Cardano: Features and More

What Is Cardano?

Cardano is a decentralized blockchain ecosystem, conceived as an alternative to Ethereum, but faster, scalable, and more secure. The project was launched in 2017 by mathematician Charles Hoskinson, who is also one of the co-founders of Ethereum. Cardano’s hallmark is peer-reviewed research of any new product, service, or update integrated into protocol. Cardano provides developers with the ability to launch smart contracts and create decentralized applications using Plutus smart contract language. Cardano blockchain is constantly evolving following five predefined stages (eras) aimed at improving decentralization, scalability, and governance. Groundbreaking Ouroboros protocol takes Cardano blockchain to a new level, providing high bandwidth, instant transactions, and fast and cost-effective dApps launching.

ADA Token

The native Cardano token, ADA, is used to pay transaction fees, as well as to build and launch smart contracts. In addition, users can deposit ADA into the staking pool to support the network. Stakeholders earn rewards and are also endowed with voting power. That is, they can put forward, accept and reject proposals to improve the work of the network.

The maximum ADA amount that can be generated is 45 billion. The limited emission is designed to stimulate the growth of the coin price and prevent inflation. However, despite the relatively large issue and low cost, Cardano is in the top 10 cryptocurrencies by market capitalization.

Cardano Benefits

As a third-generation blockchain, Cardano learns from the mistakes of its predecessors and intends to provide users with a high level of scalability, security, compatibility, and sustainability. In addition, a strong engineering team and attention to compliance with regulatory requirements make Cardano an attractive platform for developers and ordinary users.

Safety and reliability. Few cryptocurrencies today can boast of a really high degree of security. In contrast, Cardano developers used the Haskell programming language to write program code. This solution provided maximum protection, as well as significantly reduced the likelihood of errors and cyber attacks.

Decentralized governance. Cardano was initially conceived as an autonomous system with decentralized governance. So, in the next Voltaire era, Cardano developers plan to give the community complete control over the further development of the project.

Interoperability. Cardano’s team plans to create a stable decentralized interoperable data ecosystem in which blockchains interact with each other on a P2P basis.

Ouroboros. Cardano applied a unique Proof of Stake consensus mechanism, Ouroboros, which is more secure, energy-efficient, and scalable than Proof of Work.

Scalability. PoW-based blockchains, including Bitcoin and Ethereum, work slowly, while the Ouroboros used in Cardano contributes to the rapid development and improvement of the platform. In addition, in 2022, Cardano entered the Basho era, within which Cardano aims to achieve the bandwidth of millions of TPS.

Where to Store $ADA?

To accept or send ADA, the user will need to create Cardano wallet. The developers recommend their own wallets: Yoroi and Daedalus. But users can also use hardware, mobile, desktop, and Web crypto wallets existing outside the Cardano project. The choice of a wallet depends entirely on your wishes and requirements. Thus, hardware wallets have the highest level of security but are inconvenient for daily use. Mobile wallets are perfect for users who want to be able to make ADA transactions on the go. Finally, Web wallets provide users easy access to Cardano via a browser interface.

When choosing a wallet, users should consider such criteria as ease of use, the list of supported currencies, reliability, and security. SimpleHold meets all the listed requirements. SimpleHold is a non-custodial, user-friendly wallet with support for over 200 currencies, which provides both a mobile app and a browser extension.