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Cardano (ADA)
What is Cardano?
Cardano is an open-source blockchain protocol, launched by one of the team members behind Ethereum, Charles Hoskinson. His goal initially was to develop a crypto asset that was fast, and stable with the potential of its price going up due to its scarcity. The initial concept of the Cardano blockchain was to use the Proof-Of-Stake protocol instead of the Proof-Of-Work protocol, which is widely familiar to Bitcoin users.
The concept of creation dates back to 2017. As of today, the Cardano blockchain is a blockchain protocol that gathered the world’s best programmers, engineers, mathematicians, and scientists from all around the world. Its main goal is to ensure quick, secure, and stable asset transactions while being decentralized and independent from banking institutions.
How does Cardano work?
Cardano’s developer had one thing in mind while coming to terms with the platform’s essence – to distinguish it from the other cryptocurrency's shortcomings.
Cardano’s first goal is to make the verifying of transactions much faster. The main goal is to speed up the platform with its growing usage instead of slowing it down. Thus the blockchain capability scales in a linear matter with its usage.
Cardano is interoperable – its users can easily convert their Cardano assets to any other crypto by using bridges.
Another one of the platform’s main goals is for it to be self-sustainable – the easiest way to guarantee its users the scalability. Cardano collects fees and then pays them to the biggest contributors to the platform.
ADA is the token used in the network. It is named after Ada Lovelace, the first computer programmer. The Proof-Of-Stake protocol simply means that instead of solving difficult math problems, the verification of transactions is made according to the amount of ADAs staked.
Benefits of Cardano
- Usage of Proof-Of-Stake protocol
- Scalability and security
- Self-sustainability
- Growing token’s value
What to do after buying Cardano?
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Store/Hold ADA
You can safely store your ADA in your account or your crypto wallet. If you seek to make a major investment in ADA a hardware wallet is the best option for storage.
- Trade ADA
You can trade ADA for other cryptocurrencies.
- Send ADA
You can send it to anyone and anywhere.
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