The 2018 guide to Cardano comes at an auspicious time in the New Year with the global demand for altcoins at an all-time high.
Cardano is the innovation of IOHK global team of experts and its token known as ADA was herded into the global marketplace by a partnership of Cardano Foundation, Emurgo, and IOHK.
ADA started trading in October 2017, and made its sales debut at $0.021678 to the USD, but made a remarkable 400 percent surge in value in the last week of November 2017.
It traded at $0.14 to the USD from about $0.03 as Q4 got into its last stretch.
ADA closed the year 2017 at $0.72571 to the USD to earn the distinction as one of the few cryptocurrencies that surged in price when Bitcoin faltered.
What is Cardano?
Cardano main architect is Charles Hoskinson, who was also a co-founder of Ethereum. The project gave birth to a platform for smart contracts and a cryptocurrency.
The underlying work commenced in 2015, and it took a team of academics, researchers and cryptographers to make it work.
The functionality of Cardano is akin to Ethereum Blockchain, as it also uses a Proof of Stake approach with a native algorithm known as Ouroboros.
This algorithm is reputed to create sidechains to boost privacy, and shield the network from malicious attacks and criminals.
Cardano has developed its own wallet for safekeeping of its ADA tokens, and also innovated a debit card to make buying, trading and exchange of its tokens a seamless experience.
The Cardano team developed an in-house programming language to secure and enhance the reliability of its code.
The adoption of its vaunted scientific and mathematical approach ties in to its innovative Plutus, which is a discrete programming language for its smart contracts definition.
In its innovative approach to the Blockchain, the programming that underlies its operations on the Blockchain will be subjected to formal-verification, and minimize the introduction of bugs to the system.
As bugs reduce on any Blockchain, the probability of losses occurring can be minimized and prevented.
Real-life applications for Cardano Blockchain already include the global gaming ecosystem, casino applications, and whole range of others.
What is ADA?
ADA is the Cardano token that governs transactions in the Cardano Blockchain.
Holders of Cardano tokens will be able to vote on changes to the protocol, actualization of roadmap and fragmentation control.
The intent of Cardano is also captured by its provision for ADA holders to decide on software changes anchored on soft forks.
ADA can be used as a means of exchange between friends, trade partners, and settlement teams.
One revolutionary step taken by Cardano was the development of its peculiar wallet to store ADA tokens.
The wallet is known as Daedalus, and it can be used for Bitcoin, Ethereum and other cryptocurrencies.
ADA was launched on the Bitrex exchange in October 2017. Since then, it has become tradable on several exchanges since then.
You can buy ADA on exchanges, on a peer-to-peer basis, or exchange other cryptocurrencies for it.
Here is what you can do:
• Go to an exchange and register an account
• Fund your account by fund transfer or credit card deposit
• Some exchanges (e.gVirwox ) support PayPal deposit too
• You can also exchange your BTC, ETH for ADA if you already have these
• On your account dashboard, to the drop down menu
• Select BTC to ADA and the transaction bar will appear
• Enter the units you want on the bar
• Confirm the entry
• The ADA you bought will reflect in your account
• If you have your Daedalus wallet active already, send you ADA to your Daedalus address.
Cardano ADA tokens can be traded at your pleasure at anytime on exchanges around the globe.
Trading your tokens might become necessary when you have a liquidity challenge, or you desire to use the proceeds for your personal needs.
When the price of ADA surges beyond your purchase price, it is a good scenario to sell and reap some profit.
You can also choose to leave your tokens in your wallet for a foreseeable time in view of the global increase in cryptocurrencies.
Do not forget that Cardano is now in the Top 10 cryptocurrencies list.