What is Cardano?
Cardano is one of the first coins to use a Proof of Stake (PoS) blockchain built using the Haskell programming language. Their patented blockchain technology is known as “Ouroborous” and offers advanced security and functionalities not normally associated with PoS coins. The whitepaper for Ouroborous is extremely thorough and over 50 pages in length, written in an academic style. Their multi-staffed development team has many members with PhD’s, in a wide variety of fields, from mathematics to linguistics to computer sciences. It aims to provide extremely secure transactions while simultaneously making cryptocurrency easier to use by anybody.
History of Cardano (ADA)
Cardano was launched on September 29th, 2017 by technology company IOHK, and is one of the first coins to have a blockchain built using the Haskell programming language. The company was founded in 2015 by mathematician Charles Hoskinson and marketing strategist Jeremy Wood. IOHK is dedicated towards the improvement of “peer-to-peer” (P2P) technologies and services. Some of the previous projects IOHK team members have been involved in include the development of NXT (NXT), Ethereum Classic (ETC), and the ADA wallet, Daedalus. The Cardano team consists of over 30 individuals and is one of the more pre-planned and thought-intensive cryptocurrencies to be released to date.
How Cardano Works
By making use of the relatively newly-developed Haskell programming language, the Ouroborous blockchain aims to make improvements upon classical PoS blockchain architectures. Haskell itself uses a “lazy evaluation” programming strategy and is a “purely functional” computing language, meaning it is simpler to program and less prone to bugs because programmed commands do not overlap or interfere with one other. The Cardano PoS system introduces a novel mechanism known as a “Settlement Layer,” which they propose not only speeds up transaction times but encourages users to engage in long-term participation by rewarding them with a certain amount of new coins based on the total number of coins held in each wallet, or address.
Why Use Cardano?
From the Cardano Introduction page:
“While there are similarities between Bitcoin and Cardano SL, there are also many differences between these two cryptocurrencies. The most significant difference is that Bitcoin is a proof of work type cryptocurrency, while Cardano SL makes use of a proof of stake approach to reach consensus. This encourages honesty and long term participation.”
From the IOHK Research website:
“We present ‘Ouroboros’, the first blockchain protocol based on proof of stake with rigorous security guarantees. We establish security properties for the protocol comparable to those achieved by the bitcoin blockchain protocol. As the protocol provides a ‘proof of stake’ blockchain discipline, it offers qualitative efficiency advantages over blockchains based on proof of physical resources (e.g., proof of work). We also present a novel reward mechanism for incentivizing Proof of Stake protocols and we prove that, given this mechanism, honest behavior is an approximate Nash equilibrium, thus neutralizing attacks such as selfish mining. We also present initial evidence of the practicality of our protocol in real world settings by providing experimental results on transaction confirmation and processing.”
How to Buy Cardano ADA
Cardano (ticker ADA) can be bought at most legitimate crypto exchanges. It’s available at Coinbase, Binance, CoinSwitch, HitBTC, Gate.io, FTX Exchange, BitMex, and many others. View the entire list of Cardano ADA exchanges here.
Cardano ADA Casinos, Poker & Sports Betting Sites
Currently, Cardano ADA is only available at one online gambling site – Betcoin.ag. Betcoin has a complete casino with hundreds of games, live dealer table games, and a sports betting area as well. They do not offer online poker.
As more gambling sites begin to accept ADA we will update CoinClarity with that information.