Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform that seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers.
Everyone in the Cardano community – partners, pioneers and developers of every stripe – works tirelessly to ensure that the Plutus smart contract platform hits the ground running. An upgrade scheduled for the second quarter of 2021 will unlock smart-contract features, bringing Cardano one step closer to its goal of providing developers with a blockchain platform that is robust, secure, scalable, and highly energy-efficient.
Who created Cardano?
Charles Hoskinson started Cardano with his former Ethereum colleague Jerry Wood in 2014 after leaving Ethereum, following a difference in opinion with the team running the Ethereum Foundation over governance and the role of venture capital.
Cardano is supported by the same-named foundation that aids the research and development of the protocol and its community. The Cardano project’s development is spearheaded by the for-profit company Input Output Hong Kong (IOHK). Hoskinson also heads IOHK. The project signed up leading academics in several universities worldwide to review their work before announcing Cardano to the world.
What is ADA?
ADA is cryptocurrency and is the native token of the Cardano blockchain. ADA can be used by anyone located anywhere in the world, given there is a stable network connection. The Cardano blockchain permanently, securely and transparently records every transaction. There are endless possibilities within this space and we are honored be powered by Cardano.
How to store and stake your ADA, which wallet to use
To securely use your ADA you will need to keep your funds secure in a cryptocurrency wallet. Cardano recommends using Daedalus or Yoroi wallets for transactions. Cardano has put together a great resource for learning more about wallets.
What does it mean to "stake" your ADA
Staking your ADA, in simplest terms, means that you are using your coins to help secure the network. What does that mean, in detail?
The Cardano blockchain is what powers ADA, the cryptocurrency. The blockchain is secured through something called, Proof-of-Stake. When you own ADA, you own a portion of the total supply, a stake. Hence, your stake can be used to prove and secure the blockchain.
The process of proving and securing the blockchain is completed by people who run stake pools. These people are called stake pool operators and it can not be done by just anybody; it takes some technical skill to run a stake pool. How, then, is one with no technical skill supposed to stake their ADA? This is why stake pools exist! An individual without technical skills can delegate his or her ADA to one of these stake pools to help secure the network. In return, the delegator receives a reward, similar to interest from a savings account.
IMPORTANTLY: YOUR ADA IS NEVER ACTUALLY GIVEN OR SENT TO A STAKE POOL OPERATOR. IT ALWAYS REMAINS IN YOUR WALLET. This means there is very little risk to staking. You can not lose your ADA via staking. You are always free to spend and use your ADA as you wish while staking it. If you spend some, it just means your stake will be reduced the next time the state of the stake pools is refreshed in the network, which happens every 5 days.
Ada holders can delegate their stake using Daedalus or Yoroi wallets. Here are some useful articles to review:
Why stake your ADA?
Exchange downtime / inaccessible funds.
Earn rewards & help secure/decentralize the Cardano network.
Contribute to building a better world through giving back initiatives.
How to stay safe from scams
There is no such thing as a Cardano giveaway!
Please be aware that there are YouTube live videos that will promise that they will double your ADA if you send them a certain amount of ADA (there are also videos of this on Ethereum and Ripple). THIS IS A SCAM!
There are fake wallets out there (Daedalus is not a mobile wallet). Always download from official sources.
Your recovery seed phrase must be kept safe, secure ,and backed up – failing to do so can result in a loss of funds.
We recommend you invest in a hardware wallet to maximize security.
Please be alert at all times and stay safe!