Introduction to Cardano

Cardano is not just a cryptocurrency; it is a decentralized network that utilizes blockchain technology. The Cardano network goes beyond just the Cardano cryptocurrency, as it also supports smart contracts and decentralized apps (ĐApps) on its eco-friendly software. This network offers security similar to other blockchains while providing additional functionalities.

What is Cardano?

Cardano is a network based on blockchain technology that powers the Cardano cryptocurrency and various applications. The network allows for the use of smart contracts and other distributed applications in addition to the Cardano coin, which trades under the symbol ADA. The idea of Cardano originated in 2015 with the goal of addressing scalability, interoperability, and sustainability challenges faced by existing blockchain networks. The first version of the network and ADA currency was launched in 2017, named after the mathematician Ada Lovelace.

Special Features of Cardano

ADA is the primary currency on the Cardano network, used for paying transaction fees and considered to be more environmentally friendly than other cryptocurrencies. The network also supports smart contracts and ĐApps, with various real-world applications such as escrow services, stablecoin operations, and supply chain tracking. Cardano also allows users to create their own multi-asset cryptocurrency tokens, tied to ADA for settlement of associated costs.

Cardano Mining

Unlike Bitcoin and Litecoin, Cardano cannot be mined to generate new coins. The network uses a proof-of-stake protocol called Ouroboros for block creation, where participants with stake in the network can delegate their ADA to stake pools and receive rewards. This method consumes less energy compared to proof-of-work systems.

How to Buy/Invest in Cardano

As Cardano's popularity rises, buying and investing in ADA has become more accessible. ADA can be purchased on major cryptocurrency exchanges like Coinbase, Kraken, and Bittrex. It is recommended to store ADA in wallets like Daedalus and Yoroi rather than exchanges, to minimize the risk of fund loss. Transaction times vary, with fees calculated using a specific formula paid in ADA.