Cardano is the most academically rigorous cryptocurrency to ever exist. It’s an ambitious project that consolidates the best features of other blockchains in one place. This includes smart contracts, proof-of-stake protocol, sidechains and decentralized governance.
Cardano was launched in 2017 by Charles Hoskinson, who was one of the co-founders of Ethereum. Ever since the launch, Cardano has gained a lot of attention from investors and the general public. And with each passing day, its popularity only increases.
The blockchain is named after Gerolamo Cardano, an Italian polymath who is regarded as one of the greatest mathematicians. And its native cryptocurrency takes its name from Ada Lovelace, a mathematician who is referred to as the first computer programmer.
As the first cryptocurrency to evolve out of academic theory and peer-reviewed research, Cardano is a treat to every crypto enthusiast.
If you’re looking for a comprehensive guide to buy Cardano in India, search no more. In this article, I’ll walk you through the benefits of Cardano, its features, how it works and list the best crypto exchanges to buy Cardano.
At a basic level, Cardano is the blockchain platform, and ADA is the native cryptocurrency on the Cardano blockchain. Cardano is built on Haskell programming language and uses the proof-of-stake (PoS) protocol.
The unique on-chain governance model allows the owners of ADA to help operate the Cardano network. The community can propose updates on the blockchain, which will then be voted by the ADA coin holders.
Like Ethereum, Cardano is a decentralised smart contract platform. And since Cardano offers more features and protocols than Ethereum, it has been dubbed as the Ethereum-killer.
And unlike Bitcoin, Cardano uses an environment-friendly consensus algorithm to validate transactions. Also, their transaction system is cheaper, secure and more efficient than most cryptocurrencies out there. These are only some of Cardano’s many ground-breaking functionalities.
Cardano (ADA) was valued at $0.02 during its Initial Coin Offering (ICO) in 2017. ADA reached its peak price of $1.15. The current price of ADA stands at $0.16.
Cardano ranks 8th on the coin market cap with a maximum supply of 45 billion ADA coins.
Cardano has established itself as a versatile project in the crypto market, and its value is determined to grow in the future.
|Market Cap Rank||#8|
|Current Cardano Price||1 ADA in INR: ₹11.35
1 ADA in USD: $0.16
1 ADA in BTC: 0.000007 BTC
Now let’s look at the key elements of Cardano to understand why ADA will be a great asset in your crypto portfolio.
The Cardano community is one of the most passionate and supportive communities in the blockchain world. To have such a dedicated community backing the project is a huge bonus in the crypto space.
The Cardano ecosystem consists of three independent entities.
Unlike other cryptocurrency projects, Cardano adopts a research-driven design approach to solve consumer problems. Cardano’s development team (IOHK) has published over 80 academic papers outlining its technologies.
Through scientific research and formal verification across global universities, Cardano achieves a high academic rigor. This approach makes its technologies “provably secure” and offers a high degree of mathematical optimizations at every step of the way.
Cardano aims to achieve a real sense of decentralization by removing the central points of failures and central points of decisions, thereby distributing power among all users.
To attain this vision, Cardano rolls out its blockchain features in five phases: Byron, Shelley, Goguen, Basho and Voltaire. The Cardano roadmap provides a thorough description of the core functional components in each stage.
With its unique development approach, Cardano is establishing itself as the most adaptable and trustworthy blockchain platform among users and regulators alike.
Cardano is a third-generation cryptocurrency that aims to strengthen the evolution of blockchain technology.
Cardano adopts a layered infrastructure to tackle the interoperability, sustainability and scalability issues from the previous two generations (Bitcoin and money transfer, Ethereum and smart contracts).
The Cardano blockchain is divided into two layers: the settlement layer and the computation layer.
Since the computation layer is separate from the settlement layer, Cardano can manage how data is stored and accessed, depending on the legal regulations. This introduces a more secure and transparent ecosystem to conduct business internationally.
Cardano uses a proof-of-stake (PoS) consensus algorithm to confirm transactions in the network.
Ouroboros, Cardano’s PoS algorithm is the first blockchain protocol based on proof-of-stake mechanism. This major innovation is a crucial part of the Cardano infrastructure.
Since Ouroboros validates transactions with fewer energy costs and dramatically increases transactions per second, it is far more efficient and economical than Bitcoin’s proof-of-work (PoW) consensus model.
You can buy Cardano in most cryptocurrency exchanges and peer-to-peer (P2P) trading platforms. However, you may find it the easiest to purchase ADA in a trusted cryptocurrency exchange.
There are two ways to purchase Cardano: using fiat currency (i.e., INR or USD) or exchanging cryptocurrency (i.e., BTC or ETH).
Before you buy Cardano, you need to consider your requirements: where do you want to buy ADA, and which payment method you want to use. Once you assess your options, head over to the crypto exchange site that meets your needs, and follow the below steps. Please note that the buying process is similar in most cryptocurrency exchanges.
Once you have funds (crypto or fiat) in your account, you are ready to purchase ADA.
Yoroi, Dedalus, Exodus
To start with, the term “Cardano mining” is a misnomer. I’ll tell you why.
Unlike Bitcoin, Cardano uses a proof-of-stake consensus algorithm, which means it cannot be mined.
However, much better, ADA can be staked.
Most cryptocurrencies use one of the two consensus algorithms—proof-of-work (PoW) or proof-of-stake (PoW). The main difference between these two protocols is how the transactions on the blockchain are confirmed.
In a PoW protocol, the mining system solves complex math problems to verify transactions. And the miner who solves the problem receives a certain amount of cryptocurrency for their work.
In a PoS system, the process is quite different. Here the transaction confirmations are not done with hardware but with your already owned coins. The staker receives a % of the coins they hold. You can think of staking as locking cryptocurrencies in a wallet, as opposed to mining them.
Cardano staking is a process many people can be part of without having to invest in GPUs, cooling systems or worry about electricity bills.
Staking ADA is much simpler – all you need to do is keep your Cardano wallet (Dedalus) online. By staking ADA, you not only earn rewards, but also support the network in a decentralized fashion.
In simple terms, the staking rewards are like earning interests on the amount of ADA you hold. But large stakeholders can also earn rewards through transaction fees.
So does that mean only large ADA holders can benefit from staking? Not necessarily.
If you are an ADA holder, there are two ways you can earn rewards: by running your own stake pool or by delegating your stake to a stake pool run by someone else. The more the amount of ADA in a stake pool (up to a certain point), the more the reward.
In delegated stake pools, the rewards are shared with everyone who delegated their ADA coins to that pool.
To know how much you can earn by HODLing your ADA, check out the official Cardano Staking Calculator.
ADA is one of those cryptocurrencies that have enormous potential in the future. However, if you may want to sell, you can do so in any cryptocurrency marketplace (exchange, broker or P2P platform) that has enlisted Cardano.
Before you sell Cardano, here are a few things for you to consider in choosing the right marketplace.
The use of cryptocurrency in India falls in a gray area due to pending government regulations.
Nevertheless, cryptocurrency trading is very much legal in India. And this legitimacy was strengthened on March 4, 2020, when the Supreme Court overturned RBI’s ban on cryptocurrency trading.
Currently, India might be a “sleeping beast” in the crypto space due to the legislation. But it won’t be long before India develops into one of the dominant forces in the crypto market.
So, now is a perfect opportunity for you to get ahead of the majority and establish yourself as one of the early crypto adopters.
|Knowledge Base||Cardano Website
Cardano Whie Paper
Cardano Source Code
|Community||Reddit, Telegram, Twitter, Facebook, Forum|