Cardano Explained (ADA)

With so many cryptocurrencies emerging almost everyday, there exists a dire need to introduce platforms where developers can launch their decentralized applications. As the demand of cryptocurrencies around the world is increasing, so is the demand for platforms to kick start the applications. One such platform is Cardano, and its fuel is a cryptocurrency known as ADA.

Is Cardano a better choice than other coins?

If you are new in the world of cryptocurrencies, you might get confused with all the unfamiliar names and terms. The world has been using Visa and MasterCard heavily to complete transactions, and to send funds. The funds are transferred immediately with proper verification. But in the world of cryptocurrencies, scaling and speed are two most pressing concerns at the moment. One typical Bitcoin transaction takes roughly hours to get a confirmation, and with Ethereum the time is several minutes. But Cardano aims to reduce the wait time to merely seconds. That is what makes Cardano a better platform and more scalable and robust than other platforms that exist out there.

About Cardano Coin (ADA)

Cardano uses Haskell programming language, and provides a platform to developers to develop their decentralized applications and launch them easily. Cardano helps converting complex and complicated problems into simple ones, and the platform they provide is fairly easy to understand. Just like Ethereum, Cardano (ADA) is also a platform that works with smart contracts, and Cardano Foundation has futuristic plans for the scaling of platform. But what makes Cardano different from Ethereum (ETH)?

Difference between Cardano (ADA) and Ethereum (ETH)

  • The Proof of Work (PoW) algorithm is the backbone of any cryptocurrency platform. Proof of Work depends upon the work done by the miner, and based upon that probability, the block is mined or the coins are added to the system. The PoW used by Ethereum is ethash, while Cardano does not use any PoW. Cardano uses PoS (Proof of Stake) that selects the creator of the next block randomly. For a common man, both these terms might sound vague, but there is a lot of difference between the PoW and PoS.
  • Every cryptocurrency uses some algorithms at their core. The one that Ethereum uses is ethash. Both ethash and ouroboros are fundamentally different. The user only needs to know that PoS is much better than PoW. PoS is hundred thousand times cost effective than PoW as the latter relies on energy use, while PoS is economical and eco-friendly.
  • Cardano is developed by Charles Hoskinson and his company IOHK (Input Output HK), who was one of the founding members of Ethereum. That is the reason, Cardano is better than Ethereum in many ways. Cardano offers quantum computing resistance and rock solid stability, along with much faster transactions across the network, unlike Ethereum, that takes a lot of time, and almost 12 confirmations to complete one transaction. While with Cardano and its quick PoS algorithm, transactions happen at lightning speed.
  • Cardano is very transparent and adaptive, compared to other cryptocurrencies. In many coins and tokens, the holders or token-owners have no say, they are just meek spectators. But with Cardano it is not so. Cardano coin holders are like members of the Cardano community, where they can openly discuss, participate and view the protocol easily.

Current Status of Cardano (ADA)

Earlier, only Bitfinex agreed to list ADA on their platform. But with increasing demand and popularity, major exchanges now have Cardano available for users. You can easily buy Cardano coin on any local exchange like – Coinbase, Bittrex, Bitfinex, Binance etc. You can also check if you have country-specific exchanges that support Cardano project. If they have have listed ADA as one of their cryptocurrencies, you can buy it from there.

Started at $0.02 per coin, Cardano right now (early 2018), is somewhere around $0.7 per coin. That means almost 35 times its value. It also touched nearly $1.2 per coin, somewhere in end-2017. Which means that it has created a strong base and resistance at current price. Cardano Reddit community highly talks about the future plans of the platform. They discuss about the community’s expansion plans and how Cardano is will scale and accommodate large number of nodes in future. Thereby enabling quick transactions and speedy transfers. Since Cardano project is open source, it welcomes users and developers to contribute to their platform. The Cardano Foundation has strong academic backing. Japan recognizes it to be a valuable asset and many universities across the globe support the project.

Cardano (ADA) Wallets

There are many offline and online wallets available to store Cardano coin. Some of the popular exchanges like Coinbase, Binance and others, allow the users to keep their Cardano cryptocurrency securely in their account.

Cardano online wallets and Cardano Exchanges are good to utilize if you plan to store your Cardano coin for a short interval.

If you plan to store your ADA for long-term, you either use an offline wallet, like JaxxElectrum etc. or Cardano hardware wallets like Nano S Ledger, Trezor etc. which are like a hard drive, and allow you to transfer your ADA coins in them for long-term storage. You can also buy the offline wallets from e-commerce stores like Amazon.

Conclusion of Cardano (ADA)

Cardano currently stands at fifth largest cryptocurrency by its market cap, which is sure to grow in the future. The promising deliverable milestones, that the community strives to work for, are remarkable. The project they are developing will see more investors globally, which means a price surge might also happen. As the crypto-world will grow, the need for more platforms globally will also grow. Ethereum may not be able to scale to accommodate the entire world’s transactions or decentralized applications requirements. Other platforms will be needed and utilized, hence Cardano will definitely be put to a heavy use. The technology they are using currently is far better than all other platforms that exist. With their cutting-edge tech and strong backing from major companies and famous names, the Cardano Coin will solidly retain its place in the top ten cryptocurrencies of the world, in coming time.

[NOTE: Cardan joint and cardano risk management are not at all related to Cardano cryptocurrency, because both these are very different things.]

Cardano FAQs

Can you Buy Cardano on Coinbase?

With Cardano being a relatively new cryptocurrency, founded in 2015, it is yet to make the step onto Coinbases platform. Coinbase is quite particular about the cryptocurrencies it allows on its platform, at the current time there are only four on it; bitcoin, bitcoin cash, ethereum and litecoin.

Realistically, we won’t see Cardano migrate to Coinbase any time soon, the next cryptocurrency on Coinbases radar appears to be Ripple, so if you are looking to buy Cardano directly with fiat currency, you are out of luck.

Currently you cannot buy Cardano directly with fiat currency, the best method is highlighted above by buying bitcoin and trading it on an exchange for Cardano. If you come across somewhere that gives you the option to buy with fiat currency, let us know and we will try it out before you put your money at risk.

What Problems With Ethereum is Cardano Aiming to Fix?

Cardano (ADA) aims to address

  • Scaleability
  • Interoperability
  • Sustainability

ADA has a massive advantage over Ethereum, in that it isn’t yet running. Progress builds on progress, and since Cardano was implemented after Ethereum the Cardano development team has had the chance to tinker with their tech and improve on a lot of things, while the Ethereum blockchain is already running making it much harder for the developers to make changes.

Charles Hoskinson makes a good point when he compares making an alteration to the Ethereum blockchain to changing the tires on a moving car. 

What is a Cardano Smart Contract

Cardano didn’t invent smart contracts. Neither did Ethereum. “Smart Contracts” are an idea that has been around for a long time. Computer scientists have long wanted to be able to create algorithms that would run complex programs, all without human intervention or oversight. This is pretty much the definition of a smart contract.

Ethereum was the first major technology platform to demonstrate and popularize the use of smart contracts in practical ways. These contracts have been used to sell houses, order products, and do all kinds of other cool things. This is just the beginning. In the future, smart contract automation will run much of the world around us.

Cardano smart contracts are likely to outperform the competition, and to be much more versatile in what they are capable of doing. This will be entirely due to the excellence of the Cardano platform.

How Much Will the Price of Cardano Grow?

If we could answer questions like these, we’d be rich. But while no one knows the future value of Cardano, we can make some educated guesses, based on data points from Cardano’s history.

Just a few months ago in late 2017, Cardano hit a price of $1.33 per coin! That’s more than $1 above its present price. In that crypto era, almost all existing coins were many times their current value. This happened because of hype, and the ensuing crash happened because of fear. Neither emotion had much to do with the reality of these platforms – which is that all cryptocurrency platforms are young, and much of their true value is yet to manifest.

Coinlist.me exists because we believe that the golden age of crypto has not even happened yet. Many people think that in the months and years to come, we will match and surpass the market values that dazzled the investing world in 2017. If the industry grows beyond those past all time highs, Cardano could grow 10X or 20X its current value. Of course, it could stay the same or decrease, but we’re optimistic about its future prospects, and we think we have good reasons to feel this way.

What is Cardano's Main Competition?

We can’t pretend that Cardano doesn’t have some big competition out there, especially considering that the Cardano mainnet is not yet launched. Among active smart contract platforms that you can use today, Ethereum, NEO, and EOS come immediately to mind. All three have dozens (hundreds in the case of Ethereum) of Dapps and Smart Contracts operating on their respective blockchains, with many more in development.

ICON and ARK are up and coming smart contract platforms. When ICON’s mainnet launches in a few months, and ARK introduces their Virtual Machine later this year, both will begin to make a big splash in the cryptocurrency smart contract scene.

All of this is not to say that Cardano cannot compete. All of these platforms will have a chance to make their place in this growing industry. We think Cardano will continue to distinguish itself.

Will I Be Able to Buy Cardano From ATMs?

As of yet you are not able to buy Cardano from ATMs, but this may not always be the case. A couple of years ago, even buying Bitcoin from an ATM was considered a wild idea, but Bitcoin ATMs are popping up all around the world. Ethereum and ICON also have dedicated ATMs, and some companies are trying to introduce multi-currency ATMs to the global market. Once Cardano introduces its mainnet, we wouldn’t be at all surprised to see it included in one of these ATMs, or for a Cardano only ATM to be added in the future.

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