Cardano (ADA) is a proof-of-stake blockchain project. It is described as a “third generation” blockchain aimed at scalability.
What is Cardano (ADA)?
Created by a decentralized community and developed by Charles Hoskinson, Cardano (ADA) is a proof-of-stake (POS) project. Expressed as the “third generation” blockchain, Cardano aims to solve the problems in the second generation blockchain.
Bitcoin is defined as “first generation” and Ethereum as “second generation”. Cardano (ADA), the “third generation”, is one of Ethereum’s biggest competitors. This is because it aims to solve the scalability issues in Ethereum.
Cardano’s goal is to offer scalability and interoperability. Cardano (ADA), which started to work in 2015, was launched in 2017. Supported by the Cardano Foundation. Cardano’s native cryptocurrency is ADA. It has gone through many academic researches and examinations while being created.
How Does Cardano Work?
The Cardano project consists of five main phases;
- Stage 1- BYRON: The network comes to life with basic functionality.
- Stage 2- SHELLEY: Steps are taken through decentralization with community-run nodes.
- Step 3- GOGUEN: Smart Contracts are enabled on the network.
- Phase 4- BASHO: Sidechains are introduced that increase scalability and interoperability.
- Stage 5- VOLTAIRE: Management and self-financing make ADA completely decentralized.
- Each of the stages forms an integral part of the network. It makes it completely decentralized.
Cardano was created to solve the scaling problems of the first generation Bitcoin and the second generation Ethereum. Unlike the high transaction fees of previous generation blockchains, Cardano is being built as a decentralized and low fee and high TPS (transactions per second) solution. Cardano aims to improve the speed and overall capacity of the network in various ways.
What Does Cardano (ADA) Do?
ADA is Cardano’s native cryptocurrency called the “third generation” blockchain. It is used to carry out activities on the blockchain. Due to its high return, it has become one of the most preferred cryptocurrencies of people. Cardano aims to make financial applications easier, fair and reliable.
It is a network that is shaped by considering user needs. Created to solve the scalability issue, Cardano aims to evolve into a decentralized application development platform with verifiable smart contracts and multi-asset ledger over time.
Cardano’s Proof of Stake (POS) consensus mechanism, Ouroboros, significantly reduces the cost of energy compared to Proof-of-Work (POW). Tier-2 solution Hydra further increases scalability by increasing throughput. As Ether is for Ethereum, ADA is Cardano’s cryptocurrency and also the foundation of the network. It is used for transactions on the network.
ADA, which can be used as an investment and store of value, can also be used for payments and staking. Users with ADA also own stakes in the Cardano network. In addition, rewards can be earned by transferring ADAs to stake pools.
How And Where To Buy ADA?
Cardano is described as a third generation blockchain. The native cryptocurrency is ADA. It can be purchased on platforms such as ADA, Binance, Coinbase, Paribu, Crypto.com, BtcTurk, which are followed with interest by many people.
Exchanges where ADA can be purchased are similar to each other in terms of the service they offer, although there are some differences. For example, ADA purchase stages for those who want to trade with Binance:
Step 1: Create an account on the Binance website or app. This process is free.
Step 2: The most suitable Cardano (ADA) parity is selected. The options are shaped by country. There are options such as credit card, debit card, bank transfer, P2P trading, third-party payments.
Step3: The order to be executed is entered.
Step 4: The purchased ADA can be stored in the crypto wallet or used for trading.
Cardano (ADA) Price
At the moment 1 cardano 6.32 TLTL It is traded from. Moreover one Cardano 0.340734 $is dollars.
Cardano price in the last 24 hours 2.04%with change now 6.32 TLTLIt is traded from.
Cardano volume in the last 24 hours 369,198,679 $dollarand if the market value of the cryptocurrency is 11,957,899,574 $dollaris.
