Cardano is an open-source, decentralized and public blockchain platform founded back in the year 2017. It can allow peer-to-peer transactions and other financial activities through its internal cryptocurrency coin called ADA.
Unlike bitcoin and other altcoins that operate on a Proof of Work (PoW) consensus, ADA operates on an entirely different consensus, called Proof of Stake (PoS). The platform combines pioneering technologies to provide unmatched security for decentralized apps and networks.
The goal of the Cardano platform is to allow changemakers, innovators, and visionaries to create a possibility for many and bring about a positive global change through its already provided tools and technologies. It also aims to redistribute power from unaccountable sources into the hands of individuals.
Cardano development began in 2015 and was fully completed in 2017 by Charles Hoskinson (one of the co-founders of Ethereum) and Jeremy Wood. The ADA token is the official utility coin of Cardano and allows owners to take part in any operation, such as voting and decision-making going on the Cardano network.
Cardano (ADA) is one of the few digital tokens to function without a whitepaper instead, it uses design principles and strategies to address issues other coins fails to solve. Issues like interoperability, security, energy conservation, and scalability have been successfully tackled by the Cardano network, giving it an advantage over other platforms.
The network was built in 5 stages: foundation, decentralization, scaling, smart contract, and governance and it is being managed by associations like the IOHK (Input-Output Hong Kong), the Cardano Foundation, and EMURGO. This association consists of developers and engineers that have worked hand-in-hand with Charles and Jeremy to make Cardano a success.
Who are the Founders of Cardano (ADA)?
The founders of Cardano are Charles Hoskinson and Jeremy wood with the help of other developers and engineers. Before the birth of Cardano, Charles Hoskinson and Vitalik Buterin were the developers behind Ethereum, then a dispute broke out between these two partners, which lead to their splitting.
The dispute centered on the financial mechanism of Ethereum. Charles wanted it to be money-driven and profit-oriented while Vitalik wanted it to be non-profit and charity-oriented. Because of their disagreement, both parties split from each other and embarked on other personal projects.
Charles Hoskinson left and founded a company called IOHK (Input-Output Honk Kong) with Jeremy woods and other developers. The primary aim of this company was to build the Cardano network and other Cardano-affiliated programs like EMURGO, the Cardano Foundation, and a special wallet for Cardano holders called Daedalus.
The official utility coin called ADA was named after the popular 19th-century mathematician countess and is believed to be the first computer engineering operator called ADA LOVELACE while the name CARDANO was inspired by the originator of cubic and quartic mathematical solutions, GIROLAMO CARDANO, an Italian mathematician.
What is Cardano (ADA) used for?
ADA coin can be used to receive and send funds. Like other cryptocurrency coins, ADA can also be a mode of payment and can transfer funds easily. Assets and finances can be stored on the ADA coin as it is also an item of value; millions of dollars in Cardano have been used to begin projects in places like Dubai.
The Cardano network allows developers to build smart contracts. In the blockchain world, smart contracts are programs stored on the blockchain to run or take action at a predetermined time with no intermediary.
Smart contracts can only occur once all the participants collectively agree to the predetermined action, and an example is the transfer of ownership of an asset once a certain number of resources has been deposited.
It also allows for the creation of decentralized apps and protocols. Decentralized apps or DApps are computer programs that run on decentralized computing system, distributed across several computers rather than on a single computer.
Cardano can solve the issue of security affecting most digital applications. Online theft and hacking are some of the common problems affecting the digital financial market but, Cardank solves this.
Through the Ouroboros protocol developed by the Cardano network, dApps and websites created are very secure and efficiently safe. The network has an efficiency rate that is four times greater than bitcoin.
What Is the unique point of Cardano (ADA)?
Cardano has a lot of unique features over other digital coins and one feature is its Proof of Stake consensus. This consensus works together with the Ouroboros protocol that combines unique technology and mathematically verified mechanisms to ensure the privacy and security of information and data on the Cardano network.
It is one of the few coins that has eliminated the need to mine before receiving newly generated coins. Rather than mining, it uses a voting mechanism that is fair to users and also environmentally safe, saving its holders from buying expensive machines and equipment.
Another unique point of Cardano is the special wallet it gives to every Cardano holder. This special wallet is called Daedalus and is a secure, full node wallet for ADA coins.
It independently validates every transaction in its history and provides maximum security and a trustless operation. It does not require a third-party server to function efficiently.
Through its hierarchal deterministic (HD) wallet operation, it performs unlimited accounting processes and can be run on all Linux, Windows, and macOS devices.
How Many Cardano(ADA) is in Circulation?
There are 32.081 billion ADA coins in circulation out of its 45 billion maximum supply. It also has a total market value of $43 billion USD.
Is the Cardano (ADA) Network Secured?
The Cardano network is very secured as far as >= 50% of its users are honest. The mechanism of the ADA network operates through the Ouroboros Protocol. This protocol, alongside the Proof of Stake (PoS) consensus, applies cryptographic, combinatorics, and mathematical game theory to protect the integrity and longevity of the distributed network that depends on it.
The protocol is provably secure as long as 51% of the program’s stake, in this case, the stake in ADA is held by honest participants. In addition to this process, through a random selection, a leader will be achieved from the group of honest participants. The network is promising to upgrade and develop high-tech features and add-ons to benefit the users and the network itself.
How Do I Buy Cardano (ADA)?
Cardano (ADA) is still a very young projection hence, there are a few exchange platforms that offer a wallet for it. Search for platforms that exchange like indexpairs.com or offer Cardano for sale and sign up.
Sign up to be a member of this platform and provide the details required. You may also need to provide a verified identification card and link your financial platforms for easy payment and withdrawal.
Once you have signed up successfully, you will receive a designated wallet. The Cardano wallet allows you to hold ADA coins and your personalized address starts with ‘D’.
These platforms offer versatile modes of payment which may include through your debit or credit card or other financial apps like Paypal. Hundreds of platforms offer Cardano for sale so, input the desired tokens you need and buy. Unfortunately, only bitcoin can be bought by cash, other coins need to go through these methods before they can be purchased.
Withdraw the purchased tokens to your wallet. Ensure you have your personalized wallet asides from the one provided by the exchanger. It is recommended you get your own PTPWallet wallet to avoid theft.