Last Updated on October 3, 2022 by
Ever since people got the idea that it’s possible to make the crypto experience faster and better, different crypto coins have never stopped to emerge with completely various purposes. It seems that everyone in the crypto world has heard about Cardano (ADA). We are not an exception and for those of you who still know its name only, we’re happy to provide you with all the necessary and essential information about this coin. We’ll discuss Cardano key perks, a bit of its history, the reasons behind ADA security, and many more. Let’s dig in right now!
Table of contents
- What is Cardano (ADA)?
- What Makes Cardano Unique?
- How Is the Cardano Network Secured?
- Where Can You Buy Cardano (ADA)?
- Using ADA as Collateral on CoinRabbit
- Final Thoughts
What is Cardano (ADA)?
Cardano saw the light in 2017 and there is some historic background for such a name as well as for the ticker ADA. The platform was named after one of the 16th-century polymaths in Italy, Gerolamo Cardano, and its coin got its name from another mathematician, but this time from a 19th century one, Ada Lovelace, who is believed to be the first computer programmer in the world and who also happens to be Lord Byron’s daughter. The Ada sub-unit is the Lovelace. One Ada equals 1,000,000 Lovelaces.
Cardano platform was created by Charles Hoskinson, who was Ethereum co-founder alongside Vitalik Buterin. Due to the dispute between them, Charles left Ethereum and decided to organize its own platform with venture capitals, while Buterin kept running Ethereum as a non-profit organization. As well as being a technology entrepreneur, Hoskinson is also a mathematician. In 2020, his technology company donated $500,000 worth of ADA to the University of Wyoming’s Blockchain Research and Development Lab.
Cardano has a maximum supply of 45 000 000 000 ADA. At the moment of writing this article, the supply in circulation has reached 33 553 038 606 ADA, and the price stays at the $1.07 mark. The All-Time High was reached 5 months ago, in September 2021, at $3.10.
What Makes Cardano Unique?
What is very atypical about Ada, is that it doesn’t have a white paper. Instead, it uses design principles intended to overcome issues faced by other cryptocurrencies such as scalability, interoperability, and regulatory compliance.
To conquer with Bitcoin and Ethereum that use proof-of-work protocols, Cardano uses a proof-of-stake protocol called Ouroboros (remember this thing from the Scandinavian mythology?). The reason for choosing PoS is that the first one uses way less energy than PoW blockchains. In 2021 Cardano solidified its position as the biggest proof-of-stake crypto.
Ada token works on two layers within the Cardano platform. The first one is similar to Bitcoin and allows to keep track of all transactions, while the second one is similar to Ethereum and serves for creating smart contracts and various applications to run on the platform. In September 2021, the Cardano ‘Alonzo’ hard fork officially launched, bringing smart contract functionality to the blockchain. Users can develop and deploy smart contracts on Cardano, allowing native decentralized applications (DApps) to be built on blockchain. Over 100 smart contracts were deployed in the following 24 hours after the launch.
Following the upgrade, the blockchain network can now support a wide range of crypto applications, including non-fungible tokens (NFTs) and smart contracts.
How Is the Cardano Network Secured?
Cardano team says that improvements in Ouroboros upon the security and mathematically verified mechanisms guarantee the safe use of Ada. Besides, the language used to build the platform is called Haskell. Haskell has a strict mathematical approach and the lines of code are written very securely. This makes Cardano better than other coins as the language it is written helps from preventing bugs.
Overall, the objective of Ouroboros is to achieve sustainable and ethical growth. An incentive mechanism means that participants in the network are rewarded for their involvement.
Where Can You Buy Cardano (ADA)?
You can buy Cardano from almost anywhere in the world using a broker or cryptocurrency exchange. All cryptocurrency investments carry risks, and Cardano is no exception. The price is likely to be extremely volatile, and the safest way to buy Cardano is to only spend money you can afford to lose. Here are 3 most popular platforms where you can buy Ada:
Binance is the world’s leading exchange, which has a strong focus on altcoin trading. The platform offers crypto-to-crypto trading in more than 500 cryptocurrencies and tokens, including Bitcoin, Ether, and its own token Binance coin.
Bittrex is a cryptocurrency exchange, which pays attention to the safety of its users, respecting, among others, banking secrecy. There are currently over 190 cryptocurrencies listed on the Stock Exchange in pairs for BTC, ETH, USDT. It also supports fiats.
Coinbase is extremely accessible and a great option for first-time crypto investors. It’s easy to deposit money, and Coinbase offers a wide range of cryptocurrencies. It would be good if it could be more transparent about its fees, which are higher than many exchanges, and offer the option to stake Cardano.
Using ADA as Collateral at CoinRabbit
Besides, we’re happy to announce that CoinRabbit now supports Cardano as a collateral option for crypto-backed loans! We support the goals set by the Cardano team and we’re glad to celebrate the beginning of our wonderful partnership with your awesome coin and company.
The unique approach is something we don’t usually see in the cryptocurrency sphere. While keeping in mind distinctive aspects of Cardano, we released ADA crypto-backed loans strongly related to them:
- The process of taking a Cardano loan at CoinRabbit is quite easy. Literally, a few clicks to get your funds
- It takes under 10 minutes to receive the loan
- Funds are being kept in a cold wallet and our risk management system every second checks the convergence of each transaction and instantly terminates it if something goes wrong
- We do not identify our clients, we do not know where you are from and who you are. In most cases passing KYC is not needed (except for the cases when funds were sent from a blacklisted address)
Taking crypto backed loans at CoinRabbit has more different opportunities and provides wider adoption of the currency. Here are some capabilities:
- Unlock the value of your holdings without selling or switching to other currencies
- Get more ADA by collateralising your current holdings
- Spend received loans whatever you want. Let it be daily purchases or reinvestments
- No time frames. Repay the loan whenever you want let it be in 1 year or in 1 month
- The APR is 14%
- No KYC required
- You only need your phone number to get the funds
- 24/7 customer support is always at your back
Final Thoughts
Cardano blockchain is a flexible, sustainable, and scalable platform that can be used to build smart contracts. It is also more robust, secure, and highly energy-efficient. Its key features make Cardano one of the most perspective coins on the market in 2022, which is why CoinRabbit is happy to support the Cardano team and Ada token on our platform. Explore all the possibilities now or visit the Cardano website.
