Cardano has recently listed ADA tokens on the futures exchanges at BitMEX. Even if its market value is slightly down these days, experts believe that this cryptocurrency has still got a lot to offer. so Let’s talk about the altcoin which made it to the 5th rank in coin market cap; Cardano (ADA).
I actually wrote cardamom then cardano while searching for the crypto coin, but rest assured although not cardamom, cardano is definitely as valuable as a cardamom.
Pretty similar to Ethereum, this smart platform aims to focus on security by employing a layered architecture. Based on peer-review research, It’s the first blockchain of its kind to be based on scientific philosophy.
A decentralized blockchain and a cryptocurrency too are among the things Cardano has to offer. At the moment, Cardano is working on a smart platform. When completed, this will provide features that are more advanced than any other protocol developed so far.
By using Haskell, a programming language, with a high degree of fault tolerance, is what sets it apart in the aspect. Flexbility in projects is of immense importance considering the uncertain future of the blockchain systems. A programming language like Haskell ensures that the system adapts to the changes and welcomes them and hence making it adaptable to the upcoming projects.
What makes it stand out
The team and the basis of Cardano is what makes it stand out. Coming out of research driven appraoch, saying no to a single whitepaper, and bringing out a series of academic papers makes it stand apart form the platforms introduced thus far. The team comprising of expert researchers and engineers, strengthnes its image and reliability in the market.
Keeping a balance between the users and the respective regulators, all the while working in privacy, is another outstanding feature that sets Cardano apart. As such, Cardano should introduce a new type of regulated computing that allows for improved financial inclusion via its open access.
Standing in the coin market
You can send and receive digital funds using ADA which is the cyptocurrency for Cardano. According to the developers cash in the future is perfectly depicted by the digital cash, ADA. Cryptography ensures secure transactions, and speedy ones at that. .
Daedalus Wallet allows the investors to use ADA. It is simple to install, allowing you to view everything and even search for transactions.
Some tempting features of the wallet include:
- Encrypted private keys and spending passwords, offering protection against security threats such as malware.
- Wallets can be exported to paper certificates, giving the maximum security option of placing funds in cold storage.
Ranked as the 5th crypto coin according to coin market cap, following is the trend for ADA.
Cardano uses the Ouroboros Proof-of-Stake (PoS), instead of using a Proof-of-Work (PoW) consensus algorithm. This algo tells how nodes tend o reach a decision in a network.
Acoording to the Cardano Hub, In this protocol, miners invest computing power to compete to be chosen as the leader who gets to make the next block and win a reward for doing so. The site also claimed that by contrast, in proof of stake, the stakeholder who will form the next block is randomly selected, proportionally to the size of the stake that they have, according to the blockchain ledger.
How to buy ADA
You can purchase ADA on just a few of the major exchange platforms. Bittrex and Binance have highest trading volumes for the coin and offer the coin as a trading pair with Bitcoin and Ethereum.
To buy ADA, you’ll first need to purchase Bitcoin or Ethereum on another platform and transfer it over only then you will be able to buy ADA, the crypto exchange method.
- Firstly you set up a wallet, to do this download site for the open source cryptocurrency wallet for Ada, Daedalus. Download the file for you computer and install the program.
- Once the installation and sync is complete the program will be fully operational, so press ‘Create a new wallet’.
- Name the wallet and press ‘Activate to create password’. This will open some input boxes. Enter a strong password and Press ‘Create personal wallet’.
- After setting up a security phrase, press ‘Confirm’.
- Your wallet is now open. Click ‘receive’ to get your wallet address. Copy this address somewhere save it.
- The guide uses Binance for exchange. Click here to go to Binance, and click ‘Register’ on the top right menu. (Make sure you have some other crypto coins in store before proceeding).
- Fill in the email and a password and click ‘Register’. Check your email and click the link to verify.
- Upon confirmation you are brought back to Binance. On the login page, enter the email and password you just used to sign up, then press ‘Login’.
- Place your mouse over ‘FUNDS’ and click on ‘Deposits Withdrawals’.
- Write Ethereum in searchbox and find Ethereum.
- Press ‘Deposit’ to get a Ethereum deposit address. Copy this address.
- Return to Coinbase and Click ‘Accounts’ to find your Ethereum and then Click ‘Send’.
- Click the ‘Recipient’ box, put the Ethereum wallet address and in amount, put Ethereum you wish to send and click ‘Continue’.
- Once the Ethereum appers, trade it for Cardano. Proceed to Binance.
- There are two ways of buying coins: A ‘Limit’ order, and a ‘Market’ buy, we use market buy. Look for the big green ‘Buy ADA’ button. Above it, click the ‘Market’ option.
- In the ‘Amount’ tab fill the ADA to buy.
- Press the buy button to complete your order.
- Press ‘Funds’ and then ‘Deposits Withdrawals’ tab. In the search box, type ADA. You see ADA in your wallet.
- To move them to personal wallet click the ‘Withdrawal’ button.
- In the boxes that appear, fill in this information: Label: Write ‘My wallet’. Address: Put the wallet address that you copied from Daedalus wallet. Amount: Press the ‘Max’ button to send all your ADA, press ‘Submit’.
- A withdrawl email would be sent to you, click on the link to confirm.
- It takes some time but once over you would see ADA in your wallet.
Cardano seems to be a reliable blockchain platform and great things are definitely expected in the near future.