What Is Cardano?
The newest cryptocurrency, Cardano, has a place among the top 10 cryptocurrencies ranked by market capitalization. Currently, it is at number 9 with a market cap of more than $3 billion. The price of Cardano exploded ahead of the release of an updated development roadmap. However, there are many investors fear that its release will trigger a liquidation event. Within four days, from the 25th of November, Cardano increased from $0.03 to $0.13. This was a gain of 434% in only four days.
Even though Cardano was developed in 2015, it is still a minty fresh project. Its first appearance was on the Exchange Platform in early October. Since Cardano is a decentralised platform, it allows for complex programmable transfers of value in a secure and scalable fashion. Cardano (ADA) is one of the first blockchains to be built in the highly secure Haskell programming language.
Cardano didn’t begin with a comprehensive guide or even an official white paper. Instead, it embraced a collection of design principles, developing the top practices and routes for exploration. Cardano is a decentralized public blockchain and a cryptocurrency project. It is an entirely open source. It’s developing a smart contract platform that aims to deliver features that are more advanced than any of the other protocols previously developed. Cardano is the first blockchain platform that evolved out a scientific philosophy and a research-first driven approach. The development team includes a large global collective of expert researchers and engineers.
Cardano is an entirely open source and patent-free, and it was built in a spirit of collaboration. It has been engineered for both efficiency and scalability. The ecosystem is developing out into the most complete and most useful cryptocurrency that has ever been constructed.
There is a multi-layer protocol that performs the advanced functions. At its foundation is a settlement layer that is linked to a control layer. This settlement layer will have a unit of account, while the control layer runs the smart contracts. The control layer is programmable to recognise identity, thereby assisting compliance and allowing blacklisting for example.
The design of the Cardano protocol is geared towards protecting the privacy rights of its users. At the same time, it takes into account the needs of the regulators. In doing so, Cardano is the first protocol that balances these requirements in a way that is both nuanced and effective, while pioneering a new approach for cryptocurrencies. Also, while the platform has been solidly composing, there is still the need for it to evolve and to adapt to changing needs. The way of soft forks can upgrade the system.
Is Cardano worth your investment?
Cardano may have been purpose-built to be the only cryptocurrency that is needed, by offering an exceptional range of features and uses. In particular, Cardano is deliberately designed to work well with the various regulations and to be highly accessible to almost anyone.
Can Cardano be trusted?
Cardano is a completely open source and patent-free. All of its source code is publicly available for scrutiny. Therefore, this does not only assist the development, but it also means that any problems could get highlighted quickly. Also, it is fronted and developed by several publicly accessible and commonly known names.
The Cardano Foundation: It is a Swiss-based non-profit that has been designed to serve as a standard basis for the Cardano protocol as it develops and evolves, also to interface with regulators in different markets.
Emurgo: A registered company that’s been formed as an interface between Cardano and businesses. It offers Cardano as a blockchain business solution.
IOHK: This is a well-known engineering company that’s dedicated to peer-to-peer financial service innovations. IOHK is behind a lot of the Cardano technology.
The Cardano multi-layer system has several unique advantages:
Adaptability: The computing later is adaptable in several ways without affecting ADA.
Upgradeability: The system has been designed specifically for allowing relatively smooth and easy upgrades with soft forks. With the multilayer design, each layer can be forked and upgraded separately.
Privacy with compliance: The users can get privacy for their transactions even though the computing layer can recognise individuals. This system is designed to offer a level of anonymity while at the same time, still allowing compliance with laws around the world.
Where to buy Cardano CFDs?
You can buy, sell, or trade Cardano through the various digital currency exchanges. At present, there aren’t many exchanges. However much more are going to be added in the next months. Future Cardano CFDs exchange partnerships are set to be announced via social media channels. Several online brokers offer the option of CFD trading in Cardano. Without having to buy Cardano, you can trade Cardano CFDs as a way to trade on their value. By trading Cardano CFDs, you can profit if the price goes up or if it goes down.
How to Find the Best Online Broker to Buy Cardano
With such a high level of market competition and massive volume of exchanges and brokers, it may be difficult for beginners to decide which to choose. Before picking the right online broker to buy Cardano, keep these things in mind:
Ensure that the Broker or Exchange you use is regulated by an organisation such as the Financial Conduct Authority in the UK (also known as the UK’s FCA). These types of authorities and regulatory bodies develop rules and services that protect the integrity of the market and safety of traders and investors. Due to safety concerns, make sure to open your Cryptocurrency trading account with a regulated broker.
Cryptocurrency trading happens online 24 hours a day, which means that customer support needs to be available at all times. Primarily, you will want to speak to a live support person. Many brokerages have a local UK office. When checking out support, ask pertinent questions to find out if the representative is reliable or not.
Also, the details of a trustworthy broker should be out in the open, either online or otherwise, for the public to see.
Your ideal online broker for buying or trading Cardano should offer either multiple account options or an element of customizability with your account. The broker may even have a separate account for beginners. Look for a broker that provides competitive spreads and easy deposits and withdrawals.
Many people concentrate on just one asset class when selecting a broker. However, keep in mind there are many other types of investment alternatives with which you can work. These include stocks, shares, Forex, ETFs, cryptocurrencies, CFDs, options, or futures.
Buying and selling Cardano costs money. Crypto brokers usually charge a percentage, but you may choose to find a broker who charges a flat fee instead, as opposed to a percentage model.
Because Cryptocurrency is traded in a market where people are always looking to both buy and sell, make sure you consider the amount of liquidity an exchange has. Liquidity is the ability to sell an asset or currency without wrecking the price.
For more information on Cryptocurrency trading, please see our tutorial: The Basics of Cryptocurrency.