Cryptos have become increasingly popular in the last few years. Many other digital currencies have striking market value, attention, and distinct features. One of the popular crypto is Cardano, which exists exclusively online. Cardano began trading in October 2017 at a few cents per coin. It is a decentralized application (DApp) and smart contract platform. This blog will explain what Cardano is and what makes it unique and explore Cardano use cases, buy Cardano (ADA) with INR in India on KoinBX Crypto Exchange App (Android & iOS).
What is Cardano?
Cardano is a blockchain-based platform developed by Input Output Hong Kong (IOHK), a distributed computing platform. This decentralized system validates transactions, verifies their integrity, and contributes to the overall robustness and reliability of the system. Cardano has a “proof-of-stake” method, in which currency owners confirm transactions in exchange for a reward.
This “staking” incentive may be an appealing investment opportunity. Cardano also utilizes a “layer-based” system, allowing for more scalability and flexibility. The platform is also constantly evolving, which ensures that developers can create more complex and secure applications. The combination of these features makes Cardano an attractive option for all types of users.
History
In 2017, Charles Hoskinson, one of the co-founders of Ethereum, introduced Cardano, a third-generation blockchain project that advances the technology utilized by Bitcoin and Ethereum. The primary objective of Cardano is to develop a smart contract platform that is user-friendly and energy-efficient.
The Ouroboros consensus mechanism is developed using scientific research from universities such as Edinburgh and Tokyo. Their goal is to create a decentralized system that can efficiently and securely validate crypto transactions while being energy-efficient. The mechanism aims to facilitate quick and secure validation of transactions in the crypto industry.
How its work?
Cardano is built on a Proof-of-Stake (PoS) consensus algorithm, which uses a delegated voting system to validate transactions. It is done by a network of validators, or stakers, who provide computing power that validates and secures the network, and then they are rewarded with ADA. Cardano also features a smart contract platform, allowing users to create and execute contracts securely and reliably. This makes the platform suitable for various use cases, such as decentralized finance (DeFi) applications and prediction markets.
The platform is built on the settlement layer, the control layer, and the computation layer. The Cardano Settlement layer (CSL) stores data and handles the transfer of ADA. The control layer executes smart contracts and provides access to a decentralized application (DApp) environment. Finally, the Computation layer is used for running computations on the blockchain.
Benefits of Cardano
Cardano provides several benefits that make it a strong contender in the blockchain space. It is a highly secure platform that utilizes a proof-of-stake (PoS) consensus mechanism to ensure the integrity of transactions. It also provides a decentralized platform for digital asset transactions, allowing users to store and transfer these assets securely and quickly.
Cardano also provides a platform for smart contracts, enabling users to create and deploy secure and reliable applications. Smart contracts enable developers to create automated and secure applications without the need for an intermediary. This makes it an ideal choice for investing and managing digital assets.
How to buy and store Cardano?
You can buy Cardano (ADA) through a crypto exchange. And it facilitates crypto trades and acts as an intermediary between buyers and sellers. KoinBX is the best crypto exchange in India with 140+ supported coins on this platform. This exchange app allows you to buy, sell, and trade cryptos. By downloading and signing up for KoinBX, traders can instantly receive 25K SHIB tokens.
Follow the below steps to buy Cardano (ADA),
1. Sign-up and create a trading account with KoinBX.
2. Complete your KYC verification process.
3. Add your bank account.
4. Begin to buy Cardano (ADA) with INR & ADA with USDT.
Sign-up on KoinBX — →https://koinbx.com/signup
Make it easy to trade Cardano (ADA) anywhere, anytime with KoinBX’s Android and iOS app.
