- 11th February 2021
- Posted by: Hakeem
- Category: Crypto
The fourth most valuable crypto asset by market value is witnessing high buying pressure amongst crypto investors lately.
Over the past week, Cardano has seen a surge in its market value, gaining as much as 104%.
Cardano traded at $0.944901 by 19:31 on Wednesday, up 33.87% on the day. It was the biggest one-day percentage gain since January 3, 2018.
The move pushed Cardano’s market cap up to $28.8 billion, or 2.11% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $28.6 billion.
Cardano is a type of blockchain that permits people to receive and send funds. ADA coin is the name of the cryptocurrency. It also allows people to design smart contracts just like Ethereum.
As discussed earlier, the chip can store private keys and the system proposed by Cardano’s founder will allow them to be transferred from one chip to another.
Cardano’s blockchain is built to help African farmers without internet with financial services.
Furthermore, with the proof of erasure, it can be guaranteed that the keys only exist on one chip. That way, the use of the internet is not necessary for transfers:
“So if you can do that, you can basically just tap phones locally with no Internet connection to each other and move value. Like you would a twenty-dollar bill from one actor to another actor, and you’ve replicated the cash experience.
“Now, what’s nice about the solution is it’s infinitely scalable because these transactions actually don’t occur on the blockchain. So from the blockchain perspective, nothing has happened,” Cardano’s creator, Charles Hoskinson.
Cardano’s chip can keep private keys and the system proposed by Cardano’s founder will allow them to be transferred from one chip to the other.