All about Cardano (ADA)

que es cardano Bitnovo
5 min read

Cardan is a blockchain platform of open source transactions which aims to solve the current problems of the cryptographic world. Cardano is a very innovative project for its scientific approach and its academic research thus ensuring a unique development model in the cryptographic ecosystem.

TThis platform aims to achieve a high volume of transactions with a guarantee of security thanks to encryption. In the future, Cardano will enable the development of decentralised applications such as dApps AND smart contracts allowing their use by individuals, governments around the world and even their companies.

To know what Cardano is, it should be clarified that the project consists of three organizations:

  • The Cardano Foundation. It is an independent body based in Switzerland. Helps the user community and mediates with regulators.
  • Emurgo. It is a Japanese investment organization, oriented to invest and support new companies interested in being part of the Cardano Blockchain network.
  • IOHK. It is considered a leader in the development of cryptocurrencies and focuses on the development of the Cardano platform.

History of Cardano

Cardano was founded in 2015, being the first blockchain project based on a scientific philosophy. It was founded by Charles Hoskinson, co-founder of the Ethereum network and CEO of IOHK, the company that created the blockchain in Cardano. Moreover, Hoskinson is also a mathematician and in 2020, his tech firm donated $ 500,000 worth of ADA to the University of Wyoming’s Blockchain Research and Development Laboratory.

Cardano’s creation stands out, as a team worked on it with the most important engineers and academics of the Blockchain community.

The main objective of the project is to ensure a secure, flexible and scalable technology. The main idea is to support millions of users worldwide being possible thanks to the large number of experts who worked on the creation of the project.

Cardano entered the market in October 2017 with a remarkable success, since the first day of listing has managed to position among the 20 cryptocurrencies with more market capitalization.

que es cardano Bitnovo

Charles Hoskinson, creator of Cardano.

How does Cardan work?


Cardan works with the cryptocurrency ADA. With this cryptocurrency you can receive and send money on several digital funds. ADA solves problems such as speed and security of transactions.

ADA employs in its consent algorithm Proof of Stake (Pos) through a new algorithm called Ouroboros. Thanks to this algorithm it is possible to create the cryptocurrency ADA.

The algorithm Ouroboros eliminates the need to use a Proof Work algorithm which would involve an excessive expenditure of computational power.

Cardan develops in two layers with a separation, where smart contracts become more flexible and versatile. This separation is also used by companies to adapt the design and privacy of their smart contracts case by case.

  • The first layer of Cardano is CSL, in charge of acting as ledger. This layer is the cryptocurrency created by Ouroboros.
  • The second layer of Cardano is CCL. This contains all information about transactions made on the platform.

Cardano uses the Haskell programming language. This program helps to ensure precise investments and to write a safer and more reliable code.

que es cardano Bitnovo

Price of ADA

Cardano’s price has gone up and down over time like most cryptocurrencies. In January 2018, ADA’s price reached its all-time high reaching $ 1.33 USD per unit.

The evolution of ADA seemed to be unfavourable and in March 2020 it fell to $0.02 USD per unit.

In December 2020, we can say that the price of Cardano has evolved well, showing good volumes and with a promising future.

Of the $ 0.02 USD in March, we moved to a Cardano price of around $ 0.15 USD. This positions ADA in the top 10 crypto rankings in terms of market capitalisation.

Without a doubt this is good news for Cardano, which reflects a community that works (and a lot) thinking about the future of the crypto world.

Where to buy ADA?

If you don’t care how to mine Cardano and you just want me to tell you where to buy Cardano I’ll be clear:

The reality is that there are several sites where you can buy Cardano, but Bitnovo offers advantages over the rest.

Why?

– We have a platform designed exclusively to allow any customer to purchase cryptocurrencies. This makes the purchase of Cardano on Bitnovo a really easy, fast, and unprecedented process.

– We offer very good prices to buy and sell Cardano, and low commissions compared to most exchanges.

– You can purchase Cardano in Spain, Italy, Portugal or France without providing personal information via our vouchers that can be paid in cash.