What are the characteristics of Cardano?
Cardano’s goal is to enable programmable, secure transfers of value on the basis of a decentralized public blockchain and to facilitate mutual exchangeability of cryptocurrencies. Simply stated, this is a platform designed for smart contracts and decentralized applications.
Cardano is built on a multi-layer protocol. One layer functions as an accounting unit which administers transactions. The other layer manages and operates intelligent contracts, verifies identities, and simplifies the process of maintaining blockchain synchronization. The layers increase flexibility and facilitate better development.
History of Cardano
It is the first blockchain platform which evolved from scientific philosophy and research. Its development began in 2015 and prominent scientists from around the world are currently involved in the process. Cardano’s creation was initiated by the co-founder of Ethereum, Charles Hoskinson. His goal was to develop a cashless transactions and smart contracts platform and ensure a decentralized exchange of all existing cryptocurrencies.
Officially, the Cardano platform began operating on September 29, 2017. The scientific legacy is carried even within the title of the platform as well as the cryptocurrency used on it. The platform itself is named after the Italian mathematician and physicist from the 16th century – Gerolamo Cardano. The cryptocurrency (token) used on the Cardano network is called ADA. This name was inspired by the English countess and mathematician and allegedly the first programmer in the 19th century, who is known as Ada Lovelace (her last name also serves as the name for the smallest part of the currency, 0.000001).
Verification of transactions is based on the so-called proof of stake principle. The Ouroboros protocol is utilized; its main innovation is a modular and flexible design. The protocol does not require energetically demanding computations in order to operate; these are typical for proof-of-work, where transactions are verified and new units of the cryptocurrency secured by the computational power of the miners in the network. The goal of the Cardano network developers is to follow a direction which would help prevent a hard fork.
Number of Cardano (ADA) tokens
The maximum quantity of ADA units is 45,000,000,000. Currently, there are nearly 26,000,000,000 ADA in circulation. The unit can be divided into a maximum of six decimal places and the smallest unit, or 0.000001, is called Lovelace.
All time high: 1,33 USD (4th of Janary 2018).
Cardano (ADA) can be purchased on exchange Binance which allows you to purchase by exchanging for example Bitcoin for Cadano (ADA). Up to 2,500 USD you can buy cryptocurrencies on Binance without identity verification.
If you are planning on storing Cardano (ADA) in a hardware wallet, use only the ones of the wallets pictured below.