Crypto Spotlight: ADA
ADA is one of the newest additions to the Wirex app. It’s a name you’ve probably heard many times before in crypto, but what is it actually all about?
What is ADA?
ADA is the native cryptocurrency on the Cardano blockchain. It works as a proof-of-stake (PoS) token to provide a fast and secure transfer of value, as well as allowing users to operate smart contracts and applications.
Who created ADA?
ADA was launched in 2017 by Charles Hoskinson and Jeremy Wood.
What does it do?
The ADA token can be used by holders to help operate the Cardano blockchain network and vote on changes to software rules, such as inflation rate. Ownership of ADA determines who gets to add new blocks, as well as who earns a share of transaction fees.
Following the Shelley platform upgrade, Cardano enabled delegated staking. This means that ADA owners are now able to allocate votes to other users and earn rewards.
What makes it unique?
ADA is unique in how it enables its holders to contribute to Cardano’s network and its software, thus encouraging them to hold the token and potentially increase its future value. It’s also currently the third biggest token by market capitalisation after Bitcoin and Ethereum!