What is Cardano? Beginner’s Guide: What is Ada coin used for?

The Cardano-Coin has only recently (02.10.2017) on relevant stock exchanges such as B. Bittrex.com tradable. Still, the coin slipped straight into the top 20 cryptocurrencies with the largest market cap. But what happens to the coin when the initial hype subsides and what really matters comes to the fore: namely the technology that Cardano brings. A detailed analysis should shed light on this article.

What is Cardano?

Cardano’s market capitalization is currently around $ 700 million at a current Cardano exchange rate of just under € 0.025 per coin (currently slightly increasing trend, as of October 20, 2017).

Cardano is a blockchain technology designed to build a new decentralized economy and democratize financial markets in emerging markets. Cardano enables the cost-effective, secure and scalable creation and execution of decentralized applications and contracts.

However, the Cardano project should stand out from many others in the industry: it addresses the need for regulatory oversight openly, while the privacy and protection of consumers should be preserved through an innovative software architecture.

The protocol has a layered blockchain software stack that is flexible, scalable, and developed with the industry’s most stringent academic and commercial software standards. Cardano will use a democratic governance system which will develop the project over time and which will be financed sustainably through a visionary treasury system.

Cardano Foundation (consisting of 3 core actors)

The Cardano project was initiated in late 2014 by a group of cryptocurrency enthusiasts, investors and entrepreneurs in Asia. Input Output HK (IOHK) was involved in the development and implementation of Cardano. The Cardano Foundation, based in Switzerland, was also established to monitor and oversee the development of Cardano and its ecosystem and to act on behalf of the users of the protocol. Another unit, Emurgo, based in the Isle of Man, was established to pursue profit-making activities on behalf of the ecosystem and the community. The three units are completely separate in ownership and management.

How does the Cardano project work?

IOHK was founded in 2015 by Charles Hoskinson and Jeremy Wood and is a technology and technology company that uses peer-to-peer innovations to connect three billion people worldwide who have no access to accounts and other financial services.

The IOHK team used a “first principles” approach that was driven by peer-reviewed academic research to build Cardano. The result is the first cryptocurrency based on the Haskell code , an industrial grade product that provides the resilience required for mission critical systems and in this case ensures that all transactions are secure. The protocol is designed to protect users’ privacy and also takes into account the needs of regulators.

Cardano is the first protocol to balance these requirements in a nuanced and effective manner and to take a new approach to cryptocurrencies. The system is designed in such a way that it can be continuously upgraded and adapted to adapt to changing requirements and to develop it further quickly if necessary. A treasury system will also be installed to ensure the sustainability of the protocol.

Cardano network users will also soon be able to run decentralized applications on the Cardano blockchain and thus use the full functionality of the project. In 2019, IOHK wants to work on Cardano’s long-term scalability and expand its capabilities. As a developer, IOHK was commissioned until 2020 to ensure that Cardano is properly maintained.

Is an investment worthwhile? Buy Cardano Wallet and Cardano

If you are interested in investing this coin, check out our step-by-step guide to buying Cardana (ADA) . Here we explain which exchanges you can currently buy ADA on and how you can quickly and securely have ADA in your wallet.

If you don’t want to store your ADA on a web wallet, but want to store it on a desktop wallet on your PC, then watch our Cardano Wallet Video (Daedalus Wallet) or tutorial . We’ll quickly and easily explain how you can download, install and use the wallet within 3 minutes.

Conclusion on the Cardano project

The project and development team consists of a large number of well-known players in the blockchain and finance industries. If the promises can be kept and the roadmap initiates further steps in the near future, this coin can go its way in the crypto world.

At the moment there is of course a small initial hype that will subside after some time. Still, the price is relatively low right now, so it might be worth considering investing in the ADA tokens. The current trend looks very positive (as of October 20, 2017), but it remains to be seen how the project will develop in the coming days and weeks.

Disclaimer: – Trading cryptocurrencies carries a great financial risk and can lead to a total loss of the capital invested.

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The statements made here are only our own opinion and not a buy recommendation. Please do your own research before investing in cryptocurrencies. We accept no liability for any kind of damage. Please also read our disclaimer in the imprint.

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