Cardano (ADA): Everything You Need To Know
Cardano is a crypto currency that is making headlines in the coin market. So what is Cardano? Those are the questions asked by many people participating in the cryptocurrency market. To answer the above questions, in today’s article, join Bitcoin Vietnam News to learn about Cardano, how it works, where to create an ADA wallet and buy and sell investment on any cheap, safe exchange. Full and most prestigious?
What is Cardano?
Cardano is a technology platform capable of running financial applications that are used on a daily basis by individuals, organizations and governments around the world. Cardano is developed by Charles Hoskinson – one of the Ethereum team members. Cardano started its ICO in 2016, took a year to develop, and launched Bittrex in October 2017.
If considering Bitcoin is the first generation blockchain, Ethereum is the 2nd generation, then Cardano is the 3rd generation blockchain. Ethereum is the leading technology in blockchain generation 2.0, so it is still very rudimentary. Ethereum is currently relying on a governance system to upgrade and scale the blockchain. With a blockchain 3.0 project like Cardano, developers can detect the shortcomings and disadvantages of their predecessors so that they can build better networks.
ADA Coin is a crypto currency that was born with the mission of being the raw material for the Cardano platform: ADA coin will pay the transaction computation costs, prevent Ddos attacks …)
The platform is being built layer by layer, making the system more flexible for easier maintenance and allowing software upgrades. As ADA’s layered payments process is completed, a separate compute layer will be incorporated to process smart contracts, and the foundation is digital legal agreements for future commerce and business.
The meaning of the article illustration are the main elements that make up the ecosystem of this project: An advanced Blockchain network, ADA coin as raw material, and Daedalus wallet is the shield.
What makes Cardano unique?
Cardano’s smart contract era is on the rise. IOHK developers launched the Goguen Mary (test network) testnet last week.
At this point, user defined tokens are being inspected and monitored before the mainnet (mainnet) implementation. Assuming all goes according to plan, developers will deploy it on the mainnet later this month.
“The implementation of Goguen ‘Mary’ is an important milestone marking the development of Cardano. As Mary switches the cryptocurrency on the network, we unlock a mechanism for users to create their own tokens for countless applications: Decentralized Finance (DeFi) and countless other business use cases ” .
On March 26, 2021, parameter D will be 0. And then the Cardano network becomes 100% decentralized, which makes sense IOHK gives up control of the block. From then on, independent stake pool operators will be solely responsible for this task.
Cryptocurrencies are often criticized for their lack of real-world applications, especially when viewed through the prism of the first world, where trading or speculating makes up the bulk of its use.
But IOHK Director of Africa Operations John O’Connor revealed that the company was about to reach a contract with an African government. No more details about the country or how. But it will see millions of users join the Cardano ecosystem for real-world use.
Who invented Cardano?
This is a project with a fairly clear division of tasks system, avoiding overlaps and conflicts of interest, including a combination of 3 development organizations:
- Cardano Foundation: plays the role of promoting the project, promoting the development of platform applications.
- IOHK: The development organization plays a key role in setting the system, with CEO Charles Hoskinson, one of the founders of Ethereum. This project is highly regarded for its security and scalability. IOHK is responsible for developing and perfecting the technology platform until 2020.
- Emurgo: Business partner driving Cardano’s growth by sponsoring startup teams to build the foundation for Cardano.
Is Cardano (ADA) worth investing in?
Despite the great advantages, evaluating the effectiveness and pricing for Cardano and other 3.0 blockchain platforms is still difficult. No matter how good the technology is, but without a strong community and widespread use, it will be difficult for any platform to go far. To be successful, any project needs to have users.
Compared to Ethereum and NEO, both have had great success in their market segments. Ethereum is the king, who owns the game in the dApps segment while NEO focuses on the oriental market and smart economy. Cardano is difficult to replace NEO because the segments and goals of both are different, and with Ethereum it will be more difficult because over time, Ethereum can completely overcome its weaknesses, occupying the entire market share of dApps. and network expansion, Cardano will need a lot of effort to squeeze into this volatile capital market.
Where and how to buy Cardano (ADA) Coin?
You can buy, sell or trade ADA coins through cryptocurrency exchanges such as Binance, Okex, Bittrex.
There is also one you can buy ADA on the BTCC exchange, when buying ADA in BTCC you will not need to create a wallet, nor withdraw, send ADA out of the exchange because this is buying ADA with Future Contract. That is, you just need to buy, hold on the exchange and when the price increases, sell.
First of all, you need to create an account on BTCC, then deposit USDT to BTCC & find ADA as shown below.
There are 2 types of ADA futures you can buy: perpetual contract, weekly contract. After choosing the type of contract you want to buy, you select the leverage to use and buy ADA. BTCC offers up to 150x leverage, which is a sizable amount of leverage that few futures exchanges allow users to use.
Through this article you probably know what Cardano is, and some concepts about ADA as well as should invest in Cardano. It can be said that Cardano along with ADA coin is a blockchain platform with smart contract and decentralized application similar to Ethereum but secure with a decentralized structure and a focus on fair and efficient financial services.