What is Cardano?

Cardano

April 6, 2019

FrederikNielsen
26

Introducing to Cardano

Cardano (ADA) is a cryptocurrency, like many others – based on decentralized work and transparency. Launched in 2014 by a group of entrepreneurs and programmers. To be precise, Cardano is the general name of the project, and Ada is the token, the currency of the service. Cryptocurrency attaches increased importance to the security provided by a multi-level structure. Cardano positions itself as the first blockchain project, which emerged due to academic research and has a comprehensive scientific philosophy as its foundation. The cryptocurrency developed and managed by Charles Hoskinson, who in the past led the etririum project, seeks to maximize the potential of smart contracts.

Cardano

WShort history of Cardano

Initially, the Cardano development team declared its intention to create a project aimed at caring for the interests and convenience of the end user, as well as taking into account the position of regulators. The developers sought to find a middle ground between the need for regulation on the one hand, and privacy and the principles of decentralization, which are key to blockchain technology, on the other. Cardano was born in 2014. At that time, the project was a mixture of revolutionary ideas and concepts, the fruit of collective research and collaboration. Its creators set themselves the task of overcoming the limitations of the existing blockchains.

Understanding proof-of-stake

Cardano uses the Proof-of-Stake algorithm called Ouroboros, thanks to which, as stated on the project website, “there is no need for the energy-intensive Proof-of-Work protocol, which prevents blockchain scaling and its wider use.”

Also, the Ouroboros algorithm avoids the need for energy-intensive evidence, since the project developers were able to scientifically prove the high level of security of the protocol itself without ancillary tools. The result of the work of the security system platform based on Ouroboros can be compared with the protection of the Bitcoin system, which no one has yet been able to crack.

ADA tokens

ADA is the name and ticker of Cardano tokens. According to the developers, ADA demonstrates what the function of money will be in the future: high-speed, direct, cryptographically secure transfers.

Trading ADA tokens

To make an ADA transfer, you need to pay a minimum commission. The minimum commission is a prerequisite for a transaction, and if you prefer, you can pay a larger fee. By a special formula, the minimum commission for each transaction is calculated separately.

Cardano

Daedalus Wallet Features

There is a native wallet Cardano – DAEDALUS WALLET. It is considered safe and very convenient. In any case, if you invest in Cardano, you will surely not keep funds on the exchange markets, but withdraw them to your wallet.

At the same time, you get an expanded functionality of the wallet, in which you can:

  • create multiple accounts for different cryptocurrencies;
  • view transaction history;
  • manage your accounts at any time without restrictions;
  • use a special Cardano Block Explorer explorer;
  • use encryption of private keys and passwords;
  • export wallets to paper certificates.

According to the developers, in the near future the functionality of the platform will be expanded, which will also affect the wallet:

  • ETH and PTS support will be included;
  • Mobile apps for iOS and Android will appear;
  • the option to generate blocks will open;
  • support for the maximum number of coins will be launched.
Frederik Nielsen
Frederik Nielsen

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

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