After a brief hibernation this summer, cryptocurrencies are surging again. And this time, traders are abuzz about Cardano’s ada token.
But what is it and how did it become the third-largest cryptocurrency? Here is what you need to know:
What is Cardano?
Cardano is a decentralized blockchain platform launched in 2017 and spearheaded by Ethereum co-founder Charles Hoskinson. Its self-described mission is to become a more environmentally sustainable and scalable blockchain network, in part by relying less on energy-consuming cryptocurrency miners.
What is ada?
Ada is a digital token, or cryptocurrency. It runs on the Cardano blockchain. It is named for Ada Lovelace, a 19th-century mathematician who is often regarded as the first computer programmer.
Why is the price climbing?
In general, altcoins—or alternatives to bitcoin—have been surging lately as individual investors pile back into cryptocurrencies. Cardano’s ada token has emerged as a recent favorite in the pack.