Cardano (ADA)

Cardano (ADA) Coin - Introduction for beginners

Official website: https://cardano.org/

What is Cardano?

Cardano is a decentralised public blockchain and cryptocurrency project and is completely open source. Cardano is developing a smart contract platform which aims to provide more advanced features than any protocol previously created. It is the first blockchain platform to grow out of a scientific philosophy and a research-first driven approach. Based on peer-reviewed academic research, Cardano’s ethos is one of openness and transparency. All the research and technical specifications that support Cardano are published with public access, and all their development is made available to the public. The global team of experts who design Cardano are leaders in disciplines ranging from distributed systems to programming languages and game theory and is jointly developed by IOHK and partners.

Team 

Cardano has three organisations that are contributing to the development of it. Firstly, there is the Cardano Foundation, an independent standards body based in Switzerland with core responsibilities to support the community of Cardano users and to work with authorities on regulatory and commercial matters. The second organisation working on Cardano is IOHK, a leading cryptocurrency research and development company, which holds the contract to develop the platform until 2020. And lastly Emurgo, who invest in start-ups and assist in commercial ventures to build on the Cardano blockchain.  

Roadmap 

The Cardano roadmap is an overview of Cardano’s development. They have organized it into five eras: Byron, Shelley, Goguen, Basho, and Voltaire. Each era is centred around a set of functionalities that will be provided across various code releases. 

While the eras of Cardano will be released consecutively, the work done for each era will occur in parallel, with research, prototyping, and development of each other. This will be done often in progress, all at once across the different development streams.

 

2017- Byron (Foundation) 

The first version of Cardano allowed users to buy and sell the ada cryptocurrency – so named for revolutionary programmer Ada Lovelace – on a federated network running the groundbreaking Ouroboros consensus protocol. The Byron era also saw the delivery of the Daedalus wallet, the official desktop wallet for ada developed by IOHK, as well as Yoroi, a light wallet that was developed by IOHK's sister company Emurgo which was designed for quick transactions and easy day use. 

2017/2018- Shelley (Decentralization)  

The Shelley era includes the important step in Cardano’s journey to optimize decentralization. These will be steady steps, but of great significance. During the Byron era the network was federated, but as the Shelley era evolves more and more, nodes will move more towards being managed by the Cardano community. Once the bulk of the nodes are run by network participants, Cardano will be more decentralized and enjoy superior security and vigor as a result.

2018/2019- Goguen (Smart contracts)  

The work for Goguen has been under way in parallel with Shelley, and when complete will allow users from technical and non-technical backgrounds to make and execute functional smart contracts on the Cardano network. The Goguen era also encompasses work to create Cardano accessible to wider audiences via Marlowe, allowing financial and business experts with no previous technical knowledge to make smart contracts. 

2019/2020-Basho (Scaling)  

The Basho era of Cardano is an era of optimization, improving the scalability and interoperability of the network. One of the core developments of Basho are going to be the introduction of sidechains: new blockchains, interoperable with the most Cardano chain, with immense potential to increase the capabilities of the network. 

2020- Voltaire (Governance)  

The Voltaire era of Cardano will provide the final pieces required for the Cardano network to become a self-sustaining system. For the Cardano network to become genuinely decentralized, it will need not only the distributed infrastructure pioneered during the Shelley era but also the capacity to be maintained and enhanced over time in a decentralized way. 

Staking  

Cardano uses Ouroboros a new proof of stake algorithm called , which determines how individual nodes reach consensus about the network. A crucial part of the infrastructure that supports the ADA cryptocurrency is the algorithm and it is a major invention in blockchain technology. Ouroboros removes the need for an energy-starved proof of work protocol, which stands as a hurdle for blockchain scaling up for much broader use. 

Where to Store Cardano (ADA)

Daedalus is a full node wallet, which will allow you to store ada, the cryptocurrency native to the Cardano blockchain. Daedalus is a Hierarchical Deterministic (HD) wallet, allowing you to create an infinite set of keys from a single seed (We call the seed the 12-word Daedalus wallet recovery phrase).  

When you want to relocate your Daedalus wallet or open it on a separate device, you will only need to enter your 12-word Daedalus wallet recovery phrase and the HD algorithm will find all your ada. This means worrying about managing lots of 12-word Daedalus wallet recovery phrases is something you will not have to do.  

If you are new and looking to buy Cardano (ADA), Exodus wallet is a good wallet to consider. BC Bitcoin have produced a helpful guide on how to set up these wallets and how to receive ADA.It is always recommended that complete your own research and due diligence. 

Where to Buy and Sell Cardano (ADA)

You can Buy & Sell cardano (ADA) by heading over to the Buy Coins page of our website. Cardano (ADA) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying ADA has never been easier, simply place your order and provide your wallet address. Once your payment arrives ADA will be sent directly to your wallet. If you choose to Sell Cardano (ADA) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the ‘Sell Coins’ page. 

Conclusion 

Cardano is an ambitious project tackling an oversized number of problems within the crypto industry. After seeing the potential security flaws of Ethereum through the DAO hack and up to date Parity wallet fiasco, it’s nice to determine that Cardano features a specialise in code scrutiny and peer-reviewed security measures. This does come at a price, however. With such a stress on security, don’t expect quick product updates. Instead, you ought to view this as a long-term project with lots of potential. 

Cardano Resources 

Github: https://github.com/input-output-hk/cardano-sl/ 

Forum: https://forum.cardano.org/ 

Block explorer: https://www.cardano.org/en/block-explorer/ 

White paper: https://www.cardano.org/en/philosophy/ 

White Paper: https://www.cardano.org/en/academic-papers/ 

Social Media  

Twitter: https://twitter.com/cardano 

Facebook: https://www.facebook.com/groups/CardanoCommunity 

Telegram:https://t.me/CardanoAnnouncements 

Reddit: https://www.reddit.com/r/cardano/ 

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.

We use cookies to better provide our services. By using our services, you agree toour use of cookies.