You must have heard of Cardano and its amazing rise in the Cryptocurrency market. In this beginner’s guide to Cardano, I will explain the features of this blazing cryptocurrency coin and where you can buy it in simple steps.
What is Cardano (ADA)?
Cardano is a very similar project to Ethereum, with a focus on security through a layered architecture. Decentralized applications (DAPPS) and Smart Contracts can be built on Cardano.
It claims to be the first blockchain project to be created from scientific philosophy and built on academic research.
Cardano is founded by the co-founder of Ethereum, Charles Hoskinson in 2015.
Watch him explain the basics of Cardano in this video:
There are 3 organizations that are responsible for the development and growth of the Cardano platform – Cardano Foundation, IOHK, and Emurgo.
ADA is the cryptocurrency that runs on the Cardano platform and can be used to transfer funds digitally from one person to another.
Now that I have answered the fundamental question of what is Cardano, let’s look at some of the fundamental elements behind the ADA Cryptocurrency.
Features of Cardano
Regulatory and Compliance focus
Cardano extremely focuses on obliging with rules that our current banking sector have. This is one of the major problems that cryptocurrencies have is that the banks don’t grasp wherever the funds have come from.
One of Cardano’s goals is to implement into their blockchain a way of substantiating transactions location, purpose, and origin. This is to be achieved through a secure methodology of transferring user information across the blockchain – which can solely be seeable by sure parties.
Additionally, this is meant to meet the requirements from regulations such as
- Anti Money Laundering Act,
- Anti Terrorist Funding Act and
- various Data Protection acts.
As additional users start interacting with the Cardano blockchain, the transactions per second can increase. This will increase the computing power required to quickly method the transactions that are happening. Currently, several blockchains need a duplicate of the whole blockchain to process transactions, which can cut down transaction time drastically as user adoption will increase. Cardano aims to mitigate this scalability issue.
You can read their ‘Why’ page if you wish to understand more. https://whycardano.com/#scalability
Cross Chain integration
Cardano aims to integrate with all alternative or alt cryptocurrencies without the use of a third party, which:
1. Reduces fees that exchanges charge
2. Allow quicker and easier transactions across the blockchain
3. Removes the risk of a third party losing your cryptocurrencies
Where to buy ADA
You can check the price of Cardano – ADA below:
If you are keen to purchase ADA, you can do so at the following exchanges:
- Binance – https://www.binance.com/
- Upbit – https://upbit.com/ – Where you can buy ADA using KRW fiat currency
- Bittrex – https://bittrex.com/ – Where you can buy ADA using USD fiat currency
- Huobi – https://www.huobi.pro/
As you can see most exchanges offer the ADA coin as a trading pair with Bitcoin and Ethereum. You will need to purchase Bitcoin or Ethereum first.
However, Upbit and Bittrex are the two largest exchanges that let you buy ADA using fiat currencies.
Where to store ADA
For some time, there was only one wallet where you could store your ADA – the official Daedalus wallet. The wallet has support for Windows and Mac right now. Linux support is expected soon.
However, a lightweight wallet was recently announced, called Yoroi Wallet. Check out the video below:
Cardano has a focus on code scrutiny and peer-reviewed security measures. This makes it slightly different from some of the other cryptocurrencies.
The team behind the coin instills some confidence in this cryptocurrency for now.
Let me know your thoughts in the comments section below.