What is Cardano?
Cardano is a public decentralized Blockchain platform, which has a large community that supports it as it is developed as Open Source (open source).
It is a blockchain network with a Proof of Stake consensus mechanism.
It is a third generation blockchain that enables the creation of smart contracts and decentralized applications with transaction fees that can stick to your native ADA token.
The network has made technological progress in terms of interoperability and scalability.
Ouroboros is Cardano’s proof-of-stake mechanism, which represents an environmentally friendly alternative to proof-of-work that boosts network security.
ADA is also used as a payment and investment method and the cryptocurrency is named in honor of Ada Lovelace, one of the pioneers in its programming.
Charles Hoskinson, co-founder of Ethereum is the one who created the Cardano project in 2015, after leaving Ethereum due to differences with Vitalik Buterin.
Buterin was committed to running Ether as a non-profit organization, while Hoskinson wanted to operate the network as a private company, which eventually created IOHK, a company to develop the Cardano network, which gave it this name in memory of Gerolamo. Cardano, one of the most influential mathematicians of the Renaissance and a relevant figure also in physics, astronomy, medicine and chemistry among others.
Cardano’s technology doesn’t use proof-of-work like Bitcoin or Ethereum does, what it uses is the consensus test, avoiding having to perform complex mathematical calculations to keep the blockchain intact. This translates into great energy savings in its operation.
In a similar way to Ethereum, Cardano has several layersOn the one hand the transaction layer through its ADA cryptocurrency and on the other hand it has a computing layer where Smart contracts (DApps smart contracts) are executed.
Cardano proposes creative solutions to the limitations of Bitcoin and Ethereum.
The Cardano roadmap is defined around the following movements: foundation, decentralization, smart contracts, scalability and governance.
We are currently in the Smart contracts phase, the advances are somewhat late, but it is something typical in these developments.
With the recent release of the version called Alonzo it is already possible to develop this type of smart contracts and test them on your testnet.
To develop them use Plutus, an adapted version of Haskell, an ideal functional targeting language for a distributed and asynchronous runtime environment where security must take precedence.
Cardano’s team emphasizes peer-reviewed research and evidence-based methods.
The Cardano Foundation, based in Zug, Switzerland, continues to develop Cardano with a team of academics and blockchain experts.
After raising 600 million in his debut, by the end of 2017 it had already raised $ 10 billion, having capitalized up to 71.3 billion dollars at its peak in March 2021.
The maximum Cardano money supply that can exist in this cryptocurrency is 45,000 million, of which at the time of this writing there are around 33,677 million tokens in circulation that have been created.
How can I invest in ADA cryptocurrency?
On IG the cryptocurrency ADA is available to be traded through CFDs, which allows us to invest both up and down the prices of the same with a leverage of 1: 2.
That is, for each euro invested, they only ask us to deposit 0.50 euros as collateral.
When we open the Cardano trading ticker we can see that can be invested from 0.25 contracts, which means that for each point that the price moves, my profit or loss is 0.25 euros or 0.25 dollars depending on whether I have selected the contract in euros (Cardano E1) or in dollars (Cardano $ 1).
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What is Cardano and how can I invest in ADA cryptocurrency?