Cardano coin profile – Cardano (ADA)
If any altcoins out there are more exciting than Ethereum or Monero, it’s probably Cardano coin. Cardano (ADA) was founded by Ethereum co-founder Charles Hoskinson and Jeremy Wood.
What is Cardano (ADA)?
A major innovation of Cardano is that it will balance the needs of users with those of regulators, and in doing so combine privacy with regulation. The vision for Cardano is that its new style of regulated computing will bring greater financial inclusion by providing open access for all to fair financial service – Cardano
Cardano coin launched in 2015. 3 organizations contributed to the development of Cardano. These were the Switzerland-based Cardano Foundation, cryptocurrency research team IOHK and a FinTech company named Emurgo. Cardano’s main goal is to tap into the markets where bank systems are far too expensive to implement. As a result, Cardano comes with a balanced, sustainable ecosystem that takes it’s users’ needs into consideration, developing financial systems that await integration.
At its root, Cardano is a decentralized public blockchain technology with an open source cryptocurrency tied to it. It’s smart contracts aim to provide some of the world’s most advanced protocol features to the market.
Cardano’s smart contract platform uses a programming language named ‘Haskell’. This code has a high degree of fault tolerance, as well as built-in flexibility, making way for a margin of error. Soft forks apply maintenance and new upgrades to the platform. Cardano coin operates on 2 layers in order to maintain this level of flexibility.
ADA (Cardano’s cryptocurrency) is available to trade on our cryptocurrency exchange to buy or sell for bitcoin or rand. You can also use ADA to send and receive digital funds securely, using the ability of quick and direct transfers provided by crypto wallets.
What’s Next for Cardano $ADA ?
1. Game Theory and Proof-of-Stake
2. Decentralization and Staking
3. Ouroboros development
5. Two new programming languages: Plutus and Marlowe
6. Smart contracts
7. Side chains
8. Hardware wallet pic.twitter.com/hIdYXMWCFF
— HODL (@HodlBitcoin2020) October 3, 2018
How does Cardano coin work?
The Cardano coin platform implements decentralized financial applications (also known as DApps) which often have daily crypto use cases for ADA holders as well as organizations and governments all over the globe.
Cardano’s 2 layers operate with the intention of separating the ledger of account values; for the same reason why values have to move from one account to another. This helps to incur more flexibility for the smart contracts. As a result, ADA investors will have the ability to personalize their privacy, design and execution techniques of each contract they have for their Cardano coin use-cases. These two layers are:
Cardano Settlement Layer (CSL)
Acting as a balance ledger, this layer has the intention of being an improvement to the bitcoin blockchain. Paired with the blockchain’s Ouroboros Proof-Of-Stake consensus algorithm, it is able to determine how individual nodes reach consensus about the network.
When using the Ouroboros PoS, the ‘Follow the Satoshi’ algorithm will select a cryptocurrency you hold. Then, you will be able to become a slot leader and push new blocks to the network. Nodes will automate this process for you.
Cardano Computation Layer (CCL)
The Cardano Computation Layer stores all the information on why any transactions that take place on the network occur. With this layer, users have the ability to create different rules when testing transactions. The CCL also provides compatibility for the Ethereum smart contract (DApps) programming language Solidity. This is mainly for low assurance applications.
The Cardano developers are working toward creating a new programming language ‘Plutus’ to create smart contracts on the CCL. As well as this, it will be a tool that verifies code, as well as enhancing code assurance. A reference library for the Plutus code is also in the development stage for use in all DApps projects.
Following this, Cardano also aims to support ‘KMZ Sidechains’, a protocol which involves the proof-of-work consensus. The integration of KMZ Sidechains will allow funds to safely move from CSL to any CCL or blockchain running this protocol. Under certain regulatory standards, the side chains will also allow ledgers to interact with CSL without sharing any private data.
Cardano ADA transaction fees
Whenever a Cardano coin user wants to transfer an amount of ADA, some minimal fees are computed dynamically for that transaction. In order for a transaction to be validated, these minimal fees have to be applied. Despite this, the sender is free to pay higher fees if they so chose to.
A formula determines the minimum fees for all ADA transactions:
A + B * Size
In this formula;
- A is a special constant, as it stands, it is currently 0.155381 ADA
- B is also a special constant, currently, it is 0.000043946 ADA/byte.
- Size is equal to the size of each transaction in bytes.
This formula means that each transaction will cost at least 0.155381 ADA, with an added cost of 0.000043946 ADA per byte of the transaction size. As an example; a transaction with the size of 200 bytes (a fairly common size) would cost:
0.155381 ADA + 0.000043846 ADA/byte * 200 bytes = 0.1641702 ADA
Both the A and B parameters serve a special function to make the network and transactions work cohesively.
- Parameter A prevents DDoS attacks. Even a small tester transaction should cost enough to hurt any attacker’s wallet attempting to generate thousands of them.
- Parameter B reflects the actual costs of transactions. Storing larger transactions requires more computer memory than storing the smaller one. As a result, large transactions cost more than smalle transactions.
Although the particular values for these parameters have been calculated, there is a chance that these values could be adjusted in the future in order to better reflect the actual costs.
Where to buy Cardano ADA?
ADA trading markets went live on the ICE³X cryptocurrency exchange platform on 1 August 2018. iCE³X listed the ADA/ZAR and ADA/BTC markets simultaneously and also have no trading fees on the ADA/BTC market.
iCE3X offer a wide selection of cryptocurrencies and 17 markets in total. We believe that Cardano coin is a good addition to the exchange. New coins are carefully evaluated before being added to our exchange. We consider not only the market demand but also the team and community behind a particular coin, its history, the state it’s currently in, and the future of ADA. Furthermore, it is important to note that any new entrants to the market add value or unique features, else the token is just another digital token.
We think Cardano ADA is currently the most suitable coin to add to the exchange, because it is fundamentally different in its approach, I think Charles (Hoskinson) is an incredible mind and in the sea of ICO noise, Cardano is the elusive mystery island. – Gareth Grobler, CEO at iCE3X
How to sell Cardano ADA (graphics from the trading platform)
Traders are invited to register and trade ADA tokens on iCE3X. Further information on how to trade ADA and frequently asked questions can be found on our service desk portal. Trading ADA on the iceCUBED exchange is quick, easy and secure.
Traders have the ability to sell ADA/BTC with no fees on our market. We have live charts that provide our users with customization options to better cater to their chart reading skills.
If you’re looking to cash out your ADA to fiat money instead, we also provide ADA/ZAR Markets
The ADA token value is volatile under certain conditions. As a result, such conditions will, by and large, affect all coins equally. What makes Cardano one of only a handful of coins or tokens worth considering for long-term investment is its academic principle.
Let us know your thoughts about Cardano in the comments below.