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Beginners Basic Guide of Cardano!!
Cryptocurrency has come such a long way. First started 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 in and which one is not. Cardano is one of those and here is a Beginners Basic Guide to Cardano. Beginners Basic Guide to Cardano.
So today! Tech guys, I am here to give you a review of a cryptocurrency whose name is Cardano. If you are a beginner, this is your Beginners’ Basic Guide to 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 a decentralized blockchain platform and open-source 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. Beginners Basic Guide of Cardano.
Key Features of Cardano
Cardano stands out for its key features, including:
- Proof-of-Stake (PoS) Consensus: Cardano utilizes a PoS consensus algorithm called Ouroboros, which aims to be more energy-efficient and secure than traditional Proof-of-Work (PoW) systems.
- Layered Architecture: Cardano’s blockchain is built on a layered architecture that separates the settlement layer (Cardano Settlement Layer or CSL) from the computation layer (Cardano Computation Layer or CCL). This allows for flexibility and upgradability.
- Formal Verification: Cardano emphasizes the use of formal methods and rigorous mathematical proofs to ensure the correctness and security of its protocols.
- Sustainable Governance: Cardano implements a decentralized governance model where stakeholders can actively participate in the decision-making process through voting and proposals. Beginners Basic Guide of Cardano.
Input-Output Hong Kong (IOHK) begins its 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 methods to provide financial services all around the world. IHOK has a deal for the design, development, and maintenance of Cardano till 2020. Beginners Basic Guide of Cardano.
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 the Haskell programming language which also gives flexibility to 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 a third-generation technology. A Heavy user of smart contracts prefers to use Cardano more than any other cryptocurrency. Developers think that cryptocurrencies like ADA will become the future of money. Beginners Basic Guide of Cardano
Buying and Storing ADA
To buy ADA, follow these steps:
- Create an account on a reputable cryptocurrency exchange that supports ADA.
- Complete the necessary verification process as required by the exchange.
- Deposit funds into your exchange account.
- Search for ADA in the exchange’s trading interface and place an order to buy ADA.
- Once the purchase is complete, withdraw your ADA to your Cardano wallet for safe storage.
When storing ADA, ensure you keep your wallet’s recovery phrase or private key in a secure place. It’s recommended to use hardware wallets or wallets with robust security features to protect your ADA from potential threats. Beginners Basic Guide of Cardano.
Wallet for Cardano:
Storing Cardano ADA is a little different from other cryptocurrencies. The only wallet that supports ADA is the wallet Daedalus. It is a wallet with the highest security compared to other platforms. One best things about Daedalus is, You can delete it after using it. 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 off last time. So if somebody hacks your computer, there is less chance for them to find your wallet. Beginners Basic Guide of Cardano.
In detail, 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. Beginners Basic Guide of Cardano.
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. Beginners Basic Guide of Cardano.
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 a PoW network, you use the power of your computer to secure the network. Stake coins to secure the network in Cardano going to start in March 2019. Then you can assign your stake from your wallet to the stake pool and only then you will receive rewards when that pool makes a block. You will not lose any coins as you will just assign them, not give them. Beginners Basic Guide of Cardano.
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 in January, the price went up to $1.30. Which was the highest till now. After the whole cryptocurrency price drop, ADA’s value is balanced between $0.30 – $0.15. And that is not really if you look at other currencies. Beginners Basic Guide to Cardano. Beginners Basic Guide of Cardano
What are the highlighted feathers of Cardano?
With smart contracts and Depp’s system from Ethereum Cardano is a 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 Plautus. Cardano’s security will become much stronger in the future with Plutus. Everything happens like transactions or any information you store or any contract execute. All these are permanently stored in the ledger. Beginners Basic Guide of Cardano.
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. The Cardano settlement layer uses a proof of stake algorithm to create new blocks for transactions. The smart contract of Cardano runs in the Cardano computation layer. In the Computation layer, users can create a ledger with permission that can stop any transaction that does not include KYS data. Beginners Basic Guide of Cardano.
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 in your transaction size. Beginners Basic Guide to Cardano
Future of Cardano?
Cardano is obviously an ambitious and advanced 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 security after seeing the Ethereum hack. Beginners Basic Guide to Cardano.
Beginners Basic Guide of Cardano gives you the opportunity to start with the company. They are so focused on their security. It is what developers and users appreciate so much. The market value is not always the main thing. Price balancing and security are what you need when it comes to investing. And surely Cardano is one of the safer cryptocurrencies you can rely on. You can also check Top Cryptocurrency List. Beginners Basic Guide of Cardano.