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.
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.
Although Cardano has a lot advantages, it has some drawbacks too. Let's take a look at them.
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:
This is everything you need to know to buy ADA, so you are welcome to use the widget below.