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About ADA

What is Cardano (ADA)?

Cardano is a decentralized, third generation blockchain using Proof-of-Stake consensus mechanism and has smart contract functionality to run decentralized applications. Founded by Charles Hoskinson, it is one of the leading networks of its kind that has been developed via peer-reviewed research spanning several years.

ADA is the native token of the Cardano blockchain platform and is among the top cryptocurrencies by market cap. It is one of the most popular digital assets crypto investors include in their portfolios, thanks to its potential for immense real world applications.

Cardano’s vision in the long term is to drive real world applications of blockchain technology, making it more secure, scalable and sustainable to enable a decentralized future. Its team aims to achieve this through careful testing and research before rolling out additional features to the blockchain.

Three key partners are involved in the work on Cardano - IOHK, The Cardano Foundation and EMURGO:

➢ IOHK

Input Output Hong Kong is a technology company co-founded by Cardano’s creator Hoskinson along with Jeremy Wood. The company is responsible for the technical development of the Cardano blockchain, designing, building and maintaining it.

➢ The Cardano Foundation

The foundation is an independent body that is tasked with overseeing and supervising the adoption of Cardano’s technology via partnerships. It is also responsible for driving engagement within the Cardano community and coordinating with industries to increase awareness of the potential of this decentralized technology.

➢ EMURGO

EMURGO is among the founding members of Cardano and works to develop, aid and incubate applications for the blockchain ecosystem. It also explores commercial use cases for Cardano and brings businesses on board the potential of its blockchain.

You can learn more about Cardano (ADA) at our KuCoin Blog.

History of Cardano

Exploring its brief history, Cardano’s development is organized into five eras - Byron, Shelley, Goguen, Basho and Voltaire. While each era focuses on adding core functionalities to the network, the work on each era, including research, prototyping and development take place consecutively.

IOHK was set up to start work on the development of the Cardano protocol in 2015 by Charles Hoskinson, one of the co-founders of Ethereum, along with Jeremy Wood. The mainnet launch of the blockchain took place in September 2017 along with the launch of the Byron era, the first iteration.

A hard fork in July 2020 led to the Shelley era when the Cardano network’s PoS consensus layer was introduced. It also brought about greater decentralization from the original network which was originally managed by the Cardano Foundation.

The most significant milestone achieved in Cardano’s development as of April 2022 was the Alonzo hard fork in September 2021, which empowered the network with smart contracts developed using Haskell programming language. This development enabled Cardano to run decentralized apps in a secure and scalable fashion, and sent the ADA price and market cap to record highs on the back of soaring investor optimism.

How Does ADA Work?

ADA is the native digital asset within the Cardano ecosystem. The name is an ode to 19th century mathematician Ada Lovelace by the developers, who is often credited as the first computer programmer in the world.

The ADA crypto is used to pay for transaction fees within the blockchain and can also be staked validators to increase the resilience of the blockchain. In return, stakers receive a percentage of rewards, making it a beneficial way to generate passive income for them.

As the Cardano blockchain platform evolves into a more decentralized entity, ADA will also go on to serve as the governance token of the ecosystem. Token holders will be empowered with voting rights, giving them a way to participate in the future development of the network.

Cardano’s ADA is one of the most liquid cryptocurrencies, enjoying high trading volume and market cap among crypto assets. It is also among the cryptocurrencies that enjoys a high interest among institutional investors, making it an attractive crypto to hold and trade.

How to Buy Cardano (ADA)

Cardano (ADA) is available for buying on major cryptocurrency exchanges around the world. KuCoin is one of the best platforms where you can buy ADA. Here are the steps to do this:

1, Open an Account With KuCoin

Register for a KuCoin account, if you are not yet one of our users. After logging in for the first time, make sure to complete the KYC verification process to unlock access to all our services and offerings.

2, Add Crypto Funds to Your Trading Account

Now that your account is ready, it’s time to fund it with some cryptocurrency to start buying ADA. Head to KuCoin Fast Trade to convert your fiat currency into crypto trading capital.

You can buy crypto using one of more than 70 payment methods on our platform, including Visa, Mastercard and PayPal. Alternatively, you can buy crypto through the KuCoin P2P page via third party sellers on our platform.

3, Buy ADA With Existing Cryptocurrency

You can also buy ADA on KuCoin using your existing crypto funds. All you have to do is to transfer them from your external wallet into your KuCoin trading account to get started.

4, Trade ADA/USDT on KuCoin

Once your trading account is funded, you can head over to KuCoin’s Spot Trading section to look for the ADA/USDT cryptocurrency pair. Check the latest Cardano price, market cap, 24 hour trading volume and liquidity before placing your trade.

Enter the number of USDT you wish to exchange for Cardano’s ADA. Verify the number of ADA tokens you can receive and the trading fees you will be charged before clicking on Buy to confirm the order.

5, Receive and Store ADA Safely

A few minutes after your order executes successfully, your trading account will receive the ADA tokens you have bought. You can choose to continue holding them within your KuCoin account or you can send them to your external wallet for added security.

FAQ

Can You Mine Cardano (ADA)?

ADA tokens cannot be mined as Cardano does not use a proof of work consensus mechanism, but a proof of stake (PoS) model instead. However, there are several other ways to get ADA, including:

➢ Buying Cardano on Exchanges

You can get ADA in exchange for fiat currency or trade other cryptocurrencies against Cardano’s native token. Ensure that you review the latest Cardano price, market cap, trading volume and other fundamental and technical analysis before you trade Cardano.

➢ Staking ADA

There are two ways to receive ADA rewards via staking - via delegation or via direct staking into a staking pool. Staking ADA helps improve the security and stability of the Cardano network while giving you a stream of passive revenue.

➢ Lending ADA for Liquidity

You can also lend your ADA holdings to support liquidity on trading platforms, both CEXs and DEXs. For instance, KuCoin supports this feature via Crypto Lending, where you can lend your Cardano tokens for a period of 7 days, 14 days or 28 days to earn attractive interest.

How High Can Cardano Go?

While it is impossible to offer an accurate Cardano price prediction due to the inherently volatile nature of the crypto market, this is a cryptocurrency that does enjoy interesting fundamentals. The ADA price could see significant upside as the adoption of Cardano’s technology picks up in the future, especially among mainstream applications.

As a proof of stake blockchain, Cardano is more energy efficient and attractive to use, especially for powering large scale applications. This makes it even more appealing than its PoW counterparts in the crypto market.

Going by the significant enthusiasm among investors when the Cardano platform rolled out support for smart contracts in late 2021, there appears to be significant investor confidence in the blockchain’s potential. As a result, we could see the Cardano price head higher once more dApps launch within its ecosystem, attracting more users to its platform.

An uptick in interest towards digital assets in general could also power a rally in Cardano’s price, sending it higher in the coming months and years. A positive or bullish market sentiment towards cryptocurrencies can encourage more investors to buy this cryptocurrency, sending the ADA price upwards.

Is ADA a Good Investment?

As of April 2022, Cardano remains among the top 10 cryptocurrencies by market cap. This indicates strong levels of investor confidence in the digital asset.

ADA also enjoys high liquidity on KuCoin and most other exchanges, another sign that it is one of the most traded digital assets in the market.

Several experts believe that the decentralized platform can potentially overthrow Ethereum to become one of the strongest ecosystems to support dApps. Although its developers roll out updates slower, the careful and methodical approach makes the Cardano blockchain highly secure for real world applications.

This is one of the key reasons why Cardano has earned the moniker, ‘Ethereum killer’. As more dApps launch on the network and bring in more users, the value, market cap and trading volume of the ADA token could rise even higher, making it a worthwhile investment to consider.

Where to Stake Cardano?

ADA holders can stake Cardano in several ways - digital wallets, crypto exchanges, DeFi apps and even on Cardano’s official wallet Daedalus as an official node of the blockchain.

As a complete node wallet, staking ADA via Daedalus can make you a validator in the blockchain, helping you participate in the governance of Cardano. It is also one of the safest options to pick for staking Cardano.

While staking via Daedalus can let you run your own node on Cardano, it can require considerable commitment in terms of storage space. A less intensive option is staking via Yoroi wallet.

This is a more lightweight option and offers a more intuitive experience to let your stake your ADA tokens. You can also download the Yoroi wallet as a browser extension across leading platforms.