Cardano (ADA) is changing the crypto game with its new technology. Cardano’s parent company, IOHK, has been dedicated to the development of the Cardano project since its inception in 2015.
While most cryptocurrency companies or projects will only develop their blockchain in-house, IOHK works closely with leading academic and industry experts to build Cardano from the ground up using peer-reviewed research and first-principles mathematical proof of stake consensus.
What is Cardano?
The most important thing to know about Cardano right now is that it’s not just one project.
Rather, it’s a collection of smaller projects with ambitious goals. Each one is a team effort led by academics and researchers who want to see blockchain technology succeed.
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The development ecosystem as a whole gets its name from ADA, which serves as both its official currency and an incentive mechanism for participating in development.
If you want to buy Cardano but aren’t sure where to start, there are many ways to get involved in these different efforts.
What makes Cardano unique?
Cardano, an open-source blockchain platform, offers a number of features that make it stand out from other blockchain projects. The platform relies on a consensus algorithm called Ouroboros and proof-of-stake (PoS) mining.
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Users can generate their own wallet address with a Cardano digital wallet, which encrypts private keys and data while sending or receiving ADA tokens.
In addition to its native cryptocurrency, Cardano supports smart contracts. These allow users to create decentralized applications that operate without third parties and don’t require trust in any central authority.
Unlike most cryptocurrencies, ADA is not available for purchase through fiat currency exchanges such as Coinbase.
Instead, you must buy Bitcoin or Ethereum using your credit card or bank account on a site like Coinbase, then transfer those funds to an exchange like Binance.
You can trade them for ADA coins using your newly created wallet address.
How does it compare to other cryptocurrencies?
The goal of Cardano is to create a platform on which new cryptocurrencies can be built.
As such, its focus isn’t necessarily as a competitor to Bitcoin or Ethereum. Rather, it seeks to become more like an operating system—think Windows or macOS—that other cryptocurrencies can be built on top of.
That said, ADA has been taking steps toward becoming more directly competitive with those larger currencies by expanding its list of supported wallets and starting to explore ways in which ADA can be used for small-scale transactions.
Of course, Cardano isn’t alone in trying to find new ways for cryptocurrencies to go mainstream; projects like Litecoin are also working on ways for their digital coins to serve as everyday currencies rather than just speculative assets.
And, of course, there’s always room for new competitors to come along that offers something different from what existing players have already done.
In short: If you want to get involved in cryptocurrency investing, there are plenty of options out there beyond Bitcoin and Ethereum.
And even if you don’t think you want to get involved in cryptocurrency investing per se, there may still be good reasons why you should keep your eye on these technologies.
Where can I buy ADA coins?
Cardano has only recently been available for trade in a public market. That said, if you’re comfortable buying cryptocurrency on an exchange and don’t mind paying a premium, it’s easy to buy ADA.
It’s currently available on many popular exchanges, including Bittrex and Binance. Just remember: cryptocurrencies are volatile, so while they may go up in value, they could also lose some or all of their value in a flash!
So be careful when deciding where to buy Ada.
Conclusion
Cardano has made itself a valuable asset by creating a proper way to get started with blockchain technology.
It’s not going away anytime soon, and I’m betting it will be an industry leader in no time. It’s still new, but things are looking good for Cardano ADA holders.
If you want to invest in one of these innovative cryptos, where can you buy ADA? Currently only on major exchanges like Bittrex and Binance.
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