Beginners Basic Guide of Cardano!!
Cryptocurrency has come such a long way. First starting with bitcoin and now we have more than 1600+ cryptocurrencies in the crypto market. A number of people lost some of their investments. Some people gained a lot of money and became rich. The whole cryptocurrency became a mystery to people. People want to know which one is good and worth investing and which one is not. Cardano is one of those and here is a Beginners Basic Guide of Cardano.
So today! Tech guys I am here to give you the review of a cryptocurrency and its name is Cardano. If you are a beginner, this is your Beginners Basic Guide of Cardano. If you already know what is Cardano then this is your research guide. Thank you for spending your time with me and now let us move into the system of Cardano.
Cardano is a cryptocurrency that launched in September 2017. Blockchain Development Input-Output Hong Kong (IOHK) is the company that launched Cardano. It is similar to Ethereum. With decentralized blockchain platform and opensource smart contracts. So let us just talk about the guide. Here I am going to explain pretty much all the simple things. Things you need to know before you dive into more research.
Input-Output Hong Kong (IOHK) begin their journey in 2015. The founders of the company are Charles Hoskinson and Jeremy Wood. It is an engineering and technology company. Their main goal is to use peer to peer method to provide financial service all around the world. IHOK has a deal for the design, development, and maintenance of Cardano till 2020.
What is Cardano?
As I mentioned earlier Cardano is similar to Ethereum. It is developed by Charles Hoskinson, the former co-founder of Bitshares and Ethereum. Cardano’s blockchain platform is peer-reviewed by third-party auditing firms and academic researchers. Cardano uses Haskell programming language which also gives flexibility into projects.
Haskell is one of the most secure programming languages. ADA is the coin of Cardano. ADA has its own exchange layer and smart contracts using another layer. Cardano is considered as a third generation technology. Heavy user of smart contracts prefers to use Cardano more than any other cryptocurrency. Developers think that cryptocurrency like ADA will become the future money.
Wallet for Cardano:
Storing Cardano ADA is a little bit different from other cryptocurrencies. The only wallet that supports ADA is the wallet Daedalus. It is a wallet with the highest security comparing to other platforms. One best thing about Daedalus is, You can delete it after using. Later you can install and use it again with your secret code. You do not need to start everything from the beginning. You can start from where you left last time. So if somebody hacks your computer, there is less chance for them to find your wallet.
In details, your ADA is not even stored in Daedalus. It is stored in the blockchain. Daedalus is a management program that secures you with 12 secret codes. It imports your wallet with those secret keys. It also gives you details about your total wallet balance. Daedalus can create transactions verified by your secret codes to use ADA. There are other platforms that allow you to exchange and store your ADA.
How to buy Cardano ADA?
You can buy ADA using your credit or debit card. Using other cryptocurrencies to buy ADA is also a good way. You can buy ADA from bank deposits. Buying with cash and meeting with the seller is also a popular and secure way.
You can buy this coin from world popular cryptocurrency exchange Binance
Can you mine Cardano ADA?
No, you cannot mine Cardano ADA. Cardano is a proof-of-stake network and mining needs a proof-of-work network just like bitcoin. In PoW network you use the power of your computer to secure the network. Stake coins to secure network in Cardano is going to start in March 2019. Then you can assign your stake from your wallet to stake pool and only then you will receive rewards when that pool makes a block. You will not lose any coin as you will just assign them, not give them.
Price balance of Cardano:
Cardano ADA was released in 2017 and its first exchange price was $0.02. Since then it was pretty much balancing under $1. At the end of 2017 and 2018 January, the price went up to $1.30. Which was the highest till now. After the whole cryptocurrency price drop, ADA’s value is balancing between $0.30 – $0.15. And that is not really bad if you look at other currencies.
What are the highlighted feathers of Cardano?
With smart contract and Dapp’s system from Ethereum Cardano is much more secure peer to peer transaction system. Bitcoin Magazine once published Hoskinson the developer of Cardano is planning to develop a different language for the smart contract. However, it is powered by Cardano and it is called Plutus. Cardano’s security will become much stronger in future with Plutus. Everything happens like transactions or any information you store or any contract execute. All this are permanently stored in the ledger.
While Cardano is similar to Ethereum, it includes several layers for several functions. The smart contract system of Cardano will become faster and smoother with the new language Plutus. Cardano settlement layer uses a proof of stake algorithm to create new blocks for transactions. The smart contract of Cardano runs in Cardano computation layer. In Computation layer, users can create ledger with permission that can stop any transaction that does not include KYS data.
Cardano transaction fees:
Cardano ADA’s transaction fee is almost fixed and in easy words, it is something like this:- your transaction fee = (A) a constant currently equaling + (B) a constantly currently equaling ADA/byte * the size of the transaction in bytes.
This means your minimum fee is (A) = 0.155381 ADA and it will increase by (B) = 0.000043946 ADA which will multiply with every byte increase of your transaction size.
Future of Cardano?
Cardano is obviously an ambitious and advance cryptocurrency. They are showing others the benefits of multi layers and giving an example of how to use them. Cardano mainly focused to keep the system updated. Hopefully, Cardano surely learned a lot about the security after seeing the Ethereum hack.
They are so much focused on their security. It is developers and users appreciate so much. The market value is not always the main thing. The price balancing and the security is what you need when it comes to investing. And surely Cardano is one of the safer cryptocurrency you can rely on. You can also check Top Cryptocurrency List.