|Circulating Supply||31,112,483,745 ADA|
|Max Supply||45,000,000,000 ADA|
Launched in September 2017, Cardano is a new coin that was created by a team of 30 highly qualified individuals with many of them already being involved in the development of other cryptocurrencies. Charles Hoskinson and Jeremy Wood are the co-founders and they each previously worked on the development of Ethereum.
Labelled by many as the Ethereum killer, this cryptocurrency aims to implement similar smart contracts to Ethereum but with the focus being put on being more secure and energy efficient than Ethereum.
This cryptocurrency is still in its infancy with many of its planned features yet to be implemented but it is attracting serious interest from those that feel that this is one of the most pre-planned currencies on the market.
What is The Cardano Coin (ADA)
Cardano is a cryptocurrency that was built using a Proof of Stake blockchain that was developed using the Haskell programming language. The core vision of this Cardano was to create a transaction system that was far more secure than that of any other while also making it easier to use.
The blockchain they created is called Ouroboros, a mining algorithm that has been designed to be more energy efficient than Ethereum which is known to consume very high amounts of electricity when being mined.
There are currently no transaction fees when sending and receiving Cardano, something that has is seen as one of the reasons for the early success of this coin on the cryptocurrency exchanges. This will not be forever, however, as the final step on their roadmap will be to ultimately implement some transaction fees. What is impressive though, is that fees are not something they are interested in until they have completed the many other features of this currency.
Whats Special About Cardano (ADA)
While there is nothing in place other than the core transaction system at the moment, most of what is special about Cardano is what lies ahead. The 50-page whitepaper describes what is still to come and to many out there, there is real anticipation and optimism about what Cardano can become.
Below are some of the current and future advantages of the Cardano payment system and coin:
- Currently no transaction fees
Traders do not have to pay any fees when sending or receiving this coin when trading. No coin network fees will appeal greatly to those looking to trade this on the many currency exchanges that support it. This will not be forever though, as fees will be implemented at a later stage.
- More energy efficient than Ethereum
Ethereum is widely known to consume a hell of a lot of electricity when being mined. Cardano is far more energy-efficient and does not waste anywhere near the energy that Ethereum does.
- Highly experienced development team
Cardano has a 30-strong development team with PhDs being the norm. Many of the team also has significant experience in the world of cryptocurrencies having been involved with other coins such as Ethereum and Ethereum Classic.
- Debit card to be released
As part of future plans, a Cardano debit card will be released that will allow consumers to pay for items and services using their Cardano currency. When paying, ADA will automatically convert to fiat currencies.
Where to Buy Cardano (ADA)
ADA is not one of the major cryptocurrencies available to trade so there will not be as many exchanges that support it as the likes of BTC, ETH, XRP and LTC but there is still plenty of options out there. We have listed a few of these cryptocurrencies below and between all of them, you should be able to successfully trade ADA for other currencies.
Check them out below:
If you were to ask experienced traders which cryptocurrency exchange was the best, we think that a good chunk of them will say Binance. This exchange allows the trading of ADA and many other cryptocurrencies as well.
BitMex is another great cryptocurrency exchange and one that has all the major cryptocurrencies as well as ADA that can be traded. Check it out and we are sure you won’t be disappointed.
Gate.io is a large cryptocurrency exchange and one that also currently accepts the buying, selling and trading of ADA. Definitely worth a look as it also allows the same with many other cryptocurrencies.
Another exchange where you will find ADA being traded is that of Bittrex, a cryptocurrency exchange that also has a large selection of other coins, altcoins, ICOs and tokens that can be traded.
Coinnest is a South Korean exchange that allows the trade of ADA as well as many other currencies. Probably not the best option compared to the others on this list but one worth looking at nevertheless.
Investing in Cardano (ADA)
Being a new coin and one that has been created with a real research-first approach, the value of the Cardano coin has already risen fast. However, it is still a very young cryptocurrency and one that will no doubt increase in value even more over time. If this is a currency that you believe in, it is certainly one that has the potential to turn your investment into good profit.
This is the sort of currency that has potential, so would be seen as more of a long-term investment by those that feel that it is going to offer something new to cryptocurrency transactions. It is still valued quite sensibly but we feel that once they implement many of their stated features, this could dramatically increase.
Do I Need a Cardano Wallet
You do not necessarily need a wallet to store your ADA as you can keep them in the wallet on the exchange that you are using, however, this is quite risky as exchanges have been hacked before and are a big target for hackers. There have been more than 15 hackings at exchanges over the years, so keeping your cryptocurrencies in your own third-party wallets is highly recommended.
Most of these hackings has resulted in millions of dollars worth of lost money for traders who in most cases were not reimbursed. This means that you really should be taking advantage of any security features that you can lay your hands on. Wallets are one such layer of security that should not be ignored in our opinion.
Wallets themselves are not completely safe but they are much safer than trusting the security of exchanges.
Generally, there are two types of third-party wallets, those that are online or as a client on your computer or device, or they are hardware based.
- Hardware Wallets
Without a doubt, the very best protection for your cryptocurrencies will be through the use of hardware-based wallets. These almost look like USB sticks and in some ways, they act in a similar way by allowing you to store your private keys offline and also away from your computer. They offer almost complete protection against hackers.
There is only one hardware wallet that you will have as an option for the storage of your ADA:
Ledger Nano S
While the Ledger currently does not support ADA, the Ledger developers have recently announced just a month ago that this support is now coming. This is great news as it would be the only hardware-based wallet that can store the cryptocurrency. You will also be able to store many other currencies in your portfolio as well.
- Software Wallets
Software-based are the next best thing when it comes to storing your cryptocurrencies as these allow you to keep your keys and currencies out of the wallets on the exchanges. Unfortunately, as Cardano is not a cryptocurrency that is quite as popular as some of the other major ones, you really only have one choice for a wallet.
In the same way that there are not many options for hardware wallets for Cardano, the same can be said about software-based wallets as well. In fact, there is only one wallet that you can use and it is the official Cardana ADA wallet created by Cardana themselves. It is a downloadable client that also allows you to use printed paper wallets as well.
Pros & Cons
If you are looking for a new and exciting cryptocurrency to invest in, Cardano is certainly one that fits the bill. Traders are already raving about the potential of this currency and it can already be found on a number of the best cryptocurrency exchanges around.
Check out our pros and cons for Cardano:
- Focus on a more energy efficient and secure blockchain than Ethereum
- Highly experienced development team
- Plans for a Cardano debit card to be released
- Many features still not implemented
- Transactions fees will eventually be implemented