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[After the Alonzo update in ADA, anyone will be able to create and deploy their smart contracts on the Cardano blockchain.]
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[The ADA/USD price action is showing more momentum than ADA/BTC.]
A horde of cryptocurrencies that have appeared in the last 10 years.The ADA coin is one of the most popular and successful cryptocurrencies among them all.One of the major elements of its success might be the fact that Cardano uses proof of stakes as its consensus protocol.
How Does ADA Work?
It enables individuals, businesses, and societies to work together, solve global challenges, and pursue true democracy.The ADA coin holders can join the network by delegating or pledging their stake.It is based on scientific research, verified by experts, and secure enough to protect the data of billions.
Moreover, it uses Ouroboros, a cutting-edge proof-of-stake protocol, and Haskell, a secure programming language.The Ouroboros is a blockchain protocol that is secure, peer-reviewed, and scalable.Ouroboros allows Cardano to be decentralized and meet global demands without compromising security.
History of ADA
Hoskinson after leaving Ethereum over a strategy clash with Buterin.Hoskinson founded and launched ADA in 2016 to fund an innovative blockchain platform that might go beyond Ethereum and previous platforms.
Hoskinsons believed that after Bitcoin and Ethereum, a next-generation blockchain technology was needed.
The aim was to combine the best of previous developments.The new platform would solve the problems of scalability, security, interoperability, and sustainability.
Cardano was designed as a better and greener system than Bitcoin and Ethereum.It also benefited from Hoskinson’s reputation, who had created a successful project before and saw many other failures after the ICOs.
The name Cardano was inspired by Gerolama Cardano, a 14th-century Italian physician.ADA, on the other hand, comes from Ada Lovelace, a 19th-century mathematician and daughter of the famous poet Lord Byron.
ADA All Time Price History on Daily Time Frame
The value of the ADA token increased rapidly from $0.015 to over $3 after its launch.After various periods of decline and recovery on the chart, it currently has a CMP of $0.3011.
Weekly Development Report of ADA
As per the highlights shared by the recent development report this week.The core technology teams kept working on node, networking, and consensus enhancements.
This week, the Plutus tools team worked on the Marconi API queries and the Cardano node emulator.
They worked on integration testing and continued experimenting with the transition of Marconi to become the Cardano node.
The Marlowe team added a flat version of the functions for submitting transactions from ts-SDK.
It implemented health checks to verify the validity of runtime URLs and enabled consumers to access their wallet-associated contracts.It helped in improving user convenience and accessibility.
Moreover, the team conducted extensive user testing for the Runner MVP.It focused on creating a proof of concept (POC) of the survey contract in ts-SDK.They also added several key functions, such as “getTransactionById” and “getTransactionsForContract”.They also published the TS-SDK explainer, integrated ts-SDK with the vesting contract, and added the ts-SDK test suite.
In addition, the statistics shared by Cardano (ADA) highlight that it has launched 147 projects and 1295 projects are being built as of now.
The token policies are 80,319, and 77.2 Million transactions.Further, ADA had 6,211 Plutus v1 scripts and 4,158 Plutus v2 scripts.
Best Cardano dApps Worth Watching?
MinSwap- it is a decentralized exchange on the
cardano.It uses AMM to enable low-cost and efficient trading of assets via a user-friendly experience.
MELD- It is the very first DeFi app on Cardano that offers complete banking solutions.It allows users to borrow and lend both fiat and crypto.
Cornucopias- It is a gaming platform that connects virtual and real-world commerce.It offers unlimited possibilities for gamers, builders, designers, and entrepreneurs as well.
Empowa- it is a token that allows groups and people to join the Empowa ecosystem.
It supports Africa with a common value unit through sustainable community development projects.
Revuto- this project aims to solve the mass- subscription management-related issues faced by people.It acts as a central account that would be helpful to pay all the user’s subscriptions.It will give the users full-fledged control over the payments in Revuto.
Why USD Pair is Moving Ahead of the BTC Pair of ADA?
ADA/BTC has experienced a steep decline of about 85% from its all-time high of $0.00006000 in August 2021.The price has remained below the trendline and has not broken out of the bearish structure.The recent rally only brought a modest gain of about 9%.
ADA Coin’s price is also below both the 50-day and the 100-day EMAs, indicating a strong downtrend.
ADA/USD has also dropped significantly, losing about 94% of its value from its all-time high of $3 in August 2021.However, unlike ADA/BTC, the price has managed to break above the trendline and escape the bearish structure.The recent surge was impressive, showing a rise of about 25% and heading upwards.The price is also above both the EMAs, signaling bullishness.
Cardano Alonzo Hardfork
The Alonzo hard fork is a major upgrade on the Cardano network that oversees the much-anticipated implementation of smart contract functionality.Smart contracts are pieces of computer code that automatically run when a certain kind of predefined conditions are met.
After the Alonzo update, anyone will be able to create and deploy their smart contracts on the Cardano blockchain.
A ghost chain is a dead crypto project.Cardano cannot be considered as one of the ghost chains because its ecosystem is growing.
Summary
The price action in the BTC pair shows weakness and not much growth in price as compared to the USD pair of ADA crypto.Unlike ADA/BTC, the ADA/USD price has managed to break above the trendline and escape the bearish structure.The EMA is keeping the USD pair upwards and the BTC pair is kept below the major EMA’s.
Technical Levels
Support Levels: 0.25 and $0.20
Resistance Levels: $0.35 and $0.40
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice.Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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