The Cardano platform is the first cryptocurrency project built on peer-reviewed academic research. The purpose of this guide is to clarify some of the fuzziness surrounding Cardano (ADA) and expose the project’s real strengths and weaknesses.
Let’s find out more about this groundbreaking new blockchain below.
What is Cardano (ADA) Cryptocurrency?
Cardano (ADA) is a decentralized public blockchain and cryptocurrency project and is fully open source. It uses smart contract technology.
The team behind it is working to make the system more fair, secure, and scalable than other cryptocurrencies by taking inspiration from the best features of both Bitcoin and Ethereum.
What Sets Cardano (ADA) Apart From Other Cryptocurrencies?
1. Cardano is not just a cryptocurrency — it’s a system of layers, with the settlement layer (CSL) as one layer
2. Cardano offers many features that other cryptocurrencies don’t — for example, Ouroboros, which allows for secure Proof of Stake (PoS) consensus and more
3. Cardano is the first to use Haskell, a programming language that is both powerful and secure
4. Real-world apps. Cardano’s first and foremost goal is to create a platform for decentralized applications and bring smart contracts to the masses.
This blockchain platform has an inbuilt digital currency (ADA) that has one of the most complex and fully traceable consensus systems on the market. It is also unique among Proof-of-Stake systems because it offers complete finality.
That means it is theoretically impossible to fork or double-spend Cardano’s native currency, ADA. It offers several other features that give users greater control over their funds than they get with any other cryptocurrency.
Where Can I Purchase Cardano?
You can purchase Cardano on many different cryptocurrency exchanges, including Bittrex and Cryptopia. For example, SoFi Invest is one of the most popular crypto-friendly financial institutions. The company offers convenient services like cryptocurrency purchases, FDIC insurance for crypto assets, and even digital currency loans.
If you’re wondering how to buy cardano from SoFi Invest, it’s simple. You can choose to buy or trade USD or cryptocurrency. You can also get a hold of the currency you need via SoFi Invest’s Coinbase integration, which allows instant purchases on the spot.
How Do I Store Cardano?
The Daedalus Wallet. Daedalus is the first cryptocurrency wallet built for the Cardano blockchain. It enables you to view, send, and receive ADA, the digital currency of Cardano.
It is an open-source client written in Haskell, which means you can use it on your operating system of choice. Daedalus also uses Hierarchical Deterministic wallets that give you full control over your funds.
How Can I Mine Cardano?
It’s crucial to mine Cardano if you want to connect to the network and engage in transactions. While mining can seem intimidating at first, it’s quite simple — for this reason. Here’s how:
1. Buy ADA on an exchange
2. Download the Daedalus Wallet – https://daedaluswallet.io/
3. Buy a mining rig
4. Choose your mining pool
5. Install any drivers or software needed to connect to the pool
6. Connect your Daedalus wallet to the mining pool
7. Begin mining.
To mine Cardano, you need to run the command-line interface (CLI) and add a special parameter for your wallet. You can do it in several ways – by using a remote node, using a local node, or running a full node locally.
That about wraps up our guide to Cardano (ADA). You may want to download the Daedalus wallet to start using ADA today. Stay tuned to check out guides on other cryptocurrencies.