Watch Out: Cardano (ADA) Users Alerted to Stay Away From This Dangerous Scam
Victims of the scam have already parted with over 200,000 ADA (worth almost $130K at current rates).
Cardano is a public blockchain working under the Ouroboros Proof-of-Stake algorithm. It’s touted to be the first one to have been founded on peer-reviewed research. It was founded by Charles Hoskinson – a mathematician who also co-founded Ethereum.
Cardano is also developing a smart contract platform that is supposed to deliver more advanced features than its competitors. It should serve as a stable and secure platform for developers to create enterprise-level decentralized applications (dApps).
Cardano was primarily initiated as a two-layer protocol that separates the ledger of the accounted figures from the reason for which these figures are passed from different accounts.
This distinct separation lets the smart contracts (still to be deployed) on the platform be more compliant.
Cardano works through the Ouroboros Proof of Stake (PoS) algorithm. The core innovation that Ouroboros introduces beyond security is a modular and flexible design that enables the composition of many protocols to enhance the overall network functionality.
ADA is the native token of Cardano. Interestingly, it’s named after Ada Lovelace – a 19th-century mathematician who is recognized as the very first computer programmer, also the daughter of the poet Lord Byron.
Every ADA holder also holds a stake in the network. Token holders can also delegate their tokens into a staking pool and earn rewards and participate in the governance of the blockchain.
Going forward, once Cardano’s smart contracts are live, ADA should also be usable for a variety of applications and services.
It has become one of the world’s largest cryptocurrencies, with a total supply of 45 billion.
In 2021, Cardano moved closer to integrating smart contracts on its network and continued with the new developments, in general.
On March 1st, the team launched the Mary update. It introduced core Goguen features of native token functionality and multi-asset support. On the other hand, Goguen is a major upgrade stage on the Cardano roadmap that introduces smart contracts and also the ability to build decentralized applications.
Victims of the scam have already parted with over 200,000 ADA (worth almost $130K at current rates).
ADA's uptrend has been evident lately, with its price exploding by over 80% in the past 30 days.
ADA has had an explosive month, experiencing a 60% price surge in the past 30 days.
The Cardano community is hyper-bullish on the network after its TVL hit a new ATH this year and its coin
SNEK's price climbed to a 6-month high.
ADA/FDUSD and DOGE/FDUSD were included as new Isolated Margin Pairs on Binance.
The report provides key statistics within Cardano network, including the launch of 150 projects and the ongoing development of 1,304
Hoskinson said regulators could label Bitcoin and Ethereum as securities just as easily as ADA if they wanted to.
"I like that guy. And you know what crypto is the answer," Hoskinson said.
Lucid thinks ADA's market capitalization could surge to $500 billion.