What is Cardano used for?

For now, Cardano’s primary use case is as a cryptocurrency. ADA, its cryptocurrency, is part of Cardano’s settlement layer. Cardano is often to as the “Japanese ethereum” and reports last year indicated that it was being made available in Japan through ATMs and debit cards.

Is Cardano a new cryptocurrency?

Not exactly, but there is a new cryptocurrency in town. After launching in September 2017, Cardano’s ADA token mostly remained under the radar of traders until the end of November. Since then, the cryptocurrency has jumped by 1,520%. With a market capitalization of $18.8 billion, Cardano is the fifth-most valuable cryptocurrency as of this writing.

What is Cardano Ada?

ADA is the cryptocurrency for the Cardano platform. Cardano’s coin is named after Ada Lovelace, a 19th-century mathematician known as the first computer programmer. People use ADA tokens to pay transaction fees for using the platform. It’s also given out to the validators as a reward for running the proof of stake system. How Does Cardano Work?

Is Cardano's current price justified?

Ripple might provide strong competition to Cardano’s ambitions of becoming a bridge between the existing financial system and cryptocurrencies. It would seem, then, that Cardano’s current price is not justified. However, it might be unwise to dismiss Cardano's valuation as a bubble.