Cardano’s cryptocurrency (ADA) and its platform are a project that is based on the principle of decentralized work and transparency. The developers of Cardano (ADA) presented a public clock-chart in the form of a platform for concluding smart contracts, which provides users with advanced functionality that is more complex than any of the previously existing protocols. Cardano (ADA) is the first of its kind Blockchain platform, which uses the results of research and scientific analysis conducted by the world’s best experts in cryptocurrency field.
Features of the algorithm
A key feature of the cryptocurrency is the unique algorithm, created specifically for working with the platform. It is called Ouroboros and has special characteristics, which are described in detail below.
The main principle of the platform is the special protocol Proof-Of-Stake. The algorithm of its operation determines the mode of operation of the entire network and is actively involved in the circulation of the cryptocurrency. It is the next round of the development of Blockchain technologies.
A unique algorithm selects eliminates the need for energy-intensive evidence of transactions. The developers of the platform were able to prove the highest level of network security with the help of scientific arguments and formulas. As a result, the security system of the Cardano cryptocurrency can be compared with Bitcoin, which is still can’t be hacked.
Under the action of Proof-of-Work protocol, the miners invest their money in the acquisition or lease of computing capacities to produce new blocks, for each of them they receive a reward from the system. And when Proof-of-Stake functions, rewards are distributed randomly in proportion to the share sizes that users have.
The term Proof-of-Stake implies a proof that determines the validity of transaction blocks, and a bid that determines the metrics held by addresses in the nodes.
A large number of attempts to create a similar algorithm were also made but failed. The security of the lock is provided by the fact that the interested party is chosen randomly, which is impossible to predict. The random electoral process provides a maximum confidentiality and reliability of the platform operation and any manipulation of the cryptocurrency.
Cardano (ADA) platform advantages and basic information
Cardano (ADA) altcoin is designed for transactions on a special Blockcahin platform using specially developed protocols and basic principles of scientific researches. At the beginning of the work on the project, the developers disassembled the structure of the Proof-of-Stake protocol’s work on the smallest details and included in its functional algorithm – Outboros. As a result, the Cardano project came out unique and based on the own development of the founders of the project – the company IOHK. They were the first to apply the scientific approach to the methods of processing information in the network of cryptocurrency, which made it possible to realize many useful functions.
Thanks to a specific approach to project implementation, it became possible to work in a network with the functionality based on distributed systems, unique mechanisms of interaction, and data encryption. The main brainchild of the developers was the Cardano cryptocurrency. The network processes are based on the Haskell code, which was previously used in industry. It is characterized by a high level of stability, which increases the attractiveness of the project for investors.
With a detailed consideration of the project’s capabilities, it can be noted that the work of the platform is characterized by a multilevel, complex system of interrelations between users and levels of direct project management. In this case, the level of calculation is responsible for the functionality of accounting data, and the level of data management – for the work of smart contracts. The level of data control was specially developed taking into account the need to control access to user accounts and their assets. Also, it automatically keeps a black list of unreliable network users.
The main focus of the Cardano (ADA) platform and cryptocurrency was on maximizing the level of confidentiality of data and tools that users will manage within the project’s framework. At the same time, the needs of regulatory authorities were taken into account, which entailed the use of a protocol that could balance the demands of all network participants and provide an innovative approach to the procedure for converting cryptocurrency.
From the disadvantages of Cardano (ADA), according to the developers, it is possible to highlight the need for making changes, which will eliminate the emerging problems and difficulties with the work and expand the functionality to meet the requirements of the maximum number of users. However, this also shows the development of the project and the hopes for its long-term work. The creators of Cardano (ADA) have provided the protocol with stability for possible changes in future.
In addition, Cardano (ADA) gives everyone access to the source code, which can be found on GitHub – https://github.com/input-output-hk/cardano-sl/.
Everyone can propose improvements for the development of the project, as well as conduct an audit of the source code – this helps improve the platform’s effectiveness and expand the user’s audience.
Cardano (ADA) wallet
When working with any cryptocurrency, you need a digital wallet to perform transactions and store assets. The official website of Cardano (ADA) – https://www.cardanohub.org – is the source where you can keep track of all relevant information, the release of new related products, and download the Cardano wallet (ADA) called The Daedalus Wallet.
Installing the application, which is currently available only for devices running on MacOS and Windows software, you can buy Cardano (ADA) and perform any operations with the cryptocurrency.
For downloading select in the tab “Get Started” of the main menu and click on “The Daedalus Wallet” or simply go to the link https://daedaluswallet.io.
We will not describe the procedure for downloading and installing since it does not differ from the installation of any application on the computer: download files, launch the installation wizard, install, register, and work. At the same time, we remind you that creating a wallet involves using the Cardano address (ADA). If you do not know what Cardano (ADA) address is, then it can be explained as follows: it is an analog of your bank card number, which is your cryptocurrency wallet. When you need to get money on the card, you tell the sender its number, which is the address. You don’t have to think how to get Cardano (ADA) coins to your account when you make a transaction – tell your address to the sender and click the “Accept Payment” button when the coins arrive in your account.
You get an extended functionality of the wallet, in which you can:
- Create multiple accounts for various cryptocurrencies;
- View transaction history;
- Manage your accounts at any time without restrictions;
- Use the special Cardano Block Explorer;
- Use encryption of private keys and passwords;
- Export wallets to paper certificates.
As reported by the developers, in the near future the functionality of the platform will be expanded, which will also affect the wallet:
- Support for ETH and PTS will be included;
- Mobile apps for iOS and Android will appear;
- The option to generate blocks;
- The support of the maximum number of coins will be started.
The Cardano course (ADA)
What is 1 Cardano (ADA)? With the capitalization of Cardano (ADA) of more than 10 billion US dollars, the price of one token as of February 12, 2018 is 0.385981 US dollars, which in Bitcoin equivalent is 0.00004405 BTC.
Prospects for Cardano (ADA)
If we talk about the forecast for Cardano (ADA), then this project is a very interesting idea of the developers, which has not yet fully manifested itself in the market. The prospects of Cardano (ADA) are a new approach of specialists to the development of the crypto-exchange platform, as well as the integration of all the best that has already been created.