Cardano was established in 2015 by Ethereum co-founder Charles Hoskinson and was finally launched in 2017. The project is supervised by the Cardano Foundation based in Zug, Switzerland. Cardano is named after Italian polymath Gerolamo Cardano and the cryptocurrency itself was named after English mathematician and writer, Lady Ada Lovelace.
The benefits Cardano has to offer
It’s structured and well-known leadership. Cardano is founded by Charles Hoskinson who was also a co-founder of Ethereum. Bringing his technical experience and intelligence into creating a carefully laid down network like Cardano puts its a good edge over other less known digital assets. Here, we have a blockchain network that is an offshoot of a successful network (Ethereum).
There is no need to panic when it comes to investing in Cardano’s ADA.
Cardano staking is another reason why investors need to put their money there. Cardano operates using a concept known as “proof of stake.” The proof of stake protocol encourages owners to “stake” their holdings to help verify transactions on the underlying blockchain network. This gives owners an option to earn cryptocurrency without buying more.
Using a proof of stake protocol, Cardano is, therefore, able to maximize a more environmentally friendly alternative to the energy-intensive “proof-of-work” process pioneered by Bitcoin.
Cardano’s academic review shows that the network is a product of careful academic recommendations and rigor. According to the platform’s developers, Cardano is the first of its kind “to be founded on peer-reviewed research and developed through evidence-based methods.”
Challenges Facing Cardano In Its Search For Prominence In the Crypto World
1. Cardano is still in development
Cardano is still very much in development as its creators continue to roll out new features to better pitch its relevance among a host of other digital assets. It is important to note that some of the technologies that will help the platform stand out are still in their infancy.
By way of illustration, Cardano only recently unveiled its smart contract ability. This means that the platform will now have to start from the bottom to compete with already established platforms such as Ethereum and Solana.
2. Stiff competition
Cardano currently faces stiff competition from already developed brands in thr crypto market. This is because older markets still have the support of most of their customers and investors. Therefore, attracting investors to put their money in a brand that is yet to be tested and verified by them will prove to be another gamble.
3. Cardano is faced with blockchain risks just like many other platforms.
For many people, blockchain technology will underpin a massive economic shift that eliminates the costs and impediments of centralized services. But this transition has not yet played out, and there is no guarantee that it will. Centralized services may remain the dominant way to establish trust and reliability in transactions.
How can interested customers buy Cardano?
Cardano just like several other crypto projects aims to conduct a series of transactions independently without the help of a middleman such as a banker or a broker. Should Cardano grab a significant share of this market, demand for ADA cryptocurrency could rise potentially increasing its value.
It is however important to note that Cardano just like other cryptocurrencies is highly volatile. This simply means it is susceptible to rapid shifts in value. For those interested in purchasing Cardano, one of the popular means of acquiring it is to purchase it on a decentralized exchange.
How to pay for Cardano
There are two main ways to pay for cryptocurrencies and that is via cash or cryptocurrencies.
Investors can purchase Cardano via cash by converting their cash into ADA. Exchanges commonly accept ACH, or Automated Clearing House, transactions from banks, as well as wire transfers, debit cards, and credit cards. Those planning to use high-interest debt such as a credit card balance to buy cryptocurrencies are advised against it. This is because it is risky. After all, when their investment loses money, they could end up with significant interest payments with no way to pay back their principal.
Those who want to buy Cardano without using cash, they can do so by trading some of their digital assets for Cardano. Interested users must review the details of the platform they plan to use for such action since not all offer such options.
Trading existing cryptocurrencies may be an option for those looking to diversify their crypto holdings without tying investing more of their cash. Beyond doubts, Cardano is here to stay. Its amazing protocols, techniques, and procedures it at a great advantage for massive success in the nearest future.