Cardano – a coin that has always been in the Top 10 largest cryptocurrencies in the world for the past few months next to Bitcoin, Ethereum, Ripple, Litecoin, .. with rapid development, the value of ADA Coin has increased. multiplied many times compared to the time of ICO. Today’s article I Love Bitcoin will share with you the most basic knowledge for beginners to learn about this Cardano coin.
What is Cardano (ADA)?
Cardano (symbol: ADA) is a Blockchain platform next generation, providing scalability and security through a layered model. Cardano supports smart contract platforms (Smart Contract) similar to Ethereum. It is not only a cryptocurrency but also a technology platform that will be able to run financial applications currently used by individuals, organizations, and governments around the world.
Cardano will also support decentralized applications (DApps), or services that are not controlled by any party but will instead operate on a Blockchain. This is the first Blockchain project developed from a scientific philosophy and built by a team of leading engineers and scholars in the world. Cardano’s technology is secure, flexible, and scalable for use by millions of users.
Cardano has a special feature of being the first project to use an algorithm Proof-of-stake when Bitcoin and most other coins use algorithms Proof-of-work. Currently, Ethereum is also in the process of transitioning from POW to POS.
Cardano’s initial coin offering (ICO) took place in July 2016 and raised around $62 million. In October 2017, ADA Coin was listed on the Bittrex exchange and its value has multiplied many times since.
Similarities and differences between Cardano and Ethereum?
Cardano and Ethereum are similar in many respects, however, there are notable differences:
- Blockchain Development: Both Ethereum and Cardano allow developers to run Blockchain-based applications, such as smart contracts and decentralized applications (DApps).
- Platform for Tokens: Another similarity is that both allow people to create their own cryptocurrency and raise capital through ICOs. Currently, Ethereum is still the platform used by Tokens more than Cardano.
- Infrastructure structure: This is probably the biggest difference between Ethereum and Cardano, Cardano has a separate 2 layer structure: Cardano Settlement Layer (CSL): Is the first layer similar to Bitcoin but uses PoS consensus and is used to perform transactions. Cardano Computation Layer (CCL): A layer that allows running decentralized applications (Dapps) and Smart Contracts, but keeping it independent of the CSL. This class is described as the development layer. As for Ethereum, both layers are intertwined. This means that when it comes to implementing changes or forks, Cardano’s Blockchain structure is superior to that of Ethereum.
Cardano project development team
Cardano project is a combination of 3 different organizations:
- IOHK: A leading cryptocurrency research and development company in Hong Kong, with the most important role being network establishment. The CEO of IOHK is Charles Hoskinson – co-founder of Ethereum.
- Cardano Foundation: Responsible for promoting the project and promoting the application development process of the Cardano platform.
- Emurgo: A business partner that promotes the development of the Cardano network by sponsoring Startups to develop applications on the Cardano platform.
What is the current rate of Cardano virtual currency?
At the time of this writing, price of 1 ADA coin = $0.063150 USD, the market capitalization is $1,637.295,888 USD, the current Cardano price has decreased by nearly 20 times compared to the peak price in January 2018 at 1.2 USD. Cardano’s maximum total supply is 45,000,000,000 ADA. You can see Cardano exchange rate Coins are updated by us in real time to understand its price movement.
See also: Real-time 1,500+ virtual currency exchange rate table 24/7
Create a wallet Where is the safest place to store ADA Coin?
Currently there are 2 options for you to Cardano digital coin storage:
- Software wallet on computerCardano has developed a desktop wallet platform for Windows and Mac OS called Daedalus, I also wrote a tutorial and you can see how to install, create an ADA wallet and use it. here Please.
- Wallets on exchanges: If you regularly trade ADA coin with other coins (Trading), you can always store it on the exchange’s wallet for convenience.
Currently, Cardano is also developing mobile wallets and establishing relationships with hardware wallet platforms such as Ledger, Trezor. I will update as soon as it is available.
Where to buy and sell Cardano? Which exchange is the best?
There are many listed exchanges in the world Cardano coin that you can buy and sell, some reputable exchanges such as: Binance, Huobi, OKEx, Upbit, Bittrex,..In which I recommend you to use Binance exchange to buy and sell ADA coin Because the transaction fee is cheap and the transaction speed is very fast, the deposit/withdrawal is also faster than other exchanges. See the complete Binance user guide below:
Should I Invest in Cardano?
This section is always my personal opinion and this is not an investment advice. At present, the market is almost at a response level after many consecutive weeks of decline, not only Cardano virtual currency but other coins also dropped significantly. In the long run, for me Cardano is still a good coin worth investing in, however, you should allocate capital, not Invest in Cardano 100% of the money available, can be Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin,..
There are usually two ways for you to ADA coin investment are long-term holding and trading. If you are a newbie, you should choose to buy and hold and wait when the price goes up, then sell, but with trading, you must have knowledge of technical analysis, price chart analysis, it is quite complicated and I will dedicate an article More details about trading.
Learn more about Cardano coin
Epilogue
Ok. Above is all information about Cardano coin, hopefully it will have the most useful information for you to read and help you make the right investment decision. If you see the post “What is Cardano? Where to create a wallet and Buy and sell ADA Coin? Is there a background to invest in Cardano coins?“don’t forget” Like, Share and 5 star rating to support ToiYeuBitcoin Please. If you have any questions, leave them in the comment section below and I will help you. Good luck.
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