What is the Cardano cryptocurrency (Ada)

In this guide I will explain what cardano cryptocurrency is and how it works.

There are many cryptocurrencies that are created today and there are just as many that have no future.

The Cardano project is still under development but based on the initial project and the team, it could be very interesting.

The Cardano cryptocurrency was created with the aim of creating a blockchain that brings together all the others.

But let’s go in order and begin to understand what it is.

What is the Cardano cryptocurrency

Cardano is an open source project created by Iohk foundation, with an academic philosophy.

Its creator and co-founder of Ethereum, Charles Hoskinson, created this project by moving away from the mentality of Ethereum.

Cardano, was born with an academic mentality, that is created by scientists who studied the blockchain.

According to Charles, it brings together all the previous projects but with the possibility of having a more scalable and more functional platform.

The project is still under development, but its expectations are very high.

He did not have a fundraiser and therefore an ICO, and his financing derives from the companies that carry out the project as Emurgo.

How the Cardano cryptocurrency works

The developers have created a new POS consent algorithm, called Ouroboros.

This algorithm is the first to be verified mathematically and to have proof of its effective functioning.

It is led by Professor Aggelos Kiayias, and is crucial to the functioning of the cardan ecosystem.

What they want to do on cardano is to create a more secure bitcoin blockchain using a consensus algorithm that consumes little energy but at the same time increases efficiency.

Unlike Bitcoin which uses the POW, the cardan cryptocurrency uses the POS which drastically reduces its energy consumption.

The block validation occurs through randomness, that is, in bitcoin you have the proof of strength where the strongest arrives first to validate the block and receive the reward.

Instead, in Cardano, the block validator is randomly assigned and receives the reward based on the frozen Cardan tokens divided by the total tokens in the network.

This process is a safer way to demonstrate the validity of validators, using randomness.

The stakeholder role is fundamental because it is he who maintains the entire network, it has the difference of a system with delegation (DPOS) like Eos.

This video explains the operation in detail.

How to use cardan

Cardano is stored in official portfolios, which are actually those used to create a node.

One of these Daedalus, or Yoroi, are used in the cardan system.

In order to participate in the validation of the blocks and receive rewards, Daedalus is the main node

the official cardan portfolio, daedalus

Then there are secondary wallets like Exodus, which serve only for conservation and not for reward from staking.

Cardano can be purchased in exchanges like Coinbase or Binance, very easily.

In fact the cryptocurrency despite being born in 2017 and not yet in operation, is present in many exchanges.

Currently its exchange price is around:

The availability of the token is 45 billion with a circulation of 31 billion.

The development of Cardano

Cardano is undergoing a testnet, and its true operation should be in 2020 according to the company’s news.

Looking at the RoadMap we are currently in the Byron phase and we should enter the Shelley phase.

the cardano ada roadmap

The company assigns each stage with important English characters from the past.

The most important phase is that of Shelley where it would be in transition to the operation of the network.

During this phase you should have a prefix where you would have the Mainnet in testnet, that is a test before launching the platform.

This test would have the same award and the same functioning as the final platform.

All this step you have to follow it through social channels or through the official website.

The development of cardan is much awaited because this project has the requirements to become one of the most important projects in the cryptocurrency sector.

Useful links

Cardano is present in many social channels including:

Its source code is present in GitHub at this address .

The official website of the project can be reached here.

To view transactions, you can consult cardanoexplorer or adascan.

Conclusion

Cardan cryptocurrency is a highly anticipated, discussed and important project linked to the cryptocurrency sector.

Even if you don’t have a final development, Cardano attracts for its team and its project.

In the cryptocurrency industry, creating projects like this is not easy but it makes you more likely to succeed.

For this article everything is waiting for you to the next one.

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