About Cardano (ADA)weiss-badge

Cardano (ADA)


Cardano is a decentralized blockchain network that is scalable, highly adaptive, and increasingly secure. This open-source blockchain project allows transactions to occur between peers with the help of smart contracts through a multi-layered architecture.


Gerolamo Cardano, an Italian mathematician, and polymath was the inspiration behind the name of this project. The native asset of Cardano, ADA, is also named after one of the pioneering computer programmers, Ada King. Ada King, Countess of Lovelace, was the daughter of the distinguished poet Lord Byron and a recognized writer herself.


Lovelace's highly influential contributions to computers included the development of the first algorithm for computers in the year 1843. Lovelace was the one who discovered the potential for computers to carry out mathematical operations, thereby setting the stage for the development of computers over the years.


Therefore, it is appropriate that the smallest unit of a single ADA, i.e, 0.000001 ADA, is named after this incredible woman, "Lovelace," in much the same way as the smallest sub-unit of Bitcoin, 0.00000001 BTC, is named "Satoshi" after its founder, Satoshi Nakamoto.


History


In a famous incident in 2015, Charles Hoskinson, the co-founder of BitShares and Ethereum, the second-largest blockchain network in the world, made his exit from Ethereum. Hoskinson left Ethereum due to disputes about allowing the project to remain non-profit. This led to the birth of the Cardano project and subsequently the ADA cryptocurrency right in the middle of the ICO boom.


$600 million was the initial market cap of ADA in 2015. However, by the end of 2017, ADA's market cap soared to $10 billion. 2018 saw the value of Cardano's ADA peaking at $33 billion before dropping back down to $10 billion as the crypto markets began to be tightened worldwide.


Cardano blockchain attempts to address the inflexibility and lack of speed in Bitcoin and the safety and scalability issues in Ethereum.


Team


Along with Charles Hoskinson, the Cardano team consists of several academics and engineers who got together in 2015 to take on the mammoth project of constructing a native blockchain from A-Z.


Cardano's team constantly works to deliver the project's mission, which is to eliminate the need for intermediaries on a digital finance platform that is uniquely sustainable and highly inclusive, even more so than other blockchain projects.


Several organizations have spearheaded the Cardano project, amongst which the Cardano Foundation, Emurgo, and Input-Output Hong Kong (IOHK) are the ones that have stood out.


Cardano aims to build a legislative framework for the cryptocurrency and blockchain industry by partnering with other organizations. This is why the mission of the Cardano Foundation, which is an independent Swiss-based not-for-profit organization, is to "standardize, protect and promote" the technology of Cardano through partnerships and legislation.


Technology


The third-generation of blockchain technology includes blockchain projects such as Cosmos and Polkadot. It is to this generation that Cardano belongs. Scalability issues are one of the significant shortcomings of the previous blockchain projects that the third generation wishes to address. Other than this, platforms such as Cardano also target issues of sustainability and interoperability that earlier generations suffered from.


This is why Cardano ecosystem has addressed the single-layer architecture of Ethereum (which resulted in slower transactions, expensive gas fees, and high network congestion) with a multi-layered structure that distinguishes it from the original smart contract platform. The two structures in the Cardano blockchain consists of the Cardano Computational Layer (CCL) and the Cardano Settlement Layer (CSL),


The Ouroboros protocol, a proof-of-stake consensus algorithm, is used by Cardano to address issues regarding the work-of-proof protocol in Bitcoin by generating new blocks and the confirmation of transactions.


The CCL layer is Cardano's true distinguishing feature as it facilitates smart contracts by powering the computational requirements of the network. Flexibility is increased in this layer by separating it from the settlement layer, and storage flexibility is improved through the off-chain protocol. Transactions at Cardano can be validated through customized rules that users can make through the blockchain access model.


Future Focus


Cardano has a promising future ahead. Its proof-of-stake technology addresses the proof-of-work issues that effectively plague Bitcoin and Ethereum. At the same time, its lightning-fast speed has created the potential for almost a million transactions per second in the future.


While Cardano seems to be more similar to Ethereum than Bitcoin Gold, this blockchain technology distinguishes itself as a unique alternative to the traditional banking system with its low transaction fees. Cardano fees are under 25 cents, which is nothing compared to the 1.5-5% fees that are generally charged by conventional banking methods. It is, therefore, possible that Cardano might replace the need for banks altogether.


The future of Cardano lies in its scientific and academic approach, which includes numerous university affiliations, countless PhDs, and authoritative peer-reviewed research. Everything at Cardano is explained through videos and old-school whiteboards, which allows newbies to catch on quickly.


The commercial wing of the ADA token of Cardano and the company finance is EMURGO which is dedicated solely to addressing the real-world problems that the Cardano coin ADA brings. Emurgo has also developed an "Africa Strategy" to encourage the adoption of Cardano in Africa by businesses and everyday users. Projects are delivered through engagement with private sector companies and several local stakeholders such as Governments and NGOs. Local developers are also being trained and educated to take care of problems that arise locally.


For more information regarding Cardano, visit the official site or check out our blog section for articles covering topics such as how blockchain technology works and more.


Wallets


There are many great options for storing ADA. Please refer to this article to determine which is best for you. At BitPrime, we highly recommend buying a Trezor or Ledger device for the ultimate security. There are only a few virtual wallets available.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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