This time Cardano looks most futuristic and positive project building on blockchain technology and Cardano with ADA Coin making this project most trustworthy.
Cryptocurrency is not only the solution to replace existing fiat currency problems or to remove any third party mediator in between transactions.
It is built with an aim to solve all centralized problems, so can make the process faster and fully secure.
Such as introducing new applications on Blockchain based projects which helps in
- Food processing chains to get an end to end transparency of payment process.
- Helping Election commission to maintain data and system fully secure.
- Reducing Centralized problems and many more.
Hence in this era of new Technology Cardano is now become a new generation of Blockchain technology.
Which has focused eyes of multiple investors and Crypto lovers, But why?
Hence, This guide is to get you an overall idea about what is Cardano, How Cardano works, What is ADA Coin and why we need ADA coin?
There is a lot much other we will cover such as price prediction of Cardano, future growth of Cardano.
First We will understand what exactly this Cardano and ADA Coin?
Table of Contents
What is Cardano and ADA Coin?
In the previous guide, we have talked about Stellar Lumens where we discussed the difference between stellar and Lumens.
In a similar way, Cardano is the blockchain based open source network technology which was started back in the year 2015 but officially launched in the year 2017.
In the Year 2017, Cardano was launched in an ICO to raise funds and it collected around 63 Million USD and was launched on Bittrex.
Cardano is why so special and worth looking? I will explain all in this Guide.
The Brain behind the creation of Cardano is the same guy who was the Co-founder of Ethereum Charles Hoskinson.
Charles Hoskinson left the Ethereum back in the year 2014 and start from 2015 he planned to start new blockchain based fully decentralized network.
Cardano is developed by a company call Input-Output Hong Kong (IOHK) which is managed by Charles Hoskinson.
Cardano is not only built by a developer but behind it, there is a strong team of scientist and Engineers.
This is the only cryptocurrency which is introduced Peer to Peer review of codes, which means no code changes commit until it reviewed by the researchers, engineers or academic professors.
Cardano is supported by three big organizations.
- Cardano Foundation
- Input OutPut Hong-King (IOHK)
Till this point, you got a history behind the Cardano now will clear the doubt between Cardano and ADA Coin.
Few people are miss conceptual about both of these.
What is Cardano?
Cardano is a Blockchain technology on which all future transactions will happen.
If you aware about Tron (TRX) and Stellar (XLM) in both cases TRON and Stellar are the platforms on which everything is built upon.
In a similar way, Cardano is a Blockchain network build by Charles Howkins by writing complete different code than legacy blockchain.
Instead of copying old blockchain codes, he decided to write completely new code and that is why Cardano is called the 3rd generation of Blockchain by Charle Howkins.
But Ethereum is also having scalability issues, hence new Idea with New Vision Cardano introduced by the same co-founder as was behind Ethereum.
Hence Cardano is a platform, not a currency, it allows DApp (Decentralized App) to build upon it using its own blockchain.
What is the ADA Coin?
ADA Coin is a cryptocurrency which requires to use of Cardano blockchain network.
We all know about Ripple and XRP where Ripple is a technology which used XRP for full successful transactions.
In a similar way to use Cardano blockchain network, you would need ADA Coin, as on Cardano network you can build smart contracts.
Where two parties agree on some conditions than the rest process will be automated. Hence if conditions met than automatically ADA Coin will be transferred from one to another.
In Summary, ADA is the actual cryptocurrency on which you would need to invest in order to use a platform or to trade on the exchange.
I hope you got a clear idea and I assume you got a difference in between Cardano and ADA Coin.
Now let me tell you how Cardano Works?
How Cardano and ADA CoinWorks?
We all know the issue with Bitcoin and that is what the reason Ethereum has been introduced.
But with the increasing demand of blockchain based technology Bitcoin and Ethereum both struggling with most important scalability issues.
Hence the Third generation of Blockchain has been introduced with the vision to resolve three prime issues.
Interoperability – It means, will function in such a way that one blockchain network can communicate with another blockchain network.
Such as Ethereum can talk to Cardano and vice versa, which new of the current blockchain technology.
Scalability – Currently, Bitcoin can do 7 and Etehreum to max 15 transactions per seconds however Cardano at the initial stage can do 250+ transaction per second.
Will Discuss Scalability in a separate section of later guide.
Sustainability – To continuous run of every nonprofit organization project is quite difficult or impossible but they have introduced treasury which ensures that this project will never end in the future.
I hope you got an idea of how Cardano has set his vision to sustain in the future and claiming to be the 3rd generation of Blockchain.
Now, will focus more on exactly how it’s functioning.
Cardano is functioning under two operational layers which are only one crypto blockchain till date having two separate layers to operate complete functioning.
Settlement Layer – This is the Core layer of Cardano blockchain network where the actual movement of Cryptocurrency ADA Coin takes place.
Hence it allows movement of ADA coins from one wallet to another.
Computational Layer – This is the prime change with Cardano, where DApp developers can develop their applications.
The best part is in the future, based on country rules you can change the regulations for build applications on it.
In summary, if any transaction takes place on build applications on Computational layer than it will be passed to the settlement layer to send this to the recipient.
All other blockchain networks are having an only single layer to operate for the complete end to end transactions.
This two-layer operation will allow freedom to modify or change rules to build applications based on local government rules.
This network is fully decentralized and handled by a nonprofit organization and it is an open source project, so anyone can request for change.
But as this has a community which should approve or verified your change for a good cause.
If it approved then you are good to changes with that and fund from the treasure will be allocated to you.
Now how the validation of transactions happens with Cardano, Is it support mining?
Well, the answer is no.
ADA Coin is not availed to get by mining and mining is the way to validate every transaction in the blockchain network.
So how the security or validation of payment transaction will be carried out in Cardano network?
How Transaction of Cardano ADA Coin verified?
Well, Cardano won’t support mining of coins, it has a different mechanism to validate transactions on Cardano network.
Mining is the process where using computational power miners trying to solve complex mathematical problems.
Proof of Work is used by Ethereum or Bitcoin-like cryptocurrency which requires more electricity consumption.
Proof of Stack is a bit different, where you have to stack coins and authorize himself as validator then one who stacks more will get more chances to mine crypto-coins using mining hardware.
But here the Case with Cardano is different. It is close to Proof of Stack only.
Here you won’t need to install any mining software, hardware or use electricity to mine Cardano ADA Coin.
What you need is to stack your Cardano ADA Coin to their wallet Daedalus and make that online, it will auto do mining and percentage of profit will be added to your wallet.
Hence the more Cardano Coin you stack the more percentage of profit you will get as part of mining.
In Addition to Proof of Stack mechanism, it is using another Protocol called Ouroboros.
Ouroboros will help to identify only one block leader randomly from the current stack holder of Cardano.
All incentives of that block will be given to that block leader. Hence it will maintain integrity and honesty among all the ADA Coin stakes holders.
Here it divides the whole world into Epoche and each Epoche will have 20 slots and each slot will get it slot leader randomly.
Here Epoche and Slot leader get 20 seconds approx time to chose a block and add that to blockchain same as we did with the POW of Bitcoin.
If he missed that chance, then he has to wait for next time to become a slot leader.
Such a way every block is for sure validated and verified in Cardano Blockchain network.
How Cardano is Scalable?
Scalability means transactions per seconds and Currently, Cardano has the capacity to transact around 256 transactions per second.
While comparing with Ripple and XLM which has 1.5 k and 1k transactions per seconds much more than Cardano.
But Cardano is still under developing stage and which has a mechanism like the mass adoption in result increase in scalability.
In Case of Bitcoin or another blockchain network to validate any transaction by a miner, it requires to download the copy of that public blockchain ledger.
Public blockchain ledger has millions of transactions details which is getting more and more as new transactions added into this.
Cardano has built upon a newer mechanism, where it’s not asking to download the copy of the whole blockchain ledger to every end validator.
While you initiate a transaction on Cardano blockchain network, it will ask validator to clear transaction only by copying relevant data to confirm that transaction.
Blockchain ledger is holding every single transaction and the way Cardano has found an optimum solution will make this process very easier and fast.
Cardano team is also working on increasing the per second transaction speed by introducing “Sharding”, which is like more adoption can cause more scalability.
I can consider that you understood everything technically about Cardano or ADA Coin,let me talk about the Future of Cardano.
Future of Cardano and Price Prediction of Cardano?
While checking the history of Cardano when it was first launched in 2017 its price was just 0.021$ only.
But in the launch of Three months itself, it got massive popularity and it touched to 1.21$ where its circulation supply increased from 0.56 million USD to a new height of 31 billion USD.
This explains that Cardano has potential to grow further more and as Crypto was crashed after regulations and this is why the price dropped.
Currently, Cardano is traded in between 0.05$-0.1$ and this is the case where the project is under construction.
There is a lot much Cardano has to go and the concept of Treasury making sure that this project is going to be a stable and long lasting project.
Cardano has planning to bring roadmap for 2020, which explains more better about the future plan for Cardano.
Future of Cardano looks very bright because the team behind Cardano is one of the best team of Blockchain technology.
Cardano is the only one Peer- Peer reviews blockchain based project which itself explains how much trustworthy this project is.
While talking about the price prediction with Cardano than no one can guarantee but few have done technical analysis.
Technical analysis is completely different than actual hype of the market because Cardano has a very strong team which have very huge potential to get this project to the new height.
Considering all these few sources have done analysis which you can see below.
Wallet Investors is not optimistic for short term gain with Cardano hence they are expecting ADA Coin price close to 0.00892 USD by end of 2019.
SmartErenum is another source which expects ADA Coin price may cross 1$ and it is quite optimistic for short term gain in the year 2019 due to the strong team behind it.
Theoofy did their own analysis and they look quite optimistic and expecting the price in between 1$ to 1.32$
As I said earlier that no one can guarantee the price of crypto it can touch the sky any moment or can touch ground any other moment.
So Do your required analysis first and keep investing by diversifying your funds.
I hope you got answers for all your query this time let me tell you how to Buy Cardano ADA Coin.
How to Buy Cardano ADA Coin?
There is no direct way to buy ADA Coin, the only way you can make buy is through trading or exchange.
In all the cases you would need BTC or ETH and a Crypto Exchange on which ADA Coin is listed.
I would advise using ETH as it has minimum transaction fees in case of transferring coins from one location to another.
I am going to tell you two process.
- If you are having access for CoinBase in your Country than buy ETH or BTC from there and Transfer it to Binance Exchange on which ADA Coin is listed.
- If Wanted to Buy using Credit and Debit Card than on Binance buy First ETH using Card Payment and then trade or exchange that ETH for ADA Coin.
If having ETH or BTC on another place first Transfer that to the best place Binance Exchange which is lower in transaction fee and having listed with ADA Coin.
I am not going to explain you in detail to learn more about how to trade on Binance or how to Buy Cardano (ADA) in Binance check this detailed guide, which has explained step by step.
But let me brief you here as well but recommended to check our detail guide on Binance.
- Buy ETH and transfer that to Binance, if not having an account sign up Binance here.
- Now go to the ETH market or BTC market whatever balance you have, here I am taking ETH.
- Next Step is to search ADA in ETH market of Binance and do trade by Buy sell guide as we did with TRX.
From Above screenshot, you can see I search for ADA Coin in ETH market and you have an option available to buy ADA in exchange of ETH.
Now you got complete Idea about what is ADA Coin, future growth possibility and price prediction as well and at last how to buy ADA Coin?
To help you step by step on how to Buy Cardano check our detailed guide will give you the best value information.
My View on ADA Coin
ADA is the new generation of Blockchain the way they have developed the technology it looks sustainable.
It is a futuristic and sustainable model which is the first in case of peer to peer review blockchain model.
Not only developers but the scientist, engineers and lot much high skilled people are behind this project.
This is the only project which is having two layers to operate means this is easy to modify computational layers in the future if needed.
I feel Cardano is a great project and it is still under construction, which means it has much more to go and this is the only point of concern for me.
Current price is lower than 10 cents if you have few bucks to invest than definitely try with Cardano ADA Coin.
I am not an investment advisor but love to share details on good project and Cardano is one of them.
Let me know in the comment box what do you think about Cardano project and ADA Coin and keep reading keep sharing.