Home AlTcoins A Comprehensive Guide to Understanding Cardano Cryptocurrency & Blockchain 3.0 for Beginners

A Comprehensive Guide to Understanding Cardano Cryptocurrency & Blockchain 3.0 for Beginners

A Comprehensive Guide to Understanding Cardano Cryptocurrency & Blockchain 3.0 for Beginners

Imagine the possibility of a blockchain that is scalable, secure, interoperable, and governable. It may sound like a dream, but with the emergence of third-generation blockchains like Cardano, this dream may soon become a reality.

Cardano is an open-source blockchain platform that aims to revolutionize smart contracts and DApps in an unparalleled manner. While Ethereum has paved the way for these technologies, it has faced network congestion issues. Cardano, however, aims to address these challenges by building a blockchain platform from scratch, incorporating the positive features of previous generations.

Cardano functions through two layers: the settlement layer and the computational layer. The settlement layer is responsible for handling cryptocurrency transactions, while the computational layer computes smart contracts and DApps code. This modular design allows for future upgrades to be easily implemented without disrupting the overall system.

One of Cardano’s standout features is its long-term vision. The team behind Cardano aims to build a protocol that can last for decades, creating an inclusive economy for the billions of people currently deprived of financial services. Extensive research and peer review are integral to Cardano’s development process, ensuring robustness and reliability.

Cardano’s team consists of individuals from various organizations, including the Cardano Foundation, IOHK, and Emurg. These organizations work together to support the Cardano community and promote the adoption of blockchain technology.

Currently, the total fixed supply of Cardano’s cryptocurrency, ADA, is 45 billion ADA, with over 25 billion ADA in circulation. The current price of ADA is approximately $0.28, resulting in a market cap of around $7.4 billion.

To buy or sell ADA, one can use exchanges such as Binance, HTX, Gate.io, Bittrex, and Bithumb. However, it is currently not possible to buy ADA with fiat currencies like USD or EUR.

For storing ADA, there is a dedicated wallet called Daedalus, which is a desktop client allowing users to securely store, send, and receive ADA.

Cardano’s future roadmap focuses on solving critical problems faced by existing blockchains, including scalability, interoperability, sustainability, and governance. The project is divided into five milestones: Byron, Shelley, Goguen, Basho, and Voltaire. Currently, Cardano is in its early development phase, completing the Byron milestone and preparing for the launch of the Shelley test net.

While Cardano’s progress may seem slow, it is a result of the team’s research-intensive approach and the lack of Haskell developers worldwide. The completion of Cardano will also require proficiency in the Plutus programming language, potentially posing a learning curve for developers and hindering adoption.

Overall, Cardano represents a promising third-generation blockchain platform with the potential to revolutionize smart contracts and DApps. With its emphasis on scalability, security, and inclusivity, Cardano aims to create a blockchain ecosystem that can cater to the needs of individuals, organizations, and governments globally.


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