Cardano is a blockchain application platform with a focus on scalability, interoperability and sustainability.
The project is based on scientific research, which is combined with technical knowledge of developers who have ensured that the Cardano blockchain technology is safe, flexible and scalable so that it can be used by millions of people.
The developers of Cardano and the ADA cryptocurrency call the project the “3rd generation blockchain”.
How To Buy ADA
So you’re interested in buying ADA? Currently, there is no way to buy ADA directly with fiat, so the best way to buy ADA is to first purchase Ethereum, transfer it to your chosen trading platform and change it to ADA. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for ADA/ETH and confirm.
3. On the ADA/ETH trading section you can now choose how much ADA you want to buy with your Ether. Once you have chosen your amount, press Buy ADA and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of ADA.
What is Cardano?
Cardano is a blockchain developed by IOHK, a technology company founded in 2015 by Charles Hoskinson and Jeremy Wood . The goal of the Cardano project is to offer a balanced blockchain ecosystem that combines the advantages of Bitcoin (safe storage of value), Litecoin (low transaction costs) and Ethereum (smart contracts).
The Cardano blockchain consists of 2 different layers, which IOHT itself calls the Cardano Settlement Layer (CSL) and the Cardano Computation Layer (CCL). The reason why the Cardano blockchain is made up of 2 different layers is that the transactions on the blockchain, which are executed the ADA cryptocurrency, can be separated from the logic of why and under which conditions these transactions take place, also called the smart contracts. Within itself, the separation of the transaction data and the transaction conditions is a logical choice: this means that the blockchain is more scalable, because the smart contract logic does not have to be stored together with the transaction history, which can save a lot of space.
The ultimate goal of IOHK is to provide Cardano with a fully-fledged blockchain platform that combines the functionalities of legal and financial ecosystems for payments, identities, rights and credits in a safe and fair way.
The Price of Cardano
The digital token on the Cardano blockchain is the ADA cryptocurrency. Purchasing the cryptocurrency ADA was possible for the first time in 2015 during the Cardano ICO, which took a very long time and only ended in January 2017.
The Cardano price remained stable after the Initial Coin Offering ended, and even after Cardano buying on Bittrex was possible from October 2017, the ADA rate remained around 3 cents. Since the end of November 2017, however, the ADA rate has risen, after which the cryptocurrency ended up in the top 10 cryptocurrencies according to Coinmarketcap .
When the Cardano blockchain went live in 2017, a total of 31,112,484,646 ADA tokens were issued. The maximum amount of available ADA tokens has been set at 45,000,000,000 (45 billion ADA). This means that when Cardano would become as popular as Bitcoin, with an equal market capitalization the Cardano exchange rate would be around 1 BTC = 2142 ADA.
If the developer IOHK continues to develop the Cardano blockchain in accordance with the roadmap, Cardano will remain a very interesting technology and this smart contract platform can become a formidable competitor of, or even a replacement for, Ethereum.