What is Cardano Crypto Currency and what is its current price?

Introduction to Cardano Crypto currency

Industry currencies encrypted opportunities for entry into the market has created an exciting new projects – one of which Cardano (Cardano) and coin it!

The technology used by Cardano is completely new, so we want to give you a complete guide to everything you need to know. In the first step, we will explain what Cardano is and what the main goals of the company are.

Then, using really simple real-world examples, as well as a list of Cardano’s advantages and disadvantages to help you decide if ADA deserves your attention, we’ll explain how the technology works.

Before buying ADA , make sure you choose a reputable cryptocurrency exchange such as Quinn Base and store your passwords in a secure wallet. The best options include Ledger Nano S and Trezor .

Let’s start our discussion with how the Cardano project started!

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Advocators

Great team
Cheap and fast deals
No scaling restrictions

The negatives

Blockchain being developed
Wallet problems now

Cardano core

The Cardano project began in 2015. The company behind it is called Input-Output Hong Kong (IOHK), which is run by the founder of BitShares and Atrium , Charles Haskinson.

Cardano’s goal is to create a blockchain that can perform much better than older blockchains such as Atrium, meaning it has to process more, cheaper and faster transactions.

Charles Hoskinson believes that Cardano is a third-generation Chinese blockchain, while Bitcoin and Atrium are first and second. Thus, the IOHK has created its own new blockchain instead of copying the code of other blockchains.

People sometimes think that Cardano and ADA are the same, however, there is little difference. Cardano is the name of a blockchain that allows people to send and receive funds. ADA is the name of the cryptocurrency.

This is similar to how Ripple works, where Ripple is the name of the Chinese block and XRP is the name of the cryptocurrency.

Block China Cardano

The Cardano Coin Blockchain allows you to create smart contracts just like the Atrium Blockchain. Smart contracts allow two or more people to enter into an agreement without the need for a third party, meaning that everything else is automatic when the predetermined conditions are met.

Like most blockchains, Cardano is decentralized, meaning it is not controlled by any authority. Instead, smart trades and contracts are approved by the association, which does so with the help of its computing power. However, Cardano does things differently than Bitcoin and Atrium. (We will explain everything in more detail later).

To help raise funds for Cardano’s development, the team raised $ 63 million during its ICO. Since then, the ADA coin market value has reached $ 33 billion!

Note: ICO stands for “Initial Coin Offering”. This concept is a way for cryptocurrency companies to raise capital. In the first three months of 2018 alone, more than $ 6 billion was raised in the ICO !

So, now that you know exactly how Cardano and the ADA cryptocurrency work, as well as what they intend to do, the next section of the guide explains how this currency works.

How does Cardano work?

First, it is important to understand how the Cardano blockchain works. It can be divided into two different layers:

Settlement layer: The settlement layer has been created and is now fully operational. This allows users to send and receive ADA coins from one wallet to another. This is similar to how users transfer to each other via Atrium (ETH) .

Computation layer: The computation layer is still under development. Once launched, it allows users to create and contract smart contracts.

This is why Cardano is different from previous blockchains that normally work on one layer. Two separate layers have potential benefits for Cardano users.

In the first step, the computational layer is more compatible than similar Atrium cases, because small changes can be made to different end users. For example, because different nations have their own rules, Cardano can change the way data is stored and accessed, depending on their rules.

Here is a quick real-world example to ensure how the settlement and calculation layers work.

John needs to hire an electrical technician to repair his kitchen lights.
John concludes a smart contract agreement which is stored in the calculation layer.
The agreement states that the agreed budget will be released as soon as the electrical technician repairs John’s lamp.
When this happens, the smart contract is transferred to the settlement layer, which allows you to be paid by an electrical technician in ADA cryptocurrency.
Everything is completely automatic, meaning there is no need for a third party.

So, now that you know the difference between the settlement layer and the settlement layer, we will now explain how to confirm transactions!

How are ADA currency transactions approved?

We mentioned earlier that the Cardano platform is decentralized, meaning that it does not have a single source of network control. This means that the network is run by miners.

However, Cardano uses another model, which he calls “Ouroboros”. Before we get into how it works, let’s quickly explain that other blockchains, such as Bitcoin, are different.

Bitcoin uses a consensus model called “proof of work”. To help validate a deal, miners use their computing power to solve a really difficult puzzle. This is like a mathematical equation that is very difficult, no human can solve it!

Each miner first solves the puzzle and receives the reward paid in Bitcoin! The problem with Proof-of-Work is that as the computational complexity increases, the miners have to use as much electricity as possible.

In December 2017, it was reported that bitcoin proof miners use more electricity than the entire Irish nation! Not very economical, right?

The Cardano Network approves transactions using a consensus mechanism called Proof-of-Stake:

People who want to help verify transactions are called validators.

Validators must freeze some of their ADA coins, which is called a “stake”.

When a validator helps confirm a transaction, they receive an additional ADA Crypto currency as a reward.

The more stakes the creditors have, the more chances they have to be rewarded!

The amount of coins they receive is based on their “stake”.

This system is much more efficient and environmentally friendly than proof of work; Because it requires much less electricity, which means that transaction costs are also low.

Although other Proof-of-Stake blocks are available, Cardano’s team says none of them offer a completely random way to choose a validator. That’s why they built their Ouroboros protocol on top of the standard Proof-of-Stake model, as it ensures that everyone has a fair chance of being rewarded.

This is sometimes called the “honest majority”, meaning that if people have a large stake in the blockchain (for example, having a large number of ADA coins), they have good reason to make sure the network is secure, stable and, most importantly, Everyone – stay honest.

So now that you know how trades are verified, let’s look at the performance of the Cardano platform!

Is Cardano scalable?

There are many different Chinese blocks on the market and it is important to know what makes each one unique. One of the most important things to consider when deciding on a good project performance is its scalability.

In the cryptocurrency industry, scalability means how many blockchain transactions can be made in a given period of time, however, the “transactions per second” index is commonly used to express this.

Older blockchains such as Bitcoin and Atrium have major scalability problems because they are limited to the number of transactions they can process simultaneously. In fact, Bitcoin can only process 7 transactions, while Atrium averages a maximum of 15. Again, this is where Cardano has an advantage.

Once transactions are approved in the Bitcoin blockchain, they remain in the public office forever. This means that over time, the large blockchain office will grow larger and larger.

The problem with this is that every miner in the network has to keep a copy of every transaction. This causes scalability problems.

Cardano, however, is building a blockchain that does things differently by separating data that is not relevant to the people involved in the transaction. For example, if John sends 100 ADA coins to Sue, they are the only two people involved in the transaction.

As a result, when credentials help verify the movement of funds, they should only hold transaction data, not the entire blockchain!

The team also plans to install a protocol called “Sharding”. The way it works is that the more people use the network, the higher the number of transactions per second.

In late 2017, Cardano conducted a test that allowed the Chinese blockchain to process 257 transactions per second, which is significantly more than Bitcoin and Atrium. However, the long-term goal is to increase this number to tens of thousands per second.

Daedalus wallet

When it comes to storing your ADA coins, Cardano introduces his official wallet called Daedalus . However, there have been many reports from the Cryptocurrency Association that the Daedalus wallet has many problems. These include issues such as the inability to connect to the network, sync blocks, and the inability of the transaction to reach the recipient.

If you are looking for the safest and most secure wallet, you should check out the Nano S Ledger and Treasury. Because they are offline wallets, your assets will always be safe.

So, now that you know about Cardano scalability programs, the next section of this ADA Currency Guide is going to look at what can be used as well as how to misuse it!

How can Cardano be abused?

First of all, the ADA Cardano coin can be used in the same way as Bitcoin – a universal payment system. However, as mentioned earlier, Bitcoin can only process 7 transactions per second.

No global payment system could survive if it only wanted to scale up to 7 transactions per second. In fact, Visa alone processes an average of 1,667 transactions per second!

Therefore, if Cardano’s team can meet its “tens of thousands” of goals per second, the network can function as a complete payment system.

The second major function of the ADA coin is to enable people to create smart contracts and dApps (decentralized applications). This could be anyone from companies, governments or even individuals.

However, if Cardano wants to globalize its smart contract protocol, it will have to improve its scalability problems.

If Cardano can meet these goals, their technology will be great for everyday applications, because hacking is almost impossible for people and the application will never go offline. This also means that personal information is confidential!

Criminal activities

Blockchain operating systems such as Cardano are suitable for committing anonymous crimes (this is not recommended).

but why?

Well, when sending or receiving ADA coins , you do not need your real identity.

Instead, the only thing people can see is your personal wallet address, which looks something like this:

Ae2tdPwUPEZKmwoy3AU3cXb5Chnasj6mvVNxV1H11997q3VW5ihbSfQwGpm

Allowing people to send and receive money anonymously means that the operating system could potentially be used for money laundering or tax evasion. This is because it is almost impossible to know who is really involved in a transaction.

It also allows people to sell illegal goods and services online without having to disclose payment details in the real world.

The Cardano team is also working on a protocol that allows users to share their metadata if they decide to. The metadata contains specific information about the transaction, such as:

X What service or commodity is the cryptocurrency spent on?
Who was given the X coin?
X Where did the ADA coin come from?

The protocol allows banks to use the Cardano blockchain because they will be able to comply with national regulations.

Pros and Cons of ADA Encryption Currency

positive aspects

The excellent development team has worked on successful projects such as Beat Shores and Atrium.

This is the first blockchain to use multiple layers (settlement and calculation layer).

There is no scaling limit. The more people use blockchain, the more transactions can be processed.

ADA cryptocurrency offers cheap and fast transactions.

The Cardano consensus mechanism is more environmentally friendly and also fairer than the old fold blocks.

Negative aspects

The blockchain is still evolving, so some of Cardano’s claims are theoretical.

Other blockchains such as Ripple, Stellar Lumens and Neo can process more than 1000 transactions per second.

Maximum scalability is currently only 257 transactions per second.

Problems running their official wallet.

Conclusion

We hope you find this Cardano and ADA cryptocurrency guide useful and that you can understand all aspects of ADA coins.

If you are interested in buying ADA coins, we suggest you check out the Kevin Bass Exchange first. Allows you to buy and sell ADA easily. In addition, the company has its own wallet, but there are safer options such as the Nano S ledger and the treasury.

If you have difficulty understanding how to buy an ADA coin, here are some easy steps:

Provide a reliable encryption wallet (Ledger Nano S and Treasury highly recommended)
Sign up for Queen Base.
Buy ADA coins from Kevin Bass.
Transfer ADA coins to your wallet.

Hope this helped!