Cardano (ADA) draws close attention to itself and provides food for stormy discussions. Like Ethereum, Cardano is a blockchains-based ecosystem for smart contracts. Cryptocurrency attaches increased importance to the security provided by a multi-level structure.
Cardano positions itself as the first blockchain project, which emerged due to academic research and has a comprehensive scientific approach as its foundation. And now we offer you to reveal all the secrets of this currency together with Changelly!
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Cardano is an innovative platform created for the implementation of a cryptocurrency economy and the democratization of money circulation in emerging markets. It will enable you to work with decentralized applications based on smart contracts in an affordable, reliable, and scalable way.
Cardano project developers have divided the blockchain into two separate technical layers. The first is for the distribution of coins, and the second is for working with smart contracts. As a result, transactions are faster, and the level of security of the system has increased several times.
Unlike most other cryptocurrencies, the Cardano code is written using Haskell, a modular functional language. Today it is the most secure programming language, the use of which minimizes the likelihood of cyber attacks and errors in the system.
In the conditions of heightened interest of the state in cryptocurrencies, Cardano developers chose the most successful promotion strategy. They establish contacts with government agencies, providing their coin the status of an official means of payment.
The platform consists of two levels: a register of account balances and a separate level at which funds are transferred from one account to another. This division allows you to create flexible smart contracts on the platform: unique, private, and ideally corresponding to a specific use case.
The developers have abandoned the ponderous “work confirmation algorithm” (Proof of Work) in favor of the unique “share confirmation algorithm” (Proof of Stake). Simply put, the miner’s reward depends on the balance in the account and the number of transactions performed. This algorithm is mathematically confirmed and is considered the safest for users.
The developers have created their crypto wallet with a high level of security and extensive functionality. With it, you can encrypt keys, make payments, and even earn new coins.
Initially, the Cardano development team declared its intention to create a project aimed at caring for the interests and convenience of the end user, as well as taking into account the position of regulators. The developers sought to find a middle ground between the need for regulation on the one hand, and privacy and the principles of decentralization, which are key to blockchain technology, on the other.
History of Cardano Development
Cardano was born in 2014. Charles Hoskinson, the famous programmer, one of the first developers of Ethereum, became the inspirer of the currency.
At that time, the project was a mixture of revolutionary ideas and concepts, the fruit of joint research and collaboration. Its creators set themselves the task of overcoming the limitations of the existing blockchains.
To implement all the ideas, Charles managed to assemble a whole team of professionals from around the world. It is noteworthy that the work on the project was immediately divided into three parts: technical, commercial, and ideological. A separate institution was created for each of them.
The first of these, the Cardano Foundation, is located in Switzerland. This independent standardization body is called upon to support Cardano users and work with authorities in different countries on regulatory and commercial matters. They’re also responsible for:
- Growth of the Cardano community
- Accountability of stakeholders
Emurgo is responsible for the development of the Cardano ecosystem by sponsoring the development of commercial applications based on Ouroboros (Cardano Consensus Protocol), investing in relevant projects and training all who is interested in creating projects on Cardano.
The third participant is IOHK, “an engineering and technology company that intends, through p2p-innovation, to provide financial services to 3 billion people who are denied access to them”. IOHK is a major player in cryptocurrency development and research.
The company is associated with a project contract, under which it will remain the main developer of the platform until 2020.
Work on Cardano has been going on since 2014, but ICO to raise funds from investors was held only in 2017. And the first tokens (ADA) went on sale on September 29, 2017.
At the moment Cardano was launched, the value of the token was about 10 cents, and the market capitalization level was barely more than $ 19 million. But already four days after launch, capitalization reached $ 500 million, and the price of the coin increased by two times.
Subsequent rate jumps are directly related to the strategic success of the developers:
- On December 1, 2017, they published an updated Cardano roadmap, and the price of a coin rose to 27 cents in just a day.
- On December 2, ADA was accepted on the Binance cryptocurrency exchange, and the rate climbed another 15 cents. The market capitalization of the coin has reached $ 3 billion, and Cardano itself is on the 10th place in the world ranking of cryptocurrencies.
- In mid-December, cryptocurrency was adopted on Bittrex. Its price in a matter of days has risen to 50 cents, and the market capitalization has doubled.
Since November 2017, the cryptocurrency has grown, reaching a peak of the market capitalization of more than $ 33 billion in January 2018.
ADA developers call their tokens the first third-generation cryptocurrency, which is aimed at solving the problems of scalability and infrastructure. Bitcoin, the first generation cryptocurrency, faced all these difficulties. Ethereum is a second-generation cryptocurrency that extends the use of tokens and smart contracts.
In particular, Cardano seeks to solve problems related to scalability, compatibility, and robustness on cryptocurrency platforms. Cardano Ouroboros algorithm was created to eliminate difficulties with low network speed and high commission due to the increase in transaction volumes.
Cardano uses the Proof-of-Stake algorithm called Ouroboros, thanks to which, as stated on the project website, “there is no need for the energy-intensive Proof-of-Work protocol, which prevents blockchain scaling and its wider use.”
Currently, ADA tokens are listed on Bittrex, Binance, Upbit, HitBTC, and Huobi, and this list is growing.
Where to store Cardano?
For storage of ADA, you can only use the official Daedalus Wallet. It is very easy to install:
- Go to the official website https://www.cardanohub.org/.
- Select the “GET STARTED” tab.
- Go to “Daedalus Wallet” and click “Download.”
- Download the installation file to your PC.
- Open the file and set all the necessary settings.
- The wallet is ready to use!
Important to emphasize that the functionality of the Cardano crypto wallet is not limited to the storage of coins. The developers have registered in it several additional functions: encryption of private keys, obtaining paper certificates, tracking transactions, and even launching decentralized Cardano-based applications.
Besides, the developers promise to add the ability to store BTC and ETH. That means Daedalus Wallet promises to be a real multicurrency crypto wallet.
Moreover, the developers plan to add the function of the so-called equity financing. Holders of the ADA will be able to participate in the generation of blocks directly from the account of their crypto wallet. And, accordingly, receive a reward on it.
How to buy Cardano?
There are several ways to buy Cardano for fiat money, including cash, banking card, or any other means of payments of your choice. They differ in velocity, the simplicity of purchase procedure, and the level of anonymity.
Changelly platform offers you a way to buy Cardano with your banking card swiftly, safely, and with minimal authentication procedure. The fiat payment process is powered by our partner Indacoin and takes just a few simple steps to take.
The purchase option is open both via our website and the Exchange Widget that can be found at our partners’ resources.
What is the future of Cardano?
Cardano is unique in many ways. A standard white paper is replaced by a set of scientific articles addressed to potential investors. The development team includes numerous experts, researchers, and engineers from around the world.
Cardano is widely accepted in Japan and other Asian countries that declared cryptocurrency the official means of payment and now choose the best coins for direct use.
It should be mentioned that Cardano was not conceived as a regular cryptocurrency for quick fundraising, but as a long-running cryptocurrency project adapted for new economic conditions.
According to experts, it combined the blockchain manufacturability, security of Ethereum smart contracts, and the legality of ordinary money. In this regard, Cardano developers are very consistent. They are not seen in connections with the darknet and money laundering, due to which their reputation today is much higher than that of the developers of many other popular cryptocurrencies.
We can bravely say that Cardano due to its developments is the most attractive investment tool for those who expect to make a profit in the long term.
We’ll keep you updated about the latest news, tips, and guides. Stay tuned!