Cardano (ADAUSD)

[stockvaper]

Cardano joins crypto’s creative destruction loop

"Watch out, bitcoin and ether. Cryptocurrency platform Cardano had its ADA token pass the $3 mark for the first time on Sept. 1, just weeks after becoming the world’s third-biggest virtual tender. While its total value at that price of $96 billion is roughly a fifth of that of Ethereum’s currency and a 10th of that of leader bitcoin, according to Coinbase, the No. 3 has doubled in a month.

Cardano differs from its bigger cousins because transactions are verified using “proof of stake,” which rewards ownership, rather than “proof of work,” which rewards effort. The former uses much less energy. Ethereum is switching to proof of stake, but maybe not for a year or two. On the other hand, Cardano is less suited to so-called smart contracts, which automatically execute certain agreed actions, until a revamp later in September. Another difference is that the supply of Cardano’s ADA is limited, like bitcoins but unlike ether’s."

Crypto-believers may just hedge their bets by investing in all of them. But Cardano’s rise shows how the space is evolving –

https://www.reuters.com/breakingviews/cardano-joins-cryptos-creative-destruction-loop-2021-09-02/