Cardano is the name assigned to the block-chain and ADA are the tokens that have been pulled out in its name. It is popularly termed as the Ethereum of Japan. The company called IOHK (Input Output Hong-Kong) is behind its creation that involves the similar element of smart contracts in its application. Cardano is said to have fixed the flaws persisting in the Ethereum blockchain and has emerged in its improved avatar in terms of cost, scalability, transaction per second and lot more.
Features of Cardano:
· Multi-Layer: Cardano works with a multi-layer model which is specifically meant to serve the various tasks. To be precise, Settlement Layer is meant to operate the ADA tokens. While on the other hand, Computing Layer is designed to generate the smart contracts and other operations.
· Proof of Stake: Cardano does not involve the work of mining rather operates on Proof of Stake (PoS) which is essentially cheaper and secure with respect to the Proof of Work (PoW)mechanism.
· Scripting Language: Cardano endorses two different scripting languages. ‘Simon’ for security concerns and ‘Plutus’ for the purpose of general applications.
· User Issued Assets (UIAS)
History and Founders:
Cardano is a Japan based entity that initiated its affairs way back in the year 2015 but came up with the actual allotments in year 2017. Charles Hoskinson is holding the position of CEO.
Maximum Supply: 45 billion ADA
Current Circulation: About 32 billion ADA
Market Cap: US$1.3 billion
Mining Algorithm: Ouroboros
Proof: Proof of Stake (PoS)
How is it different from Bitcoin?
Bitcoin supports the Proof of work where solving a complex problem is required to undertake the process of mining.
Contrary to which, Cardano endorses the system of Proof of Stake which designate the work of mining based on the value of a person’s stake.
How to buy Cardano?
The ADA tokens can only be traded against the top notch vrypto coins i. e Bitcoin/ Ethereum. The expert team is working on its ATM locations in various nations which may roll out anytime soon. Follow the list of popular exchanges to transact for ADA tokens.
Best Exchanges for Cardano:
Best Cardano Wallets:
The best wallet option available for the ADA tokens is the Daedalus Wallet, which is a form of desktop wallet.
Currently it supports the ADA coins but is likely to turn compatible with the multiple ranges of crypto-currencies. The keys for additional security can also be exported to a paper wallet as well.
Key competitors of Cardano:
Key Advantages of Cardano:
· Scalability: Cardano is a scalable option that allows greater no. of transactions per second. It runs on a multi-dimensional blockchain model that ensures a decent speed of processing.
· Cardano offers a Democratised voting structure ruling out the centralisation of power.
· Upgradation: The Cardano experts/ teams provide the frequent updates to its systems which is a great attribute and a testimony of its innovative approach.
Disadvantages of Cardano:
· Cardano mainnet is still work in progress