Cardano cryptocurrency differentiates itself by providing a sustainable blockchain that is instrumental in protecting user privacy while being compliant with regulations.
Cardano (ADA) 6 key point overview:
- ✔️What is Cardano?
- ✔️Who created Cordano?
- ✔️Why invest in Cardano?
- How to Buy ADA
- Top 3 ADA wallets
- What makes Cardano unique?
What is Cardano?
👉 Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson and has evolved into a 3rd generation blockchain platform that prioritizes Smart contract solutions to facilitate peer-to-peer transactions.
👉 It is open-source and decentralized, with consensus achieved using proof of stake.
👉 The native Cardano token, ADA, is named after Ada Lovelace: a 19th-century mathematician who is recognized as the first computer programmer.
👉 Cardano is based on scientific philosophies and research-driven development and is actively handled by an international team of highly qualified engineers and researchers.
👉 The development of projects is overseen and supervised by the Cardano Foundation, based in Zug, Switzerland.
👉 Cardano is developing the most secure and decentralized governance model in the world, improvising on the governance system used in Ethereum, where the network relies on a decentralized autonomous organization (DAO) to approve new initiatives.
👉 Unlike other cryptocurrencies, ADA cannot be mined, since it does not implement a proof-of-work (PoW) consensus model.
👉 Since it has no miners, it depends on the network nodes through Cardano wallets and staking pools to achieve network consensus.
👉 The platform uses Cardano Improvement Proposals (CIPs) and Funding Proposals (FPs) together, which allows the future of Cardano to be determined by its community and funded from the platform's treasury.
Who created Cordano?
👉 Charles Hoskinson is the founder of Cardano and co-founder of Ethereum, and joined the Ethereum team as one of eight original founders with Vitalik Buterin in late 2013.
👉 Later, Hoskinson left his consulting job to begin a project called the Bitcoin Education Project.
👉 After that, Hoskinson was approached by former Ethereum colleague Jeremy Wood to form a new project called IOHK (Input Output Hong Kong) and together they created Cardano.
👉 In 2017, Hoskinson and IOHK sponsored research labs focusing on blockchain technology at the University of Edinburgh and the Tokyo Institute of Technology.
👉 In 2020, Hoskinson donated $500,000 to the university to support the development of blockchain technology.
👉 In September 2021, Hoskinson donated $20 million to Carnegie Mellon University to build the Hoskinson Center for Formal Mathematics.
Why invest in Cardano?
👉 Cardano is designed to support fast transactions with minimal transaction fees, which solves common scalability issues that many blockchain platforms face.
👉 Cardano is the world’s largest 3rd generation proof-of-stake blockchain platform, and is a sustainable and environmentally-friendly alternative to traditional proof-of-work protocols.
👉 Cardano is based on the foundation of collaboration and hence is open source and patent-free.
👉 ADA has a strict cap of 45 Billion coins in total.
👉 Hoskinson released a paper recently explaining a new scaling solution for the network, known as Hydra, which is a Layer 2 scaling solution that utilizes state channels to process transactions off-chain.
👉 Using this technology, Cardano is able to process over one million transactions per second.
How to Buy ADA
👉 ADA cannot be bought directly but other cryptocurrencies, such as Ethereum or Bitcoin, can be bought and then Cardano can be exchanged for such currencies through platforms like CoinBase.
👉 In the near future, it will be made available at certain ATMs in Japan.
Top 3 ADA wallets
👉 Coinbase is one of the largest cryptocurrency exchanges and can be for purchasing, selling, transferring, and securely storing digital currency offline.
👉 This platform is supported in more than 100 countries and is compatible with the Ledger and Trezor hardware wallets.
👉 The Trezor hardware wallet supports more than 1,000 currencies and it stores your digital coins and secures them by using a randomly generated pin code that keeps the device safe and secure.
👉 It offers ultra-secure offline storage and allows you to hide your private key.
👉 Binance offers a platform for trading more than 150 cryptocurrencies and it provides an API that helps you to integrate other trading applications.
👉 You can use a wide range of tools for trading online and the Binance wallet is rated as one of the safest Cardano wallets currently available.
What makes Cardano unique?
👉 Cardano is the first environmentally friendly, third-generation blockchain in the world and it is designed to improvise the models of traditional first and second-generation platforms and to significantly reduce network energy consumption.
👉 The Cardano team specifically plans to solve problems related to scalability, interoperability, and sustainability faced by most cryptocurrency platforms.
👉 They are also exploring ways for institutions and individuals to selectively divulge metadata related to transactions and user identities, to enable the use of cryptocurrencies for trading and daily transactions.