Special Report: Cardano (ADA)

Cardano (ADA)


The Layered Blockchain Network

Cardano (ADA) is the name of the blockchain network that hosts Ada. Ada is a digital currency like Bitcoin and Litecoin and can also be exchanged peer to peer.

The Cardano network uses both cryptography and blockchain to make Ada competitive with other digital currencies within the space.

But providing a platform for Ada isn’t the only reason that the Cardano network exists. Cardano is a platform that’s capable of operating a wide range of applications, including financial applications.

The Cardano platform appeals to investors for a few reasons. First off, the platform is constructed in layers. This is different from a lot of blockchain networks, and it provides developers with a bit of leeway when it comes to updates, soft forks, and hard forks.

The first of these layers is a payment or transaction settlement platform. After that layer, another layer will be added. This layer will possess the ability to execute smart contracts.

Like Ethereum, the Cardano network is supposed to be able to run decentralized applications (DApps). The Cardano team emphasizes providing scaling solutions early on in the game, so the network won’t face some of the scaling issues that have thwarted other major crypto networks — like Ethereum and Bitcoin.

At the time of adding Cardano to the Coin Index, the company reported that it was in the Byron phase — or Bootstrap phase — of development. In this phase, the company is focused on making improvements to the code that underpins the Cardano network.

After this stage, Cardano plans to move from Byron to Shelley, where the network will become decentralized.

In order to use Ada, you must download a wallet, which you can find on the Cardano website. The wallet is called the Daedalus wallet. Daedalus is a multi-platform wallet intended just for the Ada digital currency. Once you have the wallet, you can do a wide range of things, including send and receive the Ada currency and also access a record of all your transactions — all while feeling secure. The Cardano engineers are currently working to add Ethereum Classic (ETC) and Bitcoin support to the wallet.

If you are interested in learning more about Cardano, you can visit the website here.

You can access the philosophy white paper here.

You can access the academic white paper here.

How to Buy Cardano

Cardano can be purchased on multiple exchanges, including Binance, Bittrex, and Gate.io.

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