[Buy Cryptocurrency] IS CARDANO COIN LEGIT?[Cardano ada Coin]

cardano ada coin

                                 [CARDANO COIN]

As the name suggests, Cardano is a technology platform that runs a cryptocurrency named ADA.Cardano platform is developed by Input-Output Hong Kong (IOHK) blockchain development firm.Mr. Charles Hoskinson, former co-founder of Bitshares and Ethereum is the CEO of the firm.Can you guess the official cryptocurrency wallet for ADA? I hope quite a few will have the answer.Yes ! you are right it's Daedalus.

Let's Begin...

                                          [What is CARDANO COIN?]

A project started in 2015 named Cardano and the motive behind this project was to give a completely new makeover to the cryptocurrency world i,e to change the way cryptocurrency is designed and developed.The Cardano ADA coin was initially based the three principles.
  1. Avenue for exploration.
  2. Engineering best practices.
  3. Design principles.
The above principles can be further sub-divided as follows.

  • Accounting and Computation separation into different layers.
  • For future use, developing a decentralized funding mechanism.
  • A practical learning scope from nearly 1000 altcoins.
  • Understanding the need for multiple assets in the same ledger.
  • A long-term strategic move to improve the design of cryptocurrency and make it more secured, user-friendly and mobile responsive.
To make the above discussion simpler we can say that Cardano ADA coin is to some extent similar to Ethereum and the focus is to achieve high-level security through a layered architecture.

Mr. Charles Hoskinson has asked his team to develop the ADA coin, keeping in mind the interest of end-users, stakeholders, and regulators.
The platform uses a programming language named Haskell which has a high degree of fault tolerance.Keeping in mind the uncertain future of cryptocurrency and high complexity of blockchain,
ADA coin developers are trying to bring some flexibility to make it more receptive to the changing environment.It's really very difficult to predict how the system will shape in the future and to minimize the error, Haskell, a programming language is being used.

cardano coin

 We all are aware that the implementation of banking system especially in the developing world is too expensive.Cardano ada coin is working with a motive to bring in place the banking system using blockchain technology.

The best part is Cardano ada coin has its own block explorer tool which helps in keeping track of the transaction that has taken place on cardano blockchain.
All the ada coin transactions are publicly recorded on the blockchain.Anyone can find the amount of ada coin transaction, sender's public address, date and time of the transaction.

                                                              [What is Cardano testnet?]

As the name suggests Cardano testnet is a test network where developers are doing testing using various possible cases before the launch of Cardano network.

                                                        [What is Cardano block explorer?]

The Cardano block explorer is used to check the transaction on the testnet as well as the Cardano network,
Check the video to understand Cardano block explorer.

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cardano ada coin blockchain explorer

I have placed a screenshot of ADA coin transaction for your better understanding.

                                  [How does Cardano Coin work?]

To understand how Cardano works we will have to first understand the layers involved.

[Cardano Settlement Layer(CSL)]

CSL is the first layer of the Cardano coin aka ADA coin platform and acts as a balance layer.The work of this layer is to generate new blocks and confirm transaction using proof-of-stake consensus algorithm.
CSL consists of two sets of scripting languages.The first set is used to move value and the next to enhance security support.The sidechains are used to link to other ledgers.This layer also uses multiple signatures including quantum resistant signatures.The layer is also responsible for the scalability as more number of users join the network.

[Cardano Computation Layer (CCL)] 

This layer consists of the information regarding the reason for the transaction.This layer is the second layer and consists of the answer to the query "why the transaction happened?".The CCL support
Solidarity.CCL gives its user to create a different set of rules while evaluating the transaction and it is possible only because the CCL is detached from the CSL.

                                                        [What is Plutus?]

Plutus is a new programming language being developed by the Cardano team.This language will be used to develop smart contracts on CCL.Cardano will help its developer by providing a Plutus code library.The team of Cardano ADA coin is also developing some unique tools to do the testing of these codes.

                                                      [What is KMZ?]

KMZ is abbreviated as Kiayias, Miller, and Zindros.Actually, KMZ is a protocol developed to support the blockchain of Cardano coin.It involves proof-of-work.It allows the fund to move from CSL to any CCL which also uses the protocol.

                                        [cardano coin wallet]

Before we discuss Daedalus, Please go through the detailed article on cryptocurrency wallet.
So coming back to Daedalus, It is an open source wallet created for Cardano ADA coin aka Cardano coin wallet and the Cardano team is working hard to expand its functionality.

I am assuming that the Daedalus wallet will be converted to multi-currency wallet over a period of time.
cardano coin wallet

Download Daedalus App
Download Daedalus Wallet
Frequently asked question on Cardano coin wallet

Currently, this wallet is only available on the web.I hope over a period of time you can find android and ios app.Normally, the first-time installation will few hours.Soon, you can find Ledger Nano S integration with ADA.

                                              [Ouroboros Proof of Stake]

Cardano coin prefers proof-of-stake over proof-of-work.The process is very simple.The slot leaders are responsible for generating new blocks for the blockchain and verify the transaction.Anyone who holds ada coin can become slot leaders.

                                               [Insight from CoinMarketCap]

cardano coin ada price

In the above graph, the orange line is for Bitcoin and the green one for Cardano coin.The variation over a period of time is almost overlapped.We can for a while conclude that the price variation of Cardano ada coin is directly proportional to Bitcoin.

One of the important learning from the graph is the slope of variation.The ada coin doesn't have a pump and dumps attributes.To some extent the rate of variation is constant and it's a sign of stable cryptocurrency.You can buy cryptocurrency which has a stable rate of variation.

                                          [Where to buy CARDANO coin?]

#Step 1:-Signup for Coinbase and buy Bitcoin.

Simply go to CoinBase and Login.In case you haven't registered then register for CoinBase and verify your account.

Register using this link on CoinBase and Earn $10 for each referral 

After verifying your account, you need to provide your account details via which you want to buy Bitcoin.

Now, Go to coinbase.com/buy
Choose your payment method carefully and mention how much Bitcoin you want to buy and then Click buy Bitcoin.
buy cardano coin using bitcoin

#Step 2-Sign up for Binance

Log in to Binance and in case you are new to Binance then sign up for  Binance and verify your account.

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#Step 3- Send your Bitcoin from CoinBase to Binance 

where to buy cardano coin using fiat money
  • Login to Binance account.
  • Go to Funds drop down and click on balances.
  • Go to the next page and find the Bitcoin deposit address and click the deposit button.
buy cardano ada cryptocurrency

cardano coin wallet

  • Paste your BTC address in "enter a BTC address".
cardano coin wallet using Bitcoin

  • Enter the amount that you want to send to Binance.
  • It will take around 300 seconds for the transaction to appear in Binance and a maximum of thirty minutes to be fully confirmed.
#Step 4:Exchange your Bitcoin for Cardano ADA coin

buy cardano ada coin using bitcoin

  • Click Buy ADA.
  • To check for the newly bought ADA coin, Go back to Binance dashboard and check for the balance.
check ada coin balance

You can replicate the same process for buying Cardano ADA coin using Ethereum.

Conclusion: I hope you would have liked this post on Cardano.Please share this article on social media.Your share really motivates us to come up with yet another superlative article.


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