A blockchain platform, Cardano uses a proof-of-stake mechanism to approve transactions. Cardano’s mechanism is more energy efficient than the proof-of-work mechanism used for traditional Bitcoin mining.
Called a “third-generation” cryptocurrency, Cardano’s token, ADA, is awarded through validation of all transactions on the blockchain. That’s different than Bitcoin (BTC), which is awarded through mining. In 2021, the Cardano network started supporting smart contracts to step up its functionality and make a major push towards becoming an advanced cryptocurrency.
For the last few years, Cardano has been one of the top cryptocurrencies in terms of its sheer growth rate. That makes it hard to ignore as an investment.
Rising concerns around climate change and energy consumption puts Cardano at an advantage. Cardano’s platform uses a much more environmentally friendly proof-of-stake mechanism. Other traditional cryptocurrencies, like Bitcoin, use a less energy-efficient proof-of-work mechanism.
Still in development, Cardano is working towards its third stage, called the Basho upgrade. During that upgrade, the coin will supposedly “scale up” to function faster and support many more transactions. Such functionality should correlate to direct growth in Cardano’s crypto value, making it a promising line of investment.
Cardano stands out for investors as one of the most environmentally friendly blockchain platforms in the world.
As well, you easily can make passive income by staking your ADA. Once you buy Cardano, you can transfer it to a wallet that supports ADA staking. By selecting a stake pool and committing your ADA coin, you can earn rewards just for being a part of the community.
By letting you generate income just by holding the coin, Cardano stands out as a cryptocurrency for anyone who worries about the risks of investing in crypto coins.
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