“Dive deep into the world of Cardano and its native ADA coin” by Ledger


On Thursday, June 16, the day after hardware wallet maker Ledger added support for $ADA to Ledger Live, its digital asset management software on Ledger devices, the Paris-based company “dived deep in the world of Cardano, and its native coin ADA.

Support for $ADA on the Ledger Live desktop app means “not only can you secure your private keys offline while you interact, but also seamlessly manage, send, and receive your tokens on your Ledger Live interface. “. It allows $ADA tokens to be purchased directly through Ledger’s API partner, MoonPay, and sent “directly to your Ledger Nano”.

Yesterday, Ledger Academy published a guide titled “What is Cardano” for beginners. What makes this guide interesting is how much it praises Cardano and its $ADA token.

Here are some highlights:

  • Cardano uses a unique proof-of-stake consensus protocol called Ouroboros to secure its network, special because it is the first consensus protocol that is proven to be secure and has undergone academic scrutiny. Using this consensus mechanism gives Cardano a number of advantages over other blockchains.
  • …the energy consumed by Cardano is 99% less than the majority of other blockchains, making it a good option for long-term sustainability.
  • Although Cardano is not known for showcasing NFTs, it is still seeing huge volumes and could be a space to watch in the future.
  • Cardano’s DeFi ecosystem is also growing rapidly, bringing the vast options of decentralized finance to new audiences, thanks to its minimal gas fees.
  • … it is also very convenient to bet on Cardano because there is no blocking period and you can manage your assets directly through your own wallet.
  • Cardano also plans to dramatically improve its transaction speed to over 1 million TPS with the upcoming Hydra scaling solution, further increasing its potential real-world usefulness.
  • …Cardano is sparing no effort to establish itself as THE democratic, energy efficient and accessible blockchain in the crypto space…

In February, Kraken Intelligence, the research arm of crypto exchange Kraken, released a very impressive 42-page research report titled “Cardano: A Next Generation in Smart Contract Platform Design.” After the introduction, the report examines the technology, the Web3 ecosystem, and the growth and adoption of the network.

Here are some highlights from Kraken’s report:

  • Cardano first gained notoriety among a class of projects focused on the ICO craze in 2017 after the network launched. As the ICO wave acquired infamy for the number of overpriced assets that eventually disappeared into the crypto dust, Cardano found itself among a subset of ICO warriors who persisted in the treacherous perils of a winter dark and quiet crypto – bloody, battered, but hungry for more.
  • Importantly, Cardano is a value-driven project, emphasizing community governance, academic peer review, and the importance of high-assurance programming.
  • Cardano’s values ​​substantially guided the developments and design decisions of the project, and therefore the blockchain seems to have been designed with the purpose and standards of providing a decentralized and global financial infrastructure rather than just focusing on providing of a web experience.
  • With ambitious goals, Cardano recognizes the need for its infrastructure to work properly the first time it is running. This stands in contrast to the “launch now, fix as you go” philosophy employed by many Silicon Valley development teams.
  • Ironically, despite the “Ethereum Killer” label, Cardano is actually much more reminiscent of Bitcoin, especially when it comes to its tokenomics, consensus protocol, and accounting style.
  • Cardano’s design is fundamentally unique among most of its peers, especially since its design closely mirrors a PoS-based, smart-contract-enabled version of Bitcoin, due to its core protocol design and hardware. accounting model, rather than an iteration on Ethereum.
  • Key technical features that set Cardano apart from its L1 peers are its Ouroboros core protocol and secure delegator-friendly design, Extended Unspent Transaction Output (EUTXO) accounting model, the project’s Haskell core, unique Layer 2 solutions ( L2) and community focus.
  • … Cardano adopted Haskell in an effort to create a product that offers unparalleled reliability and security benefits and to position itself as a viable solution for global institutional-grade financial infrastructures.

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Featured image by “AnTa_ranga” via Pixabay.com

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