of attacks on the blockchain. Coupled with an adaptive consensus algorithm, this new PoS protocol lays the foundations for expansion in the future development of the project.
Cardano are also in the process of creating an ADA debit card, which will link to an app that can be topped up via Cardano’s in-house wallet, Daedalus. Something that many other cryptocurrencies, including TenX, have tried to do in the hope of bridging the gap between the crypto market and general commerce.
Cardano serves a much-needed role in the cryptocurrency community. Cardano is working on a programming language for smart contracts that would one day allow for a formal-verification approach to programming. This would avoid the pitfalls of contract bugs that have led to many losses in the past, since blockchain and smart contracts are unforgiving about mistakes.
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