What is Cardano?
This blog post will cover:
- What is Cardano?
- Where did Cardano come from?
- What are the advantages of Cardano?
- What are the disadvantages of Cardano?
- How to buy Cardano on SimpleSwap?
What is Cardano?
Cardano is a type of blockchain that allows users to send and receive funds. ADA is a name of cryptocurrency used in this system. It is decentralized and private.
Where did Cardano come from?
Cardano appeared in 2015. The idea was to create blockchain that is faster, cheaper and better than existing ones. The company that developed Cardano is Input Output Hong Kong (IOHK), which is managed by Charles Hoskinson. He is co-founder of BitShares and Ethereum. Charles Hoskinson believes that Cardano is a third generation blockchain. Most important is that their developers didn't use existing blockchain, they created the new one.
The Cardano blockchain allows users to create Smart Contracts. So two or more people can make their contract without the third party. It means that when predefined conditions are met, the contract operates automatically. Smart Contracts and transactions are verified by the community.
Cardano has a huge difference from other blockchains. It has two layers: settlement layer and computation layer. Settlement layer allows to send ADA coins from wallet to wallet. Computation layer allows to create and enter smart contracts. Having two layers have a lot of benefits. Computation layer is more adaptable. It is useful for making soft forks without disruption. So far this is the only blockchain that was able to achieve this.
What are the advantages of Cardano?
- Open-source foundation for developers.
- Experienced developers team. These team members are already known for their projects in the cryptocurrency world.
- Proof of stake validation method. This method increases transaction speed.
- It is the first blockchain that uses multiple levels.
- The more people use blockchain, the more transactions can be processed.
- Consensus mechanism is more environmentally friendly than others.
What are the disadvantages of Cardano?
Although Cardano has a lot advantages, it has some drawbacks too. Let's take a look at them.
- Is still being developed.
- Maximum scalability is lower than in other blockchains.
- Some people think that Cardano is trying to achieve two opposite goals at the same time: privacy and regulations.
How to buy Cardano on SimpleSwap?
Let’s say you want to buy Cardano. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select ADA in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient’s Address. Cardano will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
This is everything you need to know to buy ADA, so you are welcome to use the widget below.