Cardano ADA / USD is a decentralized and open source blockchain platform, with the consensus obtained through the use of the Proof-of-Stake (PoS) system. It successfully launched smart contracts after its hard fork.
Cardano was founded by Ethereum co-founder Charles Hoskinson and developed by his research firm, Input Output (IOHK).
The hard fork as a catalyst for growth
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On 2 September we talked about the potential that the official Alonzo hard fork had regarding the overall network.
On September 12, Input Output (IOHK) officially posted on Twitter to have implemented the Alonzo update to the rollover of the era and this welcomed the beginning of a new era of Cardano (ADA).
In addition to celebrating such a milestone, Cardano also noted that it’s still in the early stages of the project, and according to a blog post, it’s time for the mission to really begin.
This Alonzo hard fork allows you to create smart contracts for Cardano through the use of Plutus scripts.
The team describes it as a purpose-built smart contract development language and execution platform that uses the functional programming language known as Haskell.
Is it worth investing in Cardano (ADA)?
On September 14, Cardano (ADA) was worth $ 2.40.
To get a better perspective of what kind of value this is and how much growth potential the token actually has, we’ll look at its all-time highest value and compare it to its recent performance.
Cardano’s (ADA) all-time high was $ 3.09 and was reached on September 2nd. This makes the all-time high of $ 0.69 or 28% higher than the token’s value on Sept. 14.
The ADA’s lowest point was August 3, where the value had fallen to $ 1.27. However, its high point was on August 24, when the token had risen in value to as low as $ 2.95. Here, we can see that the token was up $ 1.68 in value or 132%.
According to data from IntoTheBlock, Cardano (ADA) has recorded $ 94.54 billion in transactions in excess of $ 100,000 in the past seven days.
In addition, the network recorded a 30-day average of 2.22 million addresses, with a high of 2.29 million and a low of 2.09 million.
With the success of the Alonzo hard fork and the launch of smart contracts on the Cardano network, the ADA token has enormous growth potential in the future.
This will ultimately depend on how quickly developers jump into smart contracts and push their dApps to Cardano.
Expectations need to be managed realistically, and we may not see a sophisticated dApp ecosystem available in an instant, but as the network grows, the price of its token will also rise.
In fact, if we take August’s growth in perspective, we can assume that the token could grow as high as $ 4.08 by the end of September, making it a worthwhile investment.
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