Cardano is another cryptocurrency based on a blockchain network. It involves a technological platform that allows users to send and receive digital cash. The main principle of Cardano is to be a decentralized network. Its digital currency is called Ada and was launched in December 2017 by Cardano Foundation.
The platform has a strong security, it’s flexible and scalable for any transaction anywhere in the world. The creator assures us that behind the platform there are the greatest engineers from all over the globe.
Ada is the name of the Cardano platform cryptocurrency on online marketplace. A user can buy, sell or exchange it on digital websites that provide such services. The ADA currency is available to take out already in five ATM machines located in Japan. The designers promise us that in future they will exceed the machines network till 25 ATMs.
You can process exchange operations on the following websites: Bittrex, Binance, Upbit, Coinnest and also there are two platforms coming soon: Bitt and Cryptopia.
Innovation of Cardano
Cardano platform has designed a new algorithm, called Ouroboros. Its purpose is to separate the nodes from network.
We will explain you what this means. The cryptocurrency Ada is maintained due to a complex algorithm which is based on a blockchain model. With the help of Ouroboros, it is eliminated the energy proof of work protocol. The software was designed by an English Professor Aggelos Kiayias. The Ouroboros algorithm is the first block that has proven a mathematically strong security.
To keep your money safe, you must have a specific wallet. This is a software app you need to install on your computer or mobile device. The Cardano platform has designed their own wallet software, called Daedalus. A strong security is guaranteed due to platform’s cryptography protection. Unfortunately, today, the wallet is available only for Ada currency, but in future the creators want to make it free also for Bitcoin and Ethereum cryptocurrencies.
The Advantages of Cardano
– Cardano uses an advanced algorithm that allows you to transfer Ada cryptocurrency anywhere in the world just in a few seconds;
– You can take out your amount of Ada cryptocurrency due to ATMs established in Japan;
– You control your amount of cryptocurrency and all the transactions;
– As a user you do not need an intermediate for your payments, the algorithm allows you to check all the details online and decide how you prefer to proceed further;
– The creators assume miners that nobody can take their private key to steal the digital currency.
The Disadvantages of Cardano
– Because of Cardano’s recent launch, there are a lot of disputes in online media. Some of miners think it’s a scam platform, others had already invested in it and even got paid. We call this “the risk of a beginner”;
– Despite of the high security and transaction volume of Cardano’s platform, there are users that still prefer the competitors.
Cardano is a new advanced platform that works on its purpose. It promises to public a high level of technological algorithm development and to become a strong competitor in the digital currency world. Even if Cardano is a fresh launched project it has already proven that is worth your time and investments.