What is Cardano (ADA)?
Cardano is an open source blockchain platform for smart contracts. ADA is Cardano’s cryptocurrency unit, named after the legendary Ada Lovelace, who lived in the 19th century and is now considered the first computer programmer.
The Cardano platform, which began development in 2015, launched in 2017 with Charles Hoskinson at the helm. Among other things, Hoskinson is a co-founder of Ethereum and BitShares.
The Cardano project is backed by three organisations: the Swiss-based independent organisation, the Cardano Foundation, which manages the development of the ecosystem; IOHK, which handles design and development and Emurgo, its commercial wing.
Cardano’s developers consider it to be a third-generation cryptocurrency. Cardano was developed and designed using a scientific philosophy by a team of leading academics and engineers. Research drives the direction of the blockchain more than any other factor. It is coded in the Haskell programming language.
How does Cardano (ADA) work?
Instead of Bitcoin’s proof-of-work system, Cardano uses the Ouroboros proof-of-stake consensus mechanism to secure the network and validate transactions. For detailed information about proof-of-stake, you can browse our What is Proof-of-Stake? How does it work? article.
In the Ouroboros mechanism, time slots are divided into parts called epochs. Each slot is led by an elected slot leader, tasked with creating and verifying blocks on the Cardano blockchain. If a slot does not create a transaction block, the turn moves to the next slot leader. Transactions in the blocks are approved by input endorsers, which are selected depending on the shares after they are produced by the slot leaders.
Cardano offers high scalability and security with a layered architecture. ADA is located in the platform’s settlement layer, which logs transactions like Bitcoin. Its second layer is a computing layer a bit like Ethereum: it allows smart contracts and applications to run on the platform. Cardano focuses on layer one and layer two functions, as well as non-functional requirements (scalability, sustainability, and interoperability for example).
A total of 45 billion of ADA has been created. Approximately 31 billion ADA is currently in circulation. 26 billion of this was sold in a 2017 ICO.
How to Buy and Sell Cardano (ADA)?
You can use the BtcTurk | PRO website or mobile application to buy and sell Cardano (ADA) with Turkish Lira, Bitcoin and Tether. If you are not a BtcTurk member yet, you can become one instantly on the desktop or mobile applications and buy and get trading quickly.
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How do you store Cardano (ADA)?
Cryptocurrencies can be stored in desktop or mobile or hardware wallets. You can use Deadalus (https://daedaluswallet.io/en/download/), a full-node wallet developed by IOHK or Yoroi (https://yoroi-wallet.com), a browser plug-in developed by EMURGO. These are recommended by developers of Cardano (ADA) on their website. You can also download Yoroi to your mobile device.