What is Cardano? Cardano is a highly scalable and environmentally friendly Blockchain network developed with academic methods. In this article, we tried to answer the questions frequently asked by investors such as what Cardano is, what it offers, what is ADA, what it does, how to get it. cryptocoin.com We have compiled it for our readers who are curious. Let’s examine it together.
What is Cardano?
Cardano is a decentralized Blockchain network with smart contracts, powered by a Proof-of-Stake consensus mechanism. It is a project that stands out because it is based on peer-reviewed research and developed by academics. Its academic development has made Cardano one of the best coded blockchains in the field. It also shows that it is rationally tackling some of the biggest issues facing Blockchain networks right now. Cardano is a 3rd generation network and is one of the few projects in the space that has been described as the “Ethereum Killer”. Just like Ethereum, Cardano supports the development of products such as dApp and NFT via smart contracts. But it does these things much better than him. It makes this possible with its largely native cryptocurrency, ADA.
What does Cardano offer?
Bitcoin is defined as 1st generation networks and Ethereum as 2nd generation networks. Cardano tries to solve the three main problems faced by the first two generations of crypto networks. These main problems are; scalability, sustainability and interoperability. One of the biggest problems that the first two generations of Blockchains still face is the issue of scalability. These problems mostly occur due to Proof-of-Work networks like Bitcoin. For example, Bitcoin can only process 5-7 transactions per second. This is not an issue in the early days of low blockchain usage. However, with the current popularity and adoption, it has come to the fore as a serious problem. However, Cardano connects many networks through its “cross-chain bridge” technology.
The Cardano network works with the Proof-of-Stake consensus mechanism. This is very important for the sustainability of the network. Blockchain’s PoS system stands out because it consumes less energy than other networks. Cardano has a 5-stage roadmap. The roadmap includes various developments such as NFTs, smart contracts, sidechains and self-management. Having successfully completed the first 3 stages, the network is working on the 4th stage, side chains. The network supports smart contracts, interoperability, DeFi protocols and dApps. Cardano recently released a DEX called SundaeSwap. This DEX holds the title of being the network’s first decentralized exchange. The use of Cardano’s dApps continues to increase each month. However, the project seems to be starting to gain some popularity in the NFT space as well. Recently, the project released the Vasil hard fork upgrade, which is expected to improve scalability.
How was Cardano founded?
Cardano began development in 2015 by Charles Hoskinson. Formerly, Hoskinson was on the team of Ethereum, one of the popular Blockchain networks. However, they disagreed with one of the founders, Vitalik Buterin, on the future of Ethereum. As a result, he left the Ethereum team and took action to develop Cardano. After two years of work, Hoskinson and his team publicly released Cardano on September 29, 2017. The network takes its name from the 16th century mathematician named Gerolamo Cardano. Now the project is slowly but surely on its way academically and methodically.
What is ADA? What does it do?
ADA token is the native cryptocurrency of the Cardano network. It is used for various purposes such as staking and governance. In Cardano, the staking system is called the “treasure system”. Accordingly, users can earn various rewards by staking ADA tokens. Staked tokens provide financing to the network and support decentralization. In terms of decentralization, Cardano works with what it calls liquid democracy. Users who stake more tokens in this system have more say in the management of the network. ADA holders can manage the platform based on the amount of tokens they stake. In addition, they can participate directly by submitting proposals to the management. The network supports state-based technological advancement through various projects in countries such as Ethiopia and Georgia. ADA holders can participate in these projects. For example, the project has the Atala Prism project, which aims to provide digital identities for students in Ethiopia. These ID cards contain a lot of information such as the academic information of the students.
What is Cardano? How to get ADA?
People interested in the Cardano project can purchase ADA for use or investment in the network. To purchase ADA, there must first be an exchange where the token is listed. ADA token; It is traded on many exchanges such as Binance, Huobi Global, Kraken, Crypto.com. Interested investors must become a member of one of these exchanges and verify their accounts. Then they need to deposit an asset suitable for ADA parities into their wallets. Thus, they can place a purchase order for the token.
