Cardano crypto may be new to some investors, but to those in the know, it is a leading cryptocurrency with a solid history. In fact, at the time of this writing, it is the 11th largest cryptocurrency by market capitalization (i.e., the value of all Cardano in circulation).
In this article, we’ll cover the history and establishment of Cardano, how to use it, and what its role is in the market as a whole. We’ll also talk a bit about the technology behind it because this is key to understanding what differentiates one cryptocurrency from the next. (We promise we won’t get too technical.). If you want to get straight to a casino cardano promotion, we also got you!
What is Cardano?
Cardano was launched in 2017 by one of the co-founders of Ethereum, American entrepreneur Charles Hoskinson. Hoskinson had left Ethereum over a disagreement with co-founder Vitalik Buterin. The two did not see eye to eye on whether Ethereum should be commercialized and take private investment. Hoskinson wanted to solicit venture capital funds and had a bit of a different vision for the platform, so the two parted ways.
Hoskinson got to work on Cardano in 2015, focusing on one big differentiator: proof-of-stake functionality. Instead of proof-of-work protocols (which were used by leaders like Bitcoin at the time), this protocol took less energy and time to process transactions. In February 2021, estimates put Cardano at 6 GWh of energy used annually, which was less than 0.01% of the 110.53 TWh used by the Bitcoin network. For that reason, Cardano may be considered a greener technology.
It grew over the years and now sits at around $12B of total market capitalization at the time of this writing. It is used the world over as a digital currency to make purchases, and it is also used as an investment for its upside potential (more on this below).
Understanding Cardano Crypto and What Differentiates It from Other Currencies
Cardano’s native cryptocurrency is called “ADA.” One ADA is worth around $0.34 at the time of this writing. This is up around 50% from one year ago.
Cardano is different from competing currencies for a couple of reasons. Cardano points out that it is among the first crypto coins to be developed using peer-reviewed research and leveraging evidence-based methods. Using these pioneering technologies, it aims to offer improved security and sustainability to the platforms on which it is used.
What technology are we talking about? One of the exciting innovations is called the Ouroboros protocol, which was published as the first provable secure proof-of-stake consensus protocol. It was the product of a hard-working academic team led by Aggelos Kiayias. Kiayias is a Greek cryptographer, computer scientist, and professor at the University of Edinburgh. He also serves as the Chief Science Officer at Input Output Global (formerly IOHK), the company behind Cardano. His Ouroboros protocol is now used to underpin not just Cardano but Polkadot (the 16th leading crypto in the world).
Using advances like this, Cardano has carved out a place in the crypto world and remains a highly relevant asset for inclusion in crypto portfolios.
How to Buy Cardano
If you’re still learning how to buy crypto, we have some simple steps that will help you get started.
The first thing you’ll need to own crypto is a digital wallet. Unlike traditional money that sits in a bank account, crypto needs a special wallet. In fact, we’ve got a guide on selecting wallets for those who want to go deeper. But if you want a simple recommendation, just register with Jiggle, and you’ll be ready to rock.
Once you have your wallet set up, you’ll need to acquire some Cardano to fill it with. You can also buy Bitcoin, Litecoin, Ethereum, or any other currency you like. But since we’re talking about ADA today, let’s use that as an example. Crypto is purchased on an exchange like Waltzer. You’ll be able to turn your fiat currency (e.g., dollars or euros) into your cryptocurrency of choice.
After you’ve made your purchase, you now have Cardano. You can hold on to it as an investment or transfer it to your mBit Casino account to play thousands of different games like slots, blackjack, and innovative new live online games (e.g., Crazy Time) on demand.
Choosing a Cardano Wallet
Want to go a bit more in depth on wallet selection? Here are some recommendations:
Jiggle is a leading favorite among our players and makes it easy to move and use your ADA. Available as a mobile app, it’s as convenient as it gets. If you’re new to crypto, this is where we recommend you get started. Jiggle handles all the details for you and makes it simple to perform the basic functions you need.
Daedalus is a desktop wallet that offers strong security. As a full-node wallet, it downloads the entire Cardano blockchain. This means that your verification is always 100% complete. Daedalus is a bit more for more advanced users who want greater control of blockchain interaction, as it allows for staking and full management of private keys.
Want a lighter option? Yoroi is available on mobile and as a browser extension. It’s user-friendly, making it a good option for beginners. Unlike Daedalus, it doesn’t require downloading the blockchain, so it’s faster and more convenient. Yoroi still supports staking and integrates well with hardware wallets like Ledger and Trezor if you later decide to adopt a high-security offline wallet.
Is Cardano Based on Ethereum?
While the two platforms share certain founders (as described above), they have important differences. That said, Cardano is not technically “based on” Ethereum.
One key difference was the proof of stake (PoS) versus proof of work (PoW) functionality. Ethereum was originally a PoW platform but ultimately switched to PoS. Cardano was PoS from the beginning, using Ouroboros to make efficiency and scalability gains.
Ethereum also primarily uses a technical language called “Solidity” for smart contract development. Cardano, on the other hand, uses Plutus, a smart contract language based on Haskell, which emphasizes formal verification to ensure correctness.
Both are popular cryptocurrencies, but these technical differences and others make them two distinct implementations of blockchain technology.
Does Cardano Have a Future?
Numerous projects are developing on Cardano, but regulatory scrutiny and the rise of layer 2 blockchain technology have hindered growth. Despite these factors, Cardano continues to focus on educational development, infrastructure projects, and multi-chain solutions, signaling potential for future increases in value and adoption. The project has shown significant progress, with total value locked increasing by 300% year-over-year.
Cardano’s price history reflects the cryptocurrency market’s volatility, with ADA rising significantly after the 2021 Alonzo hard fork but failing to maintain momentum thereafter. ADA’s price has been buoyed by overall market enthusiasm surrounding institutional acceptance of digital assets, yet it remains down from its historical peak. Pricing is expected to move between $1 and $3 unless a technological breakthrough takes it higher.
For a very frank look at Cardano, take a read through this analysis posted on Forbes, highlighting the challenges of Cardano and the potential it may still hold.
Where to Begin With Cardano
Cardano is still one of the top cryptocurrencies in the world, with tons of potential and room for growth. If you’re not ready to dive in, however, check out these resources to learn more about this well-established crypto coin.
- Cardano.org – the best place to start for an official overview of the project, its technology, and its vision.
- Cardano Docs – the official documentation hub provides technical insights and details about the Cardano blockchain, staking, and other aspects of the ecosystem. Could be a little technical, but is the gold standard for reliable info about the nuts and bolts of the platform.
- IOHK (Input Output Global) – IOHK is the development company behind Cardano. This page covers research, innovations, and technical development.
- The Cardano Subreddit – here, you’ll find a highly active forum where people discuss all aspects of Cardano. You can ask questions and stay updated on all developments.
- The Cardano Learning Portal – with structured learning resources, including tutorials, videos, and articles.