What is Cardano (ADA) Coin?

The Cardano (ADA) coin is one of the most popular forms of the digital currency crypto, available only online. The digital currency has attracted attention since its launch, and today ADA is one of the most popular in a vast market of thousands of cryptocurrencies. 

The digital currency and ADA cryptocurrency have attracted many people in the community since their initial launch. The academic rigour applied during its development and the great importance attached to it has placed Cardano in a unique position in the cryptocurrency world.

When Did Cardano (ADA) Come Out?

Cardano (ADA) Coin was founded in 2015 and began trading publicly in mid-2017 with a few cents. Although managing to rise above $3 over the next five years, ADA has continued to trade at a lower rate. 

Positioned as an alternative to Ethereum, Cardano has the goal of creating a decentralized and connected system used for applications such as smart contracts. ADA is even seen as an updated version of Ethereum, promoting itself as a third-generation platform rather than a second-generation one.

Who Are the Founders of Cardano (ADA)?

Who Are the Founders of Cardano (ADA)?

The main developer and founder of this project is Charles Hoskinson. Co-founder of Ethereum, Charles Hoskinson created the Cardano (ADA) coin project entirely as an alternative to Ethereum, one of the other cryptocurrencies. 

The progress of this whole Cardano system is decentralized in terms of supervision. The responsibilities of Cardano are shared by the Cardano Foundation, IOHK and EMURGO. Being a non-profit organization, Cardano Foundation is the legal guardian responsible for the oversight and supervision of digital currency. 

IOHK is the company responsible for all the technical aspects of building Cardano and also handles software engineering. EMURGO is the technology partner responsible for enabling the commercial adoption of the Cardano protocol and integrating it into the blockchain systems of businesses in many different industries.

How Does Cardano (ADA) Work?

Cardano defines itself as a third-generation blockchain and is designed to provide solutions to the scalability and energy consumption problems of previous generations such as Bitcoin and Ethereum.

Previous generation blockchains work with the Proof-of-Work mechanism. PoW’s mechanism allows for executing a limited number of transactions and has high energy consumption. Cardano, on the other hand, has developed the Proof-of-Stake (PoS) mechanism. PoS enables a reduction of energy consumption and makes blockchain networks more secure. 

Cardano also uses the Ouroboros algorithm. Ouroboros enables validating transactions, creating blocks of transactions, and adding newly created blocks to the ADA blockchain. The infrastructure used by Cardano has inspired previous generations, such as Ethereum, to update their technology.

Another important feature of Cardano is the two-layer Hydra technology. Hydra improves transaction efficiency and eliminates disruptions and fluctuations in transaction volumes.

How to Buy Cardano (ADA)?

When buying cryptocurrency, you have multiple options. Thanks to Felixo Exchange, you can buy Cardano from anywhere. Cardano (ADA) coin, which you can own quickly, reliably, and easily through Felixo, can be purchased by following the steps below.

  • First, enter Felixo’s website
  • To use Felixo on your mobile devices, you can download it from Google Play or App Store and enter the mobile app. 
  • Log in with your user information. If you are not a member of Felixo, you can sign up in a few minutes. 
  • To complete the registration process, verify your e-mail address with the confirmation link sent to your e-mail address.
  • Complete phone number verification and Google verification.
  • Deposit funds into your account.

After completing the above transactions, you can reliably buy and sell many coins, including Cardano (ADA) coin, through Felixo without any delay.

How to Store Cardano (ADA)?

The Cardano (ADA) coin is a cryptocurrency that should be stored in a secure digital wallet. With these wallets, you can easily see your balance and transfer it to different Cardano wallets via the blockchain system. 

Here are the wallets used to securely store Cardano:

  • Daedalus
  • Yoroi Wallet 
  • ADALite
  • Infinito
  • Ledger
  • Trezor
  • Atomic Cardano Wallet

The most preferred wallet for storing Cardano is Daedalus. With advanced security and encryption features, Daedalus is a full-node desktop software wallet developed by IOHK. When using Daedalus, the entire blockchain must be downloaded. Without downloading the whole blockchain, you can use cold wallets like Yoroi and ADALite.

The Future of Cardano (ADA) Coin

The most popular cryptocurrencies have managed to create serious fluctuations in the investment world. Among all these cryptocurrencies, Cardano (ADA) coin can be described as a new player that is quickly being given a chance. 

Still under development today, Cardano is the first blockchain and cryptocurrency backed by scientific approaches. The technologies used and developed by ADA have inspired previous generations. Cardano is taking slow but sure steps to build its system on a strong infrastructure. While these steps give us signals for reaching new highs, cryptocurrency prices and their trends can never be predicted. 

With Felixo Exchange, you can see the value changes of coins on an hourly, daily, and monthly basis and manage your trades. Download Felixo Exchange now to trade quickly and reliably via the website or mobile app and step into the crypto world!

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Written by Bircan Akalın
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I graduated from Istanbul Bilgi University, Department of Business Administration in 2019. I continue my career as a Marketing Specialist in 2020, and now I work as a Marketing Communications Specialist. I also write articles on cryptocurrencies and blockchain on the Felixo Blog.