Imagine a "digital world" where people can exchange money, make deals, and do other financial transactions without intermediaries like banks. Cardano is one of the platforms that allows this to happen. It is even being called the "Ethereum killer."
ADA is a "virtual currency" used in this Cardano world. It can be bought, sold, exchanged for other currencies, and even used to pay for goods and services.
When was it created?
Cardano began development in 2015 and was officially launched in 2017. It was created by Input Output Hong Kong (IOHK) under the leadership of Charles Hoskinson, who is also one of the founders of Ethereum.
What was the purpose of creation?
Cardano’s developers wanted to create a more advanced and secure platform for cryptocurrency transactions than those that existed at the time. They sought to provide high transaction speeds, low fees, and the ability to create complex financial instruments such as smart contracts.
How many ADA coins are there?
The total supply of ADA coins is limited to 45 billion. This means that no more ADA coins will ever be created.
What was the value of ADA at launch?
The price of ADA was quite low at launch, around $0.02 per coin. However, over time, it has grown significantly, reaching several dollars per coin.
How does it work?
Cardano uses blockchain technology. Imagine that the blockchain is like a big ledger where all the transactions with ADA are recorded. Each transaction is like a new entry in this ledger.
This ledger is stored on many computers around the world, so it cannot be forged or altered. Anyone with internet access can view this ledger and see all ADA transactions.
How is Cardano different from other cryptocurrencies?
Cardano has several features that make it unique:
* Scientific approach: Cardano’s development is based on scientific research and peer review. This means that all changes and updates are thoroughly vetted before being implemented into the system.
* Two-tier architecture: Cardano has two separate layers - one for accounting transactions and the other for executing smart contracts. This provides greater flexibility and scalability to the system.
* Environmentally friendly: Cardano uses an energy-efficient Proof-of-Stake (PoS) consensus algorithm. This means that it requires less electricity to maintain the system than many other cryptocurrencies.
What can you do with ADA?
ADA can be used for:
* Buying and selling: ADA can be bought and sold on dedicated cryptocurrency exchanges.
* Exchange: ADA can be exchanged for other cryptocurrencies or regular money.
* Payments: Some stores and services accept ADA as payment for goods and services.
* Investment: ADA can be invested in various projects and receive income.
Is it worth investing in ADA?
Investing in cryptocurrencies, including ADA, always involves risk. The price of ADA can fluctuate greatly, so it is important to carefully weigh the pros and cons before making an investment decision.
Where can I learn more about Cardano?
* Cardano official website
* Cardano Blockchain Explorer
I hope this information was useful and clear to you!