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.]

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