The cryptocurrency market is a volatile and unpredictable place, with new coins coming out every day. It’s hard to know which ones are worth investing in.
Cardano is one of the newest cryptocurrencies on the scene, but it has quickly made a name for itself as an innovative and promising coin that could be worth your investment dollars.
In this article, we’ll explore what you need to know about Cardano, from its history and development path to its various features and competitive advantages over other cryptocurrencies.
How does Cardano work?
Cardano is one of many smart contract platforms that allows two parties to transfer funds between each other. These contracts use ‘balance proofs,’ which are cryptographically signed obligations of coins exchanged between two parties. The transaction is guaranteed by the blockchain rules, where all users must follow the same set of rules to participate in the network.
Cardano is working on its own blockchain that is completely open-source and decentralized, allowing third parties to build apps on top of it. The Cardano Settlement Layer (CSL) acts as the main balance ledger behind the ADA cryptocurrency. It’s written in Haskell, a computer programming language used for mission-critical applications with extreme fault tolerance.
As with any new technology and coin, there are still a lot of unknowns. But if the Cardano project fulfills its promises, it could be a top cryptocurrency contender.
How to Buy ADA Coins
ADA is the native cryptocurrency of Cardano, and it’s what fuels the platform. To get started with ADA, you’ll need to buy either Bitcoin or Ethereum to transfer to a major exchange like Binance or Kraken.
Once your coins are on one of these exchanges, trade them for ADA! You can then send those ADA over to your wallet to keep them secure.
The process can be a little confusing at first, but once you understand it, it’s pretty simple. Of course, that’s also the case with many cryptocurrencies, so take your time and be sure to do some research!
What’s Coming Next for Cardano?
Cardano is working on its smart contract platform, which will allow third parties to build apps on it and offer services such as gambling or insurance. They’re also working on a unique voting system that will give ADA holders a chance to cast their vote on proposals and changes to the network.
With Cardano’s innovative new ‘Ouroboros’ blockchain, they have already created one of the most secure networks available today. The unique consensus method allows ADA to be more decentralized than other currencies without sacrificing security.
Already a proven currency in Japan and Korea, Cardano is relatively unknown in North America. This is changing as the currency is gaining more and more attention from investors looking for potential bitcoin alternatives.
History of Cardano (ADA)
Cardano was founded by Charles Hoskinson, one of the co-founders of Ethereum. He envisioned a platform that could solve some of the most pressing issues in crypto. The team behind Cardano consists of expert engineers and researchers that are well known throughout the cryptocurrency industry.
For a long time, Bitcoin was the only cryptocurrency on the market. Then Ethereum came out with its added features which made it much more interesting for users. Now Cardano is looking to position itself as a contender in this realm.
Cardano had to start somewhere. It began development in 2015 and was launched on the markets in 2017. But it’s already made a name for itself as a future competitor against Bitcoin and Ethereum.
Investing in a cryptocurrency can be a nerve-wracking experience. You never know when the market will change and take your investment with it, but if you want to make sure you’re always able to get out of your position before things go south, Cardano is one of the best options for investors looking for stability. By utilizing the proof of stake algorithm, Cardano’s ADA coin only becomes more secure as time goes on. That means that once you invest in this cryptocurrency, you don’t have to worry about your investment depreciating every ten minutes as you do with other coins. Also, because it can still run on a decentralized network, Cardano does not rely on the services of any third party to function. You can invest in ADA knowing that you won’t have your investment shut down because other users are trading with it on a centralized service like Coinbase. So if you want to invest in cryptocurrencies and see great returns, check out Cardano today.
Cardano (ADA) FAQ
How many coins are in circulation?
At the time of writing, there are about 32 billion Cardano in circulation and a maximum supply of 45 billion ADA.
Where is ADA traded?
ADA can be bought and sold on exchanges such as Binance. It can also be traded on decentralized exchanges where users sell directly from their personal ADA wallet rather than from a centralized exchange.
How to buy ADA?
ADA can be bought using BTC and ETH. It can also be purchased with USDT (Tether). To begin buying ADA, users should create an ADA wallet, deposit the coins they want to trade, and ensure they are available for trading. Then a Binance account needs to be created, and ADA should be selected. Once ADA is in the trading pairs, Cardano should be purchased using either BTC or ETH.
What are Ada’s development teams like?
The ADA team has two developers who have been involved with cryptocurrency from the early days of bitcoin. The ADA team also hired IOHK to build out their programming team.
What is ADA’s roadmap?
Cardano’s development team has already implemented a proof of stake protocol which ADA users are currently testing. They are also building out two blockchains, one for handling ADA transactions and another for smart contracts. There is no official roadmap containing all ADA plans, but ADA’s development team is working on many projects found in ADA GitHub.
What gives ADA value?
ADA has value because it can provide a cheap, efficient, and secure method for users to transfer funds between each other. Adoption of ADA by the general public may also increase ADA’s value.
How fast can ADA transactions be completed?
ADA transactions can be completed in approximately 20 seconds.
How much does it cost to transfer ADA?
Transactions of ADA typically have a fee of 0.165381 ADA, which is dedicated to paying for the proof of stake protocol needs.