On which platforms can Cardano (ADA) be bought and sold?
Cardano houses the Ada cryptocurrency, which can be used to send and receive digital funds. This digital currency may represent the future of money, making possible fast and direct transfers guaranteed by the use of cryptography.
Cardano is more than just a cryptocurrency, however, it is a technological platform that will be able to run financial applications currently used every day by individuals, organizations and governments around the world. The platform is built in layers, which gives the system the flexibility to be more easily maintained and to allow upgrades through simple updates (or “soft work” as it is called in the industry). Cardano also runs decentralized applications, or dapps, services not controlled by a single party, but operating instead on a blockchain.
It is the first blockchain project to be developed from a scientific philosophy, and the only one to be designed and built by a global team of leading academics and engineers. It is essential that the technology be secure, flexible and scalable to be used by several million users. As a result, considerable thought and care on the part of some of the greatest experts in their fields has been devoted to the project and informed design decisions. Scientific rigour applied to critical areas such as aeronautics and banking has finally been introduced in the field of crypto-currencies. We believe that this is the first time this has been done, through the Cardano project.
A major innovation from Cardano: the project will balance the needs of users with those of regulators, while combining privacy with regulation. Cardano’s vision is that his new style of “regulated computing” will bring greater financial inclusion (by providing open access to equitable financial services for all).
How it works: for which uses can Cardano (ADA) be purchased?
Cardano is developed in two “layers” that separate the general ledger from the account values and the reason why the values are moved from one account to another. This separation allows intelligent contracts written on the platform to be more flexible.
Companies can use this separation to adapt the design, confidentiality and execution of each contract to better suit their specific use cases.
First, there is the Cardano Settlement Layer (CSL). The CSL acts as a balance book and is the first layer of the platform. Created as an improvement of Bitcoin, this layer is a crypto-currency built from the white paper on Ouroboros written by Aggelos Kiayias. CSL uses a proof-of-stake consensus algorithm to generate new blocks and confirm transactions.
There is also the Cardano calculation layer (CCL). The CCL is the second layer of the Cardano platform and contains information on why transactions take place. Because the calculation layer is detached from the CSL, different CCL users can create different rules when evaluating transactions. For example, you can create an authorized repository that excludes all transactions that do not include AML / KYC data, which will become more important as blockchain regulation continues to increase.
Cardano’s team has created a new programming language to use to develop intelligent contracts: CCL-Plutus. CCL also supports Solidarity, the language behind Ethereum smart contracts, for low assurance applications on the platform.
To help developers, Cardano will also include a Plutus code reference library available for App projects. Beyond that, the team created a set of tools to verify the code and improve code assurance.
In addition, Cardano will support sidechains on the basis of a new Kiayias, Miller and Zindros (KMZ) protocol involving proof of work evidence. The KMZ Sidechain protocol allows funds to move safely from the CSL to any CCL or blockchain that also uses the protocol. Ledgers that meet certain regulatory requirements will be able to interact with CSL without having to share data that must remain private using KMZ sidechains.
Daedalus is an open-source portfolio created by the Cardano team. Although this portfolio is closely linked to Cardano, the team plans to significantly expand its functionality. Daedalus will be, in the long term, a multi-currency portfolio where you can freely trade between the supported currencies. The portfolio will begin to expand support with Bitcoin and Ethereum Classic. The portfolio will also include an app store containing applications created by the Daedalus community. Daedalus is currently only available on the Web, but will soon be available on iOS and Android.
Our review: should we buy Cardano (ADA)?
Bitcoin may have shown Blockchain technology to the rest of the world, but there are serious doubts as to whether it will represent the ideal future of currency or payments. The Ethereum network has made improvements over the Bitcoin blockchain, but it now faces its own problems… as it evolves.
Cardano is developed as an ideal blockchain, having the advantage of learning from the obstacles encountered by its predecessors. However, the network is still in development mode, which means that the token can only act as a simple crypto-currency. The next major update in the second quarter of 2018 will release the proof of participation algorithm, chain governance structure and some other key features.
Additional updates and versions will be required to achieve the ultimate vision of the third generation chain, but the project remains highly promising. A concretization of the roadmap could explode Cardano’s value.