What is Cardano (ADA)? Everything you need to know about ADA

Cardano (ADA) is one of the most anticipated third-generation blockchain platforms today, promising to bring solutions to the limitations of previous generations. ADA is Cardano’s native cryptocurrency, used to pay transaction fees and participate in network management.

Follow the AZCoin article for a detailed look at Cardano (ADA) and its future development potential.

What is Cardano (ADA)?

Cardano is a Blockchain project and decentralized cryptocurrency, founded by Charles Hoskinson in 2015. Built on scientific research, Cardano is a decentralized platform with Proof-of consensus mechanism – Stake. The project’s main coin is ADA, released in late 2017 after a $60 million ICO.

Project development team of Cardano

The Cardano project is developed by three main organizations:

  • Cardano Foundation: This is an independent organization based in Switzerland, responsible for supporting the Cardano user community and working with authorities on legal and commercial issues.
  • IOHK (Input Output HongKong): Is a blockchain technology company founded in 2015, with CEO Charles Hoskinson. IOHK assumed the task of holding the contract to develop the Cardano platform until 2020.
  • Emurgo: A business partner of Cardano, responsible for supporting investment capital for newly established businesses and commercial projects built on the Cardano Blockchain platform.

How Cardano works

Cardano operates on two main layers:

  • Cardano Settlement Layer (CSL): This is the part of Cardano that is already developed and operational. CSL allows users to send and receive Cardano coins from one wallet to another, similar to transferring ETH directly between Ethereum accounts.
  • Cardano Computation Layer (CCL): This is a layer in development. When completed, CCL will allow users to create and sign smart contracts, opening up the possibility of deploying decentralized applications on Cardano’s platform.

Besides the above two layers, the Ouroboros algorithm plays an important role in supporting the Ada coin. This is a major innovation in blockchain technology, ensuring the safety and security of the Cardano network.

Cardano roadmap

Cardano’s development roadmap is divided into five main stages, each focusing on developing specific functionalities and improving the network:

  • Byron: This is the first phase, building the foundation for Cardano, allowing users to buy and sell ADA cryptocurrency and use Daedalus and Yoroi wallets.
  • Shelley: This phase focuses on optimizing the decentralization of the network, with the transfer of node governance from developers to the community.
  • Goguen: This period marked the birth of smart contracts, allowing the creation and deployment of decentralized applications (dApps) on Cardano.
  • Basho: This is the phase that focuses on improving the scalability and performance of the network.
  • Voltaire: This final phase aims to create an autonomous governance system, with the implementation of a voting mechanism and governance fund so that the community can decide the direction of Cardano’s development.

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Advantages & disadvantages of the Cardano project

Advantages

  • Advanced technology: Cardano uses third-generation blockchain technology, with fast transaction processing and low transaction fees.
  • Scalability: Cardano has a network layer structure designed for increased scalability.
  • Security: Uses an energy-efficient and secure Proof-of-Stake (PoS) consensus algorithm.
  • Sustainability and governance: The project focuses on addressing important issues such as sustainability and governance.

Disadvantages

  • Blockchain is still evolving: Some features and full mainnet support for smart contracts are yet to be finalized.
  • Wallet Issues: There have been ongoing issues regarding Cardano’s wallet.

Basic information about ADA token

Technical information

  • Token name: Cardano
  • Ticker: ADA
  • Blockchain: Cardano 
  • Consensus: Proof of Stake (PoS)
  • Algorithm: Ouroboros
  • Token standard: ERC-20, TON, BEP-20
  • Token type: Coin
  • Smart contract: 0x3EE2200Efb3400fAbB9AacF31297cBdD1d435D47
  • Block time: 20 second
  • Market capitalization: 17.391.835.683 US$
  • Circulation supply: 35.357.160.761
  • 24-hour trading volume (May 22, 2024): 441.194.590 US$

ADA Token Allocation

With a total maximum supply of 45.000.000.000 ADA tokens distributed as follows:

ADA Token Allocation
ADA Token Allocation
  • ICO: 58%
  • Staking rewards: 31%
  • ADA Team: 11%

Which exchange to buy ADA coins on?

You can currently purchase ADA tokens on several of the best crypto exchanges in the world, such as Binance, Coinbase, Huobi, OKX, Bitfinex, etc.

Wallet to store ADA Coins

Popular electronic wallets today such as Ledger Nano S, Trezor or MyEtherWallet all support ADA token storage. Additionally, Cardano has also developed an official wallet for ADA, Daedalus Wallet, which can be downloaded and installed on computers.

Should I invest in ADA coins or not?

ADA is not only a cryptocurrency, but also a platform for financial applications and more, widely used around the world. The layers in this platform are still under construction, but when complete, they will provide flexibility for upgrades and growth.

Cardano also operates decentralized applications and services, not controlled by any third party. It is the first blockchain project designed by a global team of engineers and has the potential to be added to critical systems such as aerospace and banking.

With its 11th position on CoinMarketCap and advantages such as a strong organization and growth potential, ADA could be an attractive investment option. However, as with all investment decisions, thorough research and an understanding of the risks are necessary. Despite its great potential, evaluating the effectiveness and value of ADA compared to other platforms remains a challenge.

Conclusion

AZCoin has just shared with everyone basic information about the virtual currency ADA coin. With the hope that users will grasp and understand information about them and then make the right choice. If you need information about this coin, please contact AZCoin.

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