Cardano (ADA) is a well-known cryptocurrency that is popular among cryptocurrency owners who are interested in projects with long-term potential. It ranks among the top 10 strongest cryptocurrencies. Unlike Bitcoin, Cardano is much easier to buy. Below we will tell you more about how to do it.
Cardano cryptocurrency was first released in 2013 by its founder Charles Hoskinson and some other talented programmers. Cardano is positioned as the first blockchain platform.
Blockchain is a distributed database that includes information about all transactions made by participants in the system. The data is stored in a chain of blocks. Each block contains a certain number of transactions.
Cardano developers claim to have created a platform of smart contracts - computer programs that execute the agreement made between the parties. They feature innovative functionality not found elsewhere and have the following characteristics:
- Compatibility with other blockchains and financial structures.
All of this enables the development and active interaction of participants. Users can exchange data, receive and view information.
Benefits of the platform:
- A grounded scientific approach to development, giving you confidence in reliability and quality;
- The strongest development team: graduates of the best universities in the United States and the United Kingdom. This indicates that educated and experienced people that understand the topic have taken on the business;
- A carefully thought-out development plan;
- The demand for Cardano cryptocurrency and the wide supply on the services;
- Fast and cheap transactions;
- Good development dynamics;
- Active support from well-known individuals and online publications. This signals that the platform is trusted with huge amounts of money, even by media personalities.
Its long-term forecast indicates that Cardano cryptocurrency will be valued at $2.79 USD a year from now, and at $8.54 USD five years from now. The growth is quite attractive. These benefits speak to the reliability of such predictions.
The founder and leader of the Cardano project is Charles Hoskinson, who has managed to make a mark in the formation of other top cryptocurrencies.
Charles is one of the first participants of the cryptocurrency movement. Back in 2013, he founded the Bitcoin Education Project. In that same year, together with Vitalik Buterin, Gavin Wood and several other developers, he founded the iconic project for the decentralized market known as Ethereum.
Later on, the differences between Vitalik and Charles in their vision of what Ethereum was supposed to be would lead to the emergence of Ethereum Classic.
Finally, in 2017 a new brainchild of Hoskinson - Cardano (ADA) - saw the light of day, something he has not parted with until now. This way, the flamboyant scientist-developer has written his name in the history of three major cryptocurrencies at once - and this is probably a record.
At this point, it's time to say a little more about the scientist and the math. Charles is perhaps the biggest math fanatic in the entire cryptocurrency community. Almost every name in the ecosystem refers to the exact science in one way or another. Even the name of ADA token is a tribute to Ada Lovelace, who described a computing machine in the 19th century, wrote the world's first program, and introduced the concept of loops. So, in many ways, thanks to the efforts of a mathematician who lived two centuries ago, we know programming as it is. On the other hand, Charles's education is one of the great mysteries on a par with who the true Satoshi Nakamoto is. The developer is known to have enrolled at Metropolitan State University of Denver and the University of Colorado Boulder, but how this story ended and whether Hoskinson has a degree is unknown.
Charles Hoskinson is believed to have an impact not only on the crypto industry, but also the world out there. This is indirectly confirmed by the fact that Charles became a speaker at the World Forum in Davos in 2020.
The second founder of the project, who appears less frequently in the focus of the media, is Jeremy Wood. Like Charles, Jeremy was among the first developers of Ethereum.
Several teams are working simultaneously on one of DeFi's main projects:
- IOHK (Input Output Hong Kong);
- Cardano Foundation.
This approach certainly strengthens the decentralized nature of the platform and inspires confidence when it comes to its future.
Today, however, Cardano uses its own language called Glow. This practice is typical for the blockchain industry - for example, Ethereum uses its own language called Solidity.
Glow is a language designed specifically for the development of decentralized apps. It's incredibly secure - every new feature is thoroughly tested before it's made available to all developers. It's also portable - and that's probably one of Glow's main features. Developers, even if they switch to other chains, can create smart contracts on the already familiar Glow.
Glow takes into account the basic needs of developers. Things that, in familiar languages, would require many lines of code and multiple specialists, are automated and abstracted in Glow.
Today, Cardano has an evolving and multidirectional DeFi ecosystem. Here are just a few examples of Cardano-based services:
- SundaeSwap, a decentralized exchange where users can exchange tokens, take or give credits, and participate in staking.
- Cardano Gold is the first store of value and the first public hedge fund for the Hoskinson ecosystem.
- Liqwid is an open source, algorithmic protocol for borrowers and lenders.
- Paribus is a cross-chain lending protocol for NFTs and synthetic assets.
- COTI is a platform that empowers organizations to build their own payment solutions.
While there are many similarities between ETH and ADA, and both platforms are actively involved in the formation of DeFi, there are some differences between them as well. Here are the most significant ones:
Protocol. While Ethereum uses the Proof-of-Work protocol and is just getting ready to move to Proof-of-Stake, Cardano uses PoS by default. Of course, both protocols have their strengths and weaknesses, but PoS supporters point out: the staking protocol is more energy efficient and is better suited for DeFi. Platforms that use PoS are faster, easier to scale, and the fees on such networks are lower.
Academic studies. As we said, Charles Hoskinson is a scientist and a major fan of mathematics in the community. One of the unique features of his project is that all development is based on academic research. Each of the stages of Cardano's development is based on studies that incorporate peer-reviewed ideas and methods. Those, in turn, are based on factual data.
The academic research mentioned above is a solid foundation for a blockchain that will continue to be secure and efficient.
Cardano is known as one of the most rapidly growing systems. Among the milestones the platform seemed to have passed just recently:
- the deployment of smart contracts;
- the launch of the first DEX;
- the emergence of the Djed Cardano stablecoin.
However, investors are advised to be cautious. Occasionally, the market reacts too positively to the next Cardano news. As a result, prices overheat and a certain correction follows. In addition, the performance of the network causes mixed evaluations - while some call Cardano one of the most productive platforms, others point to some slowness of the ecosystem services. In any case, the team is fixing the bugs by changing block sizes and preparing for the introduction of Hydra, a technology that supports multiple sidechains.
Overall, ADA fundamentals are strong, and development teams are listening to users. All of this means - we should expect a further ascent of Jeremy and Charles' cryptocurrency.
You can buy Cardano on cryptocurrency services. The platform has to meet several requirements, especially for the beginners:
- Positive feedback from users;
- Low fees;
- Quick and easy work;
- Technical support;
- A wide choice of cryptocurrencies, including Cardano.
Since Cardano is one of the major coins in the blockchain, many services support its circulation. The following platforms are among the popular ones:
It's necessary to pay attention to the safety of the service and a reasonable size of the commission during the exchange. Unfortunately, many exchanges fail to meet these requirements.
For example, Coinbase takes a huge commission for the purchase of Cardano, and some users are not satisfied with the service.
Both for beginners and experienced traders, Broex is a great choice. The website is handy, has all the necessary functions, pleasant design and user-friendly interface.
The platform's algorithm is easily mastered by a novice trader. Here you don't have to be afraid to conduct any transactions, and be sure of high reliability. Also, there are tips for beginners.
Before you perform any actions on the service Broex, you need to register there. This will take no more than five minutes. To create a personal account, you will need to provide the following information about yourself:
- First and last name;
- Email address;
- Contact phone number.
Once your personal account is created, you will need to go through KYC. This step is mandatory as it primarily improves a client's security. To confirm the identity, you need to log into the account, open the settings and click "Verify", and then follow the instructions. The user will need to take a selfie and upload a scan of the passport spread.
After a few minutes, the user receives a decision notification. As a rule, if a person has done everything correctly, the answer is positive.
The best approach with Cardano cryptocurrency is a long-term investment. This is why a clear strategy and secure storage of Cardano coins is so necessary. It would be much easier for a user to plan their cryptocurrency investment by answering several questions described below:
- "How often are you going to buy Cardano?". Some users make one large purchase and wait for something to happen. Others purchase the cryptocurrency regularly (every week or month);
- "How much do you want to invest in cryptocurrency?". It depends on the user's attitude to risk and how they plan to acquire more. If the user wants to buy Cardano on a regular basis, they probably won't be willing to spend a large amount the first time around;
- "When do you want to sell Cardano?". The user can choose a time frame, for example, holding Cardano for a minimum of five years and more.
The most common payment methods are debit and credit cards. Once the user has funds in an exchange account (fiat currency), he chooses the amount he wants to exchange for Cardano.
Broex is suitable for those who want to participate in open and transparent transactions. It also values reliability and security.
Buying and selling Cardano cryptocurrency on the Broex service is the best solution for a beginner. It is easy to make a transaction on the platform, all methods of depositing in the cabinet are available:
- The service is simple, convenient and clear, there is minimal risk of clicking or sending money to the wrong place
- Maximum secure storage is provided by custodial wallets (data is stored by a third party)
- It's under the supervision of Estonian regulators, there is a KYC. So, your assets are guaranteed to stay with you.