After the launch of the first cryptocurrency, numerous digital assets have emerged over the years, each one vying to become the most sought-after crypto. The newest addition has always something to offer. Each creation of a digital asset provides people something to look forward to, whether it’s the improved features or a new aspect.
The cryptocurrency industry has provided plenty of opportunities for new projects to be introduced and one of these innovative creations is ADA, Cardano’s coin. ADA cryptocurrency is one of those digital assets that already proved its efficiency despite being a new digital asset because of its advanced features left by its predecessors.
What is ADA cryptocurrency?
ADA was named after the first computer programmer in the 19th century, Ada Lovelace. It’s a digital currency and a native token of Cardano that was developed in 2015 and launched in 2017.
A lot of people mistaken Cardano and ADA to be the same. But similar to other tokens like XRP which is the coin of Ripple, ADA is the token for Cardano which is the blockchain it runs on. ADA cryptocurrency enables users to operate smart contracts and decentralizes applications in Cardano.
What is Cardano?
Launched in 2017, Cardano is a blockchain platform created by the co-founder of Ethereum Charles Hoskinson. Considered as the world’s first peer-reviewed blockchain, Cardano’s white paper was reviewed by scientists and scholars from various universities before publishing it.
Cardano’s goal is to address the challenges that previous cryptocurrencies haven’t addressed. This includes three elements: scalability, interoperability and sustainability. Cardano’s language and virtual marketing design additions became the answers to the issues that Ethereum encountered.
Cardano is a form of digital payment that allows people to settle their payments with one another in a fast and seamless manner. It gives organizations the ability to tailor each contract’s design, execution, and privacy because it runs on a two-layered platform.
How Cardano works
So far, Cardano has proven it’s different from other cryptocurrencies, owning the tenth place in the list of largest cryptocurrency when it comes to the market capitalization with over US$3 billion worth of ADA.
Cardano is secure due to the consensus algorithm called Ouroboros to solve scalability. Ouroboros strengthens the security assurances offered by the proof-of-work consensus mechanism.
Cardano consists of two layers:
Cardano Settlement Layer (CSL)
This is used to settle the transactions made by ADA users. The CSL functions as a balance ledger that uses a proof-of-stake consensus algorithm to validate transactions.
Cardano Computation Layer (CCL)
For smart contracts, the Control Layer is used. The chain of command of Cardano guaranteed that it can be used as a means of exchange and create smart contracts. This provides details on how values are transmitted. Users of CCL can create personalized rules when evaluating transactions because the computation layer is not connected from the balance ledger.
Where to buy ADA
Before you purchase ADA tokens, make sure that you’ll go to a legitimate site such as Binance, Huobi Global, OKEx, HBTC, and Binance.KR.
1. Choose a Cardano Wallet
Cardano is still a work in progress, that’s why you’ll only find a few wallet options to store ADA including a hardware wallet. Your personal keys are kept offline when you use hardware wallets making it impossible to hack.
You can also opt to store your tokens in the official Cardano desktop wallet called Daedalus. Daedalus is an open-source crypto wallet that’s also available for Windows and Mac.
2. Locate your address
After getting your wallet, locate your ADA address that consists of a string of letters and numbers that begins with letter D.
3. Purchase ADA tokens
Though Cardano is new to the crypto scene, more and more exchanges allow users to purchase and trade ADA coins. You can check credible exchange sites such as Binance, Huobi Global, OKEx, HBTC, and Binance.KR to purchase ADA.
Coinmama is one of the oldest crypto exchanges in the world and instead of holding your coins, they will instantly send the coins to you. You can purchase ADA tokens with the use of credit/debit cards, or SEPA transfer.
Binance is one of the most popular crypto exchanges around. It’s a Shanghai-based exchange that offers various cryptocurrencies.
You can also purchase cryptocurrencies here using credit and debit cards. However, you won’t be able to purchase ADA tokens with these. If that’s the case, you should purchase a Bitcoin first then exchange it with ADA.
Similar to using credit/debit cards, you can’t purchase ADA with cash. You must buy a Bitcoin first using cash and then have it exchanged for ADA.
4. Withdraw ADA tokens to your wallet
Once you’ve purchased your ADA coins, remember to move the tokens to your wallet because leaving it in an exchange site makes them vulnerable to fraud or theft.
Where to store your ADA coins
There are various ways to store your ADA tokens and Daedalus is one of them, but there are also other choices for this. Check out the following crypto wallet options to store your ADA tokens:
Cardano Wallet Ledger
Knowing how to manage your coins is another important thing to consider. So when you want to set up faster, AdaLite is a perfect choice because it won’t require you to download the application.
Cardano Wallet Trezor
Trezor is similar to Ledger in a sense that it doesn’t have an application for managing ADA. You will have to attach your Trezor Model to AdaLite to monitor your funds.
Purchase your ADA coin today
With the continuous evolving of the ever-changing world, it’s no surprise that cryptocurrency is being recognized by many people today. New innovations are created every day that will benefit the future generations. ADA is something that will help create a world that has easy access to cheap and quick transactions.
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