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Cardano is a platform that provides advanced blockchain-based and smart contracts for app development. It is the first platform created by scientists and academicians focused on peer-reviewed open source code. To put it simply, Cardano’s technology goes through a peer review process which is as substantial as the airplane technology might utilize. Such careful scientific examination makes Cardano a unique phenomenon and a powerful player on the field of cryptocurrency.
ADA is a cryptocurrency supported by Cardano’s blockchain. It uses proof of stake algorithm called Ouroboros to keep the entire network decentralized. As well as the whole Cardano project, Ouroboros follows scientific approach aimed at transparency and research. It also protects users’ security and fulfills their needs.
Bitcoin was the first generation blockchain, Ethereum was the second one and Cardano’s algorithm is known as a third generation. As a result, Cardano has an advantage of a look back study. They are actively researching the previous projects and develop their own learning from the mistakes of others. Cardano started with a collective research aimed at identifying the limitations of current blockchain algorithms and they are still following this path.
This reviewing process is absolutely important because it may prevent catastrophic results of coding mistakes and a lack of professional knowledge. Cardano is addressing the problems of previous technologies and solves them. As a result, chances are that less people will lose their money in this industry.
To store and use Cardano’s cryptocurrency ADA, users have to install a wallet designed specifically for this type of coins – Daedalus. This wallet allows users to perform crucial operations such as searching for transactions or viewing information about the blockchain. Also, it utilizes private keys and passwords to ensure the high level of security.
Today, there are a few exchanges where you can buy/sell ADA, but the list is supposed to grow. Also, ADA is promised to become available at particular ATMs in Japan. Users with ADA will also be able to use a special debit cards, which allow you to spend your coins like any other currency. Cardano’s cards convert the funds automatically into the currency used in your region.
All these are company’s plans for nearest future and here is how you can get ADA now. First, you cannot buy ADA for traditional currency like dollars or euros, so you need to buy some cryptocurrency. The simplest way is to purchase ethereum or bitcoin at an exchange and then swap them for ADA. Here are two platforms where you can find Cardano’s currency:
Binance is a relatively new Chinese website, which is popular for a variety of offers and low trading fees. You can buy ADA for bitcoins or ether at this platform.
Cardano is not only a reliable blockchain-based platform, but also an interesting phenomenon on the market of cryptocurrency. Due to the scientific approach, Cardano introduces a new and serious-minded ways of perceiving cryptocurrency and blockchain algorithm as such. Therefore, we expect great contributions from Cardano in the nearest future.