- Cardano Network is one of the blockchains that might rival Bitcoin.
- Cardano has relay nodes which makes the computing of data faster.
- This blockchain platform has its currency named ADA.
Cardano is Proof of stake(PoS), designed in such a way that it rivals Proof of Work(PoW) blockchains. It is one of the most versatile blockchain platforms and has gained popularity. Cardano is a public blockchain with its internal cryptocurrency, ADA.
Cardano Network and Some Schematics of ADA
Cardano Network has been in the spotlight for a while and is of the best layer-2 scaling solution known as Hydra; not only that, but also its blockchain is one of the best in its league. It was worked upon by the co-founder of Ethereum, Charles Hoskinson, in 2015.
Cardano had its ICO in 2016 with a token price of $0.0024 for one token; after its ICO, its value in October 2017 was $0.0219. ADA hit its peak price just before “Crypto Winter,” which is in September 2021, at $2.968. Currently, its price is $0.2862 in July 2023. ADA has a market capitalization of $9.38 billion.
Price graph of Cardano(ADA) from its time of launch to June 2023, Source: Lunarcrush
It has a circulating supply of 34.9 billion, and Cardano has a pool of 45 billion. At the time of ICO, there were 25.2 billion tokens available for sale.
Relay Nodes in Cardano
In a decentralized system of transactions, information is notified to everybody via nodes, and it can be in the form of alerts; one can easily decipher what the system is informed about by these nodes. Mainly relay nodes are responsible for processing data from more nodes to the public internet.
The only thing is one should be one of the nodes to produce such a message. Transparency is one of the major factors in this kind of system. The diagram below demonstrates how the nodes function and the message is relayed successfully.
The diagram shows how relay nodes act when someone commits a transaction. Source: Cardano Node 8.0.0
There are steps by which one can operate these nodes by pre-compiled executable files. Mostly these are updates of Cardano 8.0.0. It is one of the most beneficial backend processes of the Cardano network, which helps the users of this ecosystem be aware of the different data transfers occurring within the blockchain.
It promotes transparency to the utmost possible extent; the core nodes are transferring data, and the relay nodes are also. It also allows fast data transfer and optimizes the ecosystem so that more data is accessible to a larger audience simultaneously.
Relay nodes also create a small ecosystem within an ecosystem, ultimately creating a sustainable blockchain that appeals to a larger audience.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in cryptocurrencies and NFTs comes with a risk of financial loss.
