Cadano (ADA)

What is Cardano?

Cardano is a third-generation decentralised blockchain with smart contract capabilities for running decentralised apps which uses a proof-of-stake. One of the top networks of its sort, it was created through years of peer-reviewed study and was founded by Charles Hoskinson, one of the 5 original founders of Ethereum.

ADA is one of the leading cryptocurrencies by market cap and is the native currency of the Cardano blockchain platform. Because of its enormous potential for real-world applications, it is one of the most widely used digital assets that cryptocurrency investors include in their portfolios.

Cardano's long-term goal is to advance blockchain technology's practical uses while enhancing its scalability, sustainability, and security to support a decentralised future.

Development

Cardano uses the proof-of-stake (PoS) model, which is a type of consensus mechanism or protocol that uses the amount of stake (or value) held in the system to determine consensus.

Five phases will make up Cardano's entire launch: Byron, Shelley, Goguen, Basho, and Voltaire.

The Byron Age arrived in September 2017 with the mainnet launch of the Cardano blockchain. The chain was a federated network that could only enable ADA transactions during this time. Bringing Cardano's proposed Ouroboros Proas proof-of-stake (PoS) protocol to life, the following phase, Shelley, started in July 2020. Its third phase, Goguen, which will support smart contracts and native token issuance, is currently in the process of being released.

Technology

The Shelley era began with a hard fork in July 2020, when the Cardano network's PoS consensus layer was launched. Compared to the initial network, which was run by the Cardano Foundation, it also resulted in greater decentralisation. As of April 2022, the Alonzo hard fork, which enabled the network with smart contracts created using the Haskell programming language, was the most significant milestone in Cardano's development.

What makes Cardano unique?

As the first third-generation cryptocurrency, ADA claims to address scaling and infrastructure issues that were first experienced by both Ethereum, a second-generation cryptocurrency that expanded the use cases for coins to include smart contracts, and Bitcoin, a first-generation cryptocurrency that introduced the concept of digital coins. Cardano specifically seeks to address sustainability, interoperability, and scalability on cryptocurrency systems.

Who is behind Cardano?

IOHK, The Cardano Foundation, and EMURGO are the three main collaborators on Cardano:

IOHK

Hoskinson and Jeremy Wood, who co-founded Input Output Hong Kong, are the men behind Cardano. The business is responsible for creating, constructing, and maintaining the Cardano blockchain on a technological level.

The Foundation Cardano

The foundation is an impartial organisation tasked with coordinating and monitoring the partnership-based deployment of Cardano's technology. Additionally, it is in charge of promoting Cardano community interaction and working with other sectors to raise public understanding of the possibilities of this decentralised technology.

Emurgo

EMURGO, one of Cardano's original members, strives to create, support, and incubate apps for the blockchain ecosystem.

Frequently asked questions

How to buy Cardano in Australia?

Cardano is available to buy from Clanz' digital currency exchange, with some of the lowest industry fees. Clanz offers investors and traders a secure, simple way to buy or trade Cardano.

Can You Mine Cardano?

Cardano uses a proof-of-stake (PoS) model, rather than a proof-of-work consensus process. Therefore, ADA tokens cannot be mined. However, there are many additional ways to obtain ADA, such as:

Buying Cardano on Clanz

ADA can be purchased with fiat money or traded for other cryptocurrencies. Before trading Cardano, check the most recent prices, market size, trading volume, and other fundamental and technical research.

ADA Staking

There are two ways to receive ADA rewards via staking — via delegation or direct staking into a staking pool. Staking ADA provides you with a passive income stream, while assisting with the security and stability of the Cardano network.

Lending ADA for Liquidity

ADA holdings can also be lent to promote liquidity on some trading platforms, including CEXs and DEXs.

Where to stake Cardano?

Holders of ADA can stake Cardano in various places, including digital wallets, cryptocurrency exchanges, DeFi apps, and even on Cardano's official wallet, Daedalus.
You can become a validator in the blockchain and participate in Cardano's governance by staking ADA using Daedalus as a complete node wallet. It is also among the safest choices for Cardano staking.

Although staking through Daedalus can enable you to host your own Cardano node, it can involve significant storage commitments. Staking via the Clanz wallet is a less time-consuming choice.

This option is easier and provides a more user-friendly setting for staking your ADA tokens.

What can I do with my Cardano on Clanz?

You can hold your Cardano in your Clanz wallet as a long-term investment, exchange it for Australian dollars or another cryptocurrency, stake, or send it to another Cardano wallet.

Is it safe to buy Cardano?

Practising safe investing to minimise risk is crucial when buying Cardano or any cryptocurrency. The first step to safely buy cryptos is to choose a safe digital currency exchange like Clanz. We’re a licenced Digital Currency Exchange with AUSTRAC (DCE100639664-001), and hold an Australian Financial Services Licence (518031). For more information, visit clanz.com/security

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© Clanz 2021, All Rights Reserved. PayFar Pty Ltd, ABN 31 638 408 349, trading as Clanz is a digital currency exchange provider (DCE) registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Before engaging in crypto trading and/or using Clanz Follow-Trading features, you should consider your personal objectives, financial situation, and capacity to sustain significant loss. Clanz does not provide any investment advice. Clanz does not warrant the performance, ongoing participation, or profile disclosures of the traders participating as Leaders (traders you can copy). Clanz Follow-Trading is dependent on your decisions to copy certain traders and your consideration of and acceptance of the risk of incurring loss.