Cryptocurrencies are having a moment. Blockchain-based digital currencies seem unavoidable these days, from Elon Musk's tweets, cryptic Super Bowl advertisements and the newly rebranded Crypto.com Arena in Los Angeles.
This momentum appears to be propelling people toward Web3, an internet ecosystem based on blockchain, crypto wallets, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). And, as we move forward, it is critical to identify the cryptocurrencies that can play a significant role in fostering Web3.
Cardano (ADA)
Cardano, dubbed a "rival" to Ethereum, has quickly risen from the ashes to become one of the market's largest cryptocurrencies.
Cardano is a Web 3.0 network with a blockchain-powered ecosystem that allows users to interact without relying on centralized data repositories.
Cardano is based on the Ouroboros blockchain protocol, which is completely decentralized and open source. There is no central database on the Cardano network because the information is stored in multiple locations.
Users can access the information whenever they want. Another advantage that Cardano users have is data ownership. Individuals have complete control over their data and can send it across the blockchain at any time.