What is Cardano ADA?

All you need to know About Cardano: Latest news, roadmap, and ADA price.

Cardano [ADA] is a cryptocurrency, but it is much more than that:

• ADA sits on top of a fully decentralized and open-sourced blockchain
• It has the most advanced Smart Contracts platform.
• Behind the project, there’s an amazing team.

They are pioneers in the blockchain sector since it is based largely on scientific philosophy and a research-driven approach. The team comprises a world-class group of expert engineers and researchers. During the last couple of years, Cardano has achieved great marks in market capitalization, placing itself among the first 10 cryptocurrencies, and has attracted the attention of millions of people.

This is not only because of its ambitious plans to create an internet of blockchains but also because ADA price jumped from around 2 cents back in 2017 to nearly a US dollar, 3 cents at the beginning of 2018, to more than $1 in the first quarter of 2021.

Why is Cardano getting so popular?

What makes it so special to other cryptocurrencies? Have you ever thought about it? If you did not, then let us find out. Cardano was launched in 2017 after two years of development. It differs from all other cryptocurrencies as it is purely based on peer-reviewed papers. Cardano experts ensure that people around the globe read their papers to improve them and agree with the outcomes. 

This is quite a unique way of working than other platforms. After Bitcoin and Ethereum, Cardano is considered a third-generation blockchain platform. Cardano, a third-generation, comes over the right and wrongs of Bitcoin or Ethereum by covering the shortfalls of the first two generations and improving upon them. It is striving & promised to resolve all three issues of the previous iterations: scalability, interoperability, & sustainability. 

Cardano implements a Smart Contract Platform that can maximize scalability and security. Cardano aims ambitiously focused on delivering quite advanced features than that of any previously developed protocol. However, the Cardano platform is continuously being improved. By market capitalization, Cardano’s Ada token (ADA) has grown into one of the top 10 digital world currencies. 

Cardano is a decentralized project involving the public and crypto-currency projects. The Platform is built on a unique layered architecture, a framework for creating decentralized applications and implementing smart contracts. It is designed to provide military-grade security and scalability compared to many other smart contract platforms. One of the main factors distinguishing Cardano is that it is the first blockchain project led by scientific theory and academic study.

How Does Cardano Work?

First, it is crucial to understand how the Cardano blockchain works, and it can be divided into two layers.

1. Settlement Layer: The Settlement Layer has been constructed and is fully functional. It enables users to send and receive ADA coins, wallets, and cases. This is similar to how users can transfer Ethereum (ETH) to one another.
   
2. Computation Layer: The computation layer is still under development. Once launched, users can create and enter into smart contracts. Smart contracts will provide a solid scheme to design stake share inside a Stake Pool.

This is where Cardano differs from the earlier blockchain platforms that typically work only on a single layer. Using these two separate layers has a few potential benefits for Cardano users. ADA uses the proof of stake (PoS) algorithm to achieve network consensus (using a PoS algorithm called Ouroboros), avoiding expensive CPU use. The specific implementation of the PoS in Cardano is called Ouroboros. In this protocol, “leader nodes” are selected using a lottery to verify the transactions and generate new blocks. The chances of winning the lottery are proportional to the amount of ADA delegated (or staked) in the node. Anyone holding ADA can delegate ADA to a stake pool of choice. 

Through the Cardano Cryptocurrency Website, you will find copies of many peer-reviewed scientific papers to be perused. A global group of professional engineers and researchers is building the platform. Cardano’s developers hope to create a platform that will merge consumer privacy needs and enhanced security with the simultaneous need for regulatory oversight.

The Philosophy of Cardano

The Cardano team is keen to pursue a collection of values and philosophies. They did not have a proper roadmap or a White Paper. Rather than that, the Cardano team fully concentrates on following a “set of design values, best practices in technology, and discovery avenues.”

These principles are as follows,

1. Division of accounting and computation into various levels/layers.
2. Core modules are implemented in highly modular functional code.
3. Limited groups of researchers and developers engage with work reviewed by peers.
4. Heavy use of interdisciplinary teams, including the early use of experts at InfoSec
5. Quick iterations when new work is required to address problems discovered during the peer review.
6. Developing the opportunity to upgrade post-deployed systems with backward compatibility (when possible)
7. Developing decentralized funding mechanisms
8. A long-term perspective on enhancing the efficiency of cryptocurrencies so that they can work with a fair and safe user interface on mobile devices

The Cardano Foundation is a non-profit-oriented entity, the custodial organization of the Cardano. The main function of the Cardano Foundation is to protect, promote & standardize the Cardano protocol technology. In addition to the Cardano Foundation, Input-Output Hong Kong (IOHK) and Emurgo are important actors in the Cardano evolution, promotion, and adoption. Although this three-pronged approach might seem nebulous to some, it is intended to structure and divide the work in furthering Cardano.

Where to buy and store ADA?

There is still a source of purchasing ADA on the primary exchange platforms. Nevertheless, a sale and conversion of Bitcoin and Ethereum on other sites will occur to buy ADA. You can find the complete list of exchanges where ADA pairs are listed. You can always store the ADA in a secure mobile wallet to receive rewards when you delegate your ADA. The official ADA wallet is called Daedalus. 

Daedalus is the wallet recommended by the official website of Cardano [ADA], which is the only wallet that supports the cryptocurrency along with Yoroi, except for the exchanges (something logical since many of us keep our altcoins there). 

At first glance, the interface seems very simple and friendly to use. They will support Bitcoin and Ethereum. If you do not want your ADAs in the exchange houses due to insecurity, you can now send them to what many consider the best wallet for this cryptocurrency.

Some of the main features of Daedalus are:

• Managing an unlimited number of wallets with hierarchical wallet (HD) implementation, more control over organizing your funds, and powerful backup/recovery functions to protect the money in your account.
  
• They do not have private keys; you will have full control of the money. They use cryptography to protect the funds against attacks and offer passwords for expenses and seeds for all your accounts.

Bottom Line

Cardano is impressive and has a long-term goal of cryptocurrency and blockchain. Yet this is still in the early stages. Besides, Cardano’s blockchain ensures that a control layer that offers services away from the cryptocurrency ecosystem exists beyond the coins.

But it’s still in the initial stage, which always relies heavily on the implementation and operation of the idea.

Resources

• All about the Cardano project can be found on the Cardano website
• You can download the Daedalus wallet from the official website.
• Here you can find courses about blockchain platforms.