What is Cardano?

Published:
Updated:
Category:

Swap_coin

past_5_years_of_darknet_thumbnail

Cardano (ADA) is also a crypto coin based on blockchain technology. This currency is decentralized, open source and designed by a group of famous people. The special thing about Cardano is that the former CEO of Ethereum, Charles Hoskinson, is supervising this project. As a result, ethereum has one not underestimated competitor. According to the ADA team, ADA is the most precisely designed cryptocurrency to date. Tip: Below you will find a video that explains exactly what Cardano is in 8 minutes.

What can I use Cardano for?

As can be read above, Cardano is a bit like Ethereum. This is because Cardano also works with smart contracts. This allows you as a developer to develop your own software and apps on the Cardano network. The goal of Cardano is that its users can safely make payments and draw up contracts.

How is Cardano different from the competition?

Cardano is quite different from Bitcoin. This is how Cardano works with smart contracts. This means that various apps can be developed on the Cardano network. In addition, the transaction speed of Cardano is many times faster. If you compare Cardano with other cryptocurrencies, you soon come to the conclusion that Ethereum is quite similar. For example, Ethereum also uses smart contracts. However, according to the developers, Cardano is more advanced and more advanced than Ethereum.

The Cardano course

The Cardano course is very variable. For example, the Cardano price can rise or fall 30% from one day to the next. Against the Bitcoin exchange rate and the Ethereum rate, the Cardano rate is even more volatile. The Cardano price is, just like the bitcoin price, dependent on a number of important factors, namely: New updates. Collaborations with companies. News about the adoption of Cardano and other cryptocurrencies. In the graph below you will find a live graph. Here you can view the entire price development of Cardano. The annual graph clearly shows that Cardano experienced its peak in January 2018. The ADA price was currently around $ 1.20.

Where can you buy Cardano?

Do you want to buy Cardano? There are a number of sites where you can buy Cardano. However, unlike Bitcoin, Ethereum and Litecoin, you cannot buy Cardano from Coinbase. We have listed the best sites for buying and selling Cardano for you. Do you want to know more about the different exchanges? Then press the exchange you want to know more about.

Who is the founder of Cardano?

Cardano's founder is Charles Hoskinson. Charles Hoskinson was also a founder of Ethereum, but is now fully focused on Cardano. Jeremy Wood is also a household name who now works at Cardano. Together with Charles Hoskinson, he came over from Ethereum to start the Cardano team. This team comes under the agency called IOHK.

What are the benefits of Cardano?

Are you curious about the benefits of Cardano? Below you will find the 4 most important advantages of this cryptocurrency. 1. Safety Safety is a top priority at Cardano. The team is committed to making the network as secure as possible. At the moment, Cardano is considered by the experts as one of the safest cryptocoins. 2. Adaptability It is very easy for the Cardano team to make adjustments. For Cardano it is not necessary to improve the currency by hardforks. In contrast to Bitcoin, the currency does not have to split. This allows the technology behind Cardano to be improved much faster.

3. Scalability Cardano was created to be as scalable as possible. Cardano uses side chains. These coexist with Cardano's headchain. This makes it possible to start any size project on the Cardano network. For example, it is possible for Cardano to carry out about 250 transactions per second in the future. 4. Low transaction costs The transaction costs of using and sending Cardano are very low, only 0.05 $ per transaction. With Bitcoin, the transaction costs can go up to $ 40 per transaction.

What are the drawbacks of Cardano?

1. Everything is virtual. Cardano, just like Bitcoin, is completely virtual. This is a disadvantage for many people. We are still a bit afraid that the virtual money can just disappear. We have nothing tangible to hold on to. 2. Not yet fully accepted / Banned by government? Like any other crypto, Cardano has not yet been fully accepted. Just like with Bitcoin, governments of different countries are afraid that cryptocurrencies will overthrow the entire financial system. The government has no insight or grip on cryptocurrency. Because these governments have no control over crypto, there is a chance that Cardano and other cryptocurrencies will be banned.

3. The currency is relatively unknown Because Cardano is fairly new, there is also relatively little information available about it or only very technical information that many people cannot handle. In addition, tutorials and documentation are missing, for example, to help (new) developers. The large crowd has little or no idea what Cardano is. As a result, the potential of Cardano is not yet being fully exploited. 4. Other currencies such as Ethereum have been further developed Because Cardano is relatively new, this also means that the technology is still in its infancy. Ethereum, which Cardano is a bit like, has already been developed a lot further. As a result, many people find this a more interesting solution.