Currencies > Cardano (ADA)

What is Cardano?

The Cardano project was launched in 2015. The team behind the management of this project is known as the Input-Output Hong Kong (IOHK).

Charles Hoskinson, the leader of the project (as well as co-founder of both Bitshares and Ethereum) intended to develop a protocol that can function much better than earlier blockchains like Ethereum - processing more, cheaper, and faster transactions. Hoskinson strongly believes that Cardano is a third generation blockchain that enables users to develop smart contracts, just like Ethereum network. Smart contracts permit two or more parties to agree without the need for a middleman, implying that once pre-defined terms have been met, everything else is automated.

Just like most other ecosystems, Cardano is fully decentralized, implying that it is not regulated by any single entity.

Cardano is the only blockchain that is built on Peer-to-Peer (P2P) academic research. The network uses the Haskell programming language, which has a high degree of fault lenience. With the comparatively indefinite future and intricacy of blockchain-based systems, it is recommendable to integrate flexibility into projects. It is almost impossible to establish the prospect of a system; hence it is advisable to use a strong language like Haskell that accommodates a certain degree of error.

Unlike some other blockchains, the aim of the Cardano developers is not to change the whole financial system, but to bring banking systems to previously unreachable regions.

What are the advantages of Cardano?

• Layers. Cardano network works on two layers instead of one.

  • Settlement Layer enables customers to send and receive ADA coins wallet to wallet, just like ETH.

  • Computational Layer: this layer is not yet complete. Once it is released, it will allow users to develop and venture into smart contracts.

  The use of two distinct layers hands Cardano users extra potential advantages – Cardano computational layer is more adaptable since slight modifications can be done for various end-users. For instance, Cardano can modify how information is kept and accessed according to the rules of a particular country. So, although users operate in semi-anonymity, the protocol can always ensure that they are submissive to local regulations.

• Scalability. First and second generation protocols face severe scalability issues as they are tightly restricted on the number of transactions they execute at a time. So, the scalability aspect hands Cardano an added advantage over its competitors.

  Cardano coin developers are building a protocol that runs on detaching data, which is not applicable to individuals involved in the deal. Consequently, when validators assist verifying the circulation of tokens, they only need to retain the data which applies to the transaction, not the whole blockchain.

• Novelties. Cardano developers are also on the verge of integrating a protocol known as "Sharding." This method operates in a way that the more and more users utilize the blockchain, the number of transactions per second rises.

How to Store Cardano?

Cardano has its official crypto wallet named Daedalus. Daedalus crypto wallet is supported by Windows and MAC OS and is the first and most viable option to store ADA in.

How to buy Cardano?

If you do not want to start Cardano mining, you can just buy ADA on popular crypto exchanges, however. You may always check the most relevant Cardano coin price and Cardano coin price chart on CoinMarketCap. Keep in mind, that since the ADA cryptocurrency is not widely in circulation, it can be purchased only on the major cryptocurrency exchanges like ChangeNOW and Binance.

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ChangeNOW offers the best rates for buying Cardano along with a user-friendly, simple interface that makes buying and trading easy and pleasant. Currently, ChangeNOW supports over 150 digital currencies, so our users can enjoy a wide variety of options.

Besides, it is possible to get Cardano with a Mastercard or Visa credit card.

Don't forget that Changenow is the best way to buy or exchange to Cardano (ADA)!