What is Cardano (ADA)? A beginner’s guide in 360 words.

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Created in 2015 by Charles Hoskinson, Cardano also known as ADA which is a decentralized public blockchain has been an ongoing project that is looking to revolutionize the cryptocurrency era. ADA is more than just a cryptocurrency, it’s a technological platform that will be able to run financial applications currently used every day by individuals, organizations, and governments around the world.

This project is different is because the platform is being constructed in two different layers – a settlement layer and a control layer.

The Layers

The first layer allows the system’s flexibility to be more easily maintained and allow for upgrades which would be conducted through soft forks. The second layer will be built to handle smart contracts, the digital legal agreements that will underpin future commerce and business.

The Cardano team is providing users with a wide array of features including a wallet that runs on decentralized applications and an Ouroboros Proof of Stake algorithm. This will help protect the rights of its users while also allowing catering for the needs of certain regulations.

The Team

The team behind ADA is one of a kind including. It includes the Cardano foundation, IOHK, and Emurgo. Each group has a separate role that contributes to the success of Cardano.

The Cardano foundations core responsibilities are ensuring users of the platform are supported and kept in the loop of all upcoming announcements, along with working with authorities on regulatory and commercial matters. IOHK is a leading cryptocurrency research and development company, which holds the contract to develop the platform of Cardano until 2020. Emurgo which is Cardano’s final business partner invests in start-ups and assists commercial ventures to build on the Cardano blockchain.

Summary

The goals of Cardano stretch far and their heavily defined roadmap gives users much to look forward to in the years to come. Cardano wants to study and propose blockchain and cryptocurrency regulation so it is better understood and catered to an everyday use commodity. They also want to aggregate, educate, and grow their community so they are the standard of what cryptocurrency should be. Cardano also wants to serve as an objective organization for enterprises to join easily and efficiently.

How can you buy ADA?

You first need to buy Bitcoin or Ethereum on Coinbase and then transfer it over to your account at Binance to exchange it for ADA. For reference, check out our guide – Cryptocurrency Investing: How to Buy Altcoins. If you get stuck or need help, send us a message through our Facebook page or use our contact page and someone on staff will walk you through the process.