What Is Cardano (ADA)?
Cardano is a decentralized platform for scalable value transfer, which is one of the most promising projects in the digital world. Its main value is that it provides ultra-high reliability of all operations performed in it. Cardano is written in a completely new secure programming language, Haskell. What makes the project unique. The main method of protection is Proof-of-stake. To date, it has almost no equal in the level of security.
If you follow the Cardano news, you know that it is one of the oldest cryptocurrencies of the third generation, which remains in the top, although it has not gained significant popularity in the world. The team continues to work on improving the speed and decentralization of the project. There has never been a strong hype around ADA, which allows the team to work in a calm environment and develop a product that over time has every chance of becoming super-popular.
At the end of March, Cardano price was $1.16. What is it provided for and what are its prospects-read below in the article.
Cardano is a multi-level blockchain platform based on Proof-Of-Stake, written in the Haskell programming language and designed to create decentralized applications based on smart contracts.
Mathematician Charles Hoskinson, who was the creator of Cardano, named this project in honor of a significant physicist and mathematician, a famous scientist-Gerolamo Cardano.
And the ADA coin token is named after Augusta Ada King, who is considered the first programmer in the world. In addition to being the first to create a computer program, she was also, surprisingly, the daughter of the famous poet Byron.
The multi-level Cardano protocol is characterized by a complex communication system with project management. This ensures complete decentralization, because developers have minimal influence on their own system. They can regulate the technical side of the platform, but this does not affect the rate or anonymity of the Cardano cryptocurrency.
The management layer is responsible for executing the smart contracts that the platform relies on. The only thing that is controlled by the developers is a black list of users, where intruders, scammers and spammers are entered.
How to buy Cardano
This is one of the easiest coins to buy in the digital world. This is due to the fact that Cardano is among the top 5 currencies in terms of market capitalization in the world. This means that any platform, no matter which one you choose, will provide you with the opportunity to exchange Cardano, or more correctly say, ADA tokens.
If you do not have crypto tokens, we recommend that you first exchange fiat money for Bitcoin. And then be able to exchange one currency for another on various exchangers, some of which do not even require account registration and identity verification.
The guarantee of complete anonymity, a high degree of security and high transfer speed is provided by the Godex exchanger.
Circulation of Cardano
At the time of writing, the Cardano coin volume is available in the world in the amount of 31,997,384,564. In total, the coin has a limit of 45 billion ADA. This means that only a little more than 70% of all tokens were mined. Between September 2015 and January 2017, there were five rounds of public sales of Cardano tokens.
Can You Mine ADA?
In relation to cryptocurrencies, the term mining refers to a process involving the use of computer resources to process transactions of a payment system by creating new blocks, ensuring their security, and forming new records in a common database.
You've heard a lot about Bitcoin mining. Cardano mining is also provided by the system. Presumably, 30% of the 45 billion coins will be obtained through mining, which is equivalent to 13.5 billion coins. The reward for each block is 2,000 units of currency.
But Cardano doesn't work like Bitcoin and other proof-of-work blockchains. Cardano is based on the Ouroboros proof-of-stake algorithm, which is very different from even most other proof-of-stake algorithms. Ouroboros divides the process into time slots called "epochs'', essentially work shifts. Each era is led by one selected slot leader, who is responsible for creating and confirming blocks in the Cardano blockchain. If the slot leader does not create a transaction block in its epoch, the next leader of the "shift" will try to do so with at least 50% or more of the blocks created during one epoch.
The transactions in the blocks created by the slot leaders are then approved by the input endorsers. They are elected on the basis of the ownership share. There can be more than one input initiator in each epoch. The Ouroboro reward system is designed to facilitate the availability of use and verification of transactions, as opposed to energy-intensive proof-of-work mining algorithms.
The rewards for participating in the Cardano blockchain are divided between three parties: the initiators of the input, the holders of shares of multi-party computing, and the slot leaders. Cardano stake stacking is a feature of the Shelley stage of the development roadmap. The Shelley Incentivized Testnet, launched in May 2020, allows ADA holders to earn rewards by delegating their stakes or managing a betting pool.
Another channel for earning ADA miners is increasing the price of Cardano. If it has grown by more than 4000% in 3 years, what growth can the coin expect in the future.