Cardano Claims To Be The Most Valuable Crypto Currency On The Market, Here's The Explanation

Cardona has minimal energy use. (photo: executium/unsplash)

JAKARTA - The Cardano platform could be the most valuable in the 'cyber world'. Currently its virtual currency (ADA), even surpasses current market leaders like bitcoin or Ethereum by increasing its value by 1000% during this year 2021.

Thursday, August 26, Cardano's price rose 19%, which surpassed the Binance coin and placed in the third most valuable cryptocurrency on the market, according to Sebastian Sinclair at Coindesk. This fact, allows the cryptocurrency to climb even higher because of its "sustainable" nature. This currency is even called profitable because it is "environmentally sustainable", due to the minimal level of power usage.

When Tesla CEO Elon Musk announced that the company would stop accepting bitcoin payments, more than a quarter of a trillion dollars were removed from the global cryptocurrency market. However, ADA survives because of its blockchain protocol, which is based on proof of ownership and not work.

The underlying technology of the platform refers that it does not rely on 'super' computers to process transactions and generate new ADA units. However it values the percentage of coins it has in the miner rather than the processing power it has.

Charles Hoskinson, founder of Cardano, estimates that his network uses 0.01% less power than the bitcoin network. This has the potential to increase the energy efficiency of the proof-of-work system. This is different from bitcoin or Ethereum, which are said to be very energy-intensive.

According to the platform's forums, Cardano's future potential can be compared to companies like Amazon, Facebook and Netflix. “Cardano aims to be a global financial computer. Here for everyone who can use a decentralized currency to create decentralized services,” the post reads.