Cardano is a new project launched in 2015 and only appeared on the exchange in October 2017 launched by Blockchain Development Output Hong Kong (IOHK). The main developer of the project is the renowned mathematician and entrepreneur Charles Hoskinson. Cardano is a smart contract platform and a major competitor to Ethereum. This platform provides high reliability of all transactions and has a currency for internal settlements – ADA. Cardano is written in the highly secure Haskell programming language. The peculiarity of the blockchain is that the protection and operation of the network is provided by the Proof-of-Stake consensus algorithm. It is the first blockchain platform that builds on a scientific-philosophical approach and research. Cardano grew 1500% in four months, and the project had a market capitalization of $18 billion. Reliability and recent price increases have led to a strong increase in the demand for coins and their overall popularity and users. Traders can buy Cardano on such exchanges as: Binance, Bitstamp, EXMO, WEX and others, as well as trade CFDs.
How Cardano System Works
The cryptocurrency works on the basis of the Cardano platform, guaranteeing instant data exchange between users. With the help of altcoin, information is transmitted that is protected by cryptographic technologies. The result is a multi-level, decentralized and flexible system. Cardano is more secure and reliable than Bitcoin, transactions are faster than Litecoin, and smart contracts are better implemented than Ethereum. As the site reports:
Cardano restores trust to global systems – creating, through science, a more secure, transparent, and sustainable foundation for individuals to transact and exchange, systems to govern, and enterprises to grow. Cardano brings a new standard in technology – open and inclusive – to challenge the old and activate a new age of sustainable, globally-distributed innovation. The developers call Cardano the third generation Blockchain project. The first generation includes the Bitcoin cryptocurrency and its forks, and the second – Ethereum.
The project developers are confident that their platform will be useful for businesses and financial institutions, including Central Banks. Cardano’s own cryptocurrency token, and its platform can be used to create and run smart contracts, DApps and more. Many investors see Cardano as a competitor to Ethereum, as the network acts as a protocol for smart contracts. Simply put, Cardano offers users a smart contract platform with easy scaling, high levels of reliability, and cheap transactions. In addition, for network scalability, a recursive architecture was adopted, created for hierarchical networks. Key advantages of Cardano:
- High reliability and speed of the network;
- Constant work is underway to improve the project;
- Small commission for transactions;
- Protecting, improving and developing the ecosystem;
- Full compatibility with other cryptocurrencies;
- The system of smart contracts has been improved.
Main Benefits of Cardano CFDs
At the moment, Cardano has joined the list of assets that is included in the TOP 10 offered for trading. On the chart Cardano, on which the forecasts are based, a slight growth trend against the dollar is already being traced. The coin has already shown its potential and strengthened its value. Already today, many large and small investors are starting to invest in ADA cryptocurrency. You can already speculate cryptocurrency ADA on CFDs, but be prepared for long-term investments, as a rapid price increase is not expected. CFD trading provides all the necessary tools, options, as well as functions for comfortable trading. To protect yourself from potential price jumps and reversals, it is recommended to set stop-loss and take-profit.
It is advisable to start trading on the hourly chart, in accordance with the trend movement of the market, while it is advisable to use support and resistance lines and various technical indicators that help establish the direction of the trend. You can trade breakout strategies, they are quite effective. For all beginners, it is recommended to start trading cryptocurrency on a demo account, since this asset is quite specific and has many different features.