THE FUTURE OF CARDANO (ADA)
WHAT IS CARDANO?
Cardano is a decentralized and open-source, public blockchain platform founded by Ethereum co-founder Charles Hoskison in 2015. Its internal coin, ADA, can be used to carry out peer-to-peer transactions on the platform.
The Cardano platform achieves consensus with a proof-of-stake protocol called Ouroboros. Unlike some other cryptocurrencies like Bitcoin and Ethereum, which are based on proof-of-work protocols. The proof-of-stake protocol is created to mine block transactions, such that the more coins you have, the more mining power you have.
The Cardano platform uses far less electricity to mine coins than proof-of-work protocols, making it a more sustainable coin, especially given that investors are looking for “green investments.” Cardano uses very little energy, consuming only 6 GWh, and the proof-of-stake mechanism is said to be 20000 times more energy-efficient than Bitcoin mining.
CARDANO MINING – CAN CARDANO BE MINED?
Because ADA is a pre-mined coin that does not use proof-of-work consensus, mining it isn’t easy. It can only be staked as a stakeholder representative on exchanges. Therefore, NO is the short answer to that question.
WHAT EXACTLY DOES STAKING MEAN?
You keep your Cardano wallet online (the most popular is called Daedalus) and receive a proportion of your previously acquired ADA tokens as payment. The “Proof of Stake” approach, which confirms transactions using previously existing ADA tokens rather than utilizing hardware (as would be the case with Cardano mining), employs this method.
CARDANO PRICE PREDICTION FOR 2021
From a technical analysis perspective, ADA is currently trading above the $1.8 support level. We might get a 61.8 Fibonacci retracement to the $1.7 before the bullish trend continues. We are expecting ADA to trade around the $4 level before the end of the year.
CARDO WALLET - HOW TO CREATE A FREE CARDANO WALLET IN INDONESIA?
Daedalus is one of the most widely used Cardano wallets in the community, similar to Blockchain for Bitcoin login. It’s one of the most reliable wallets to retain and manage your ADA because it’s open-source and sponsored by Input Output HK.
To begin transferring your ADA to a Stake Pool, follow these simple steps.
- For your operating system, download and install Daedalus. The official wallet can be downloaded from the Daedalus website here.
Also, make sure you’re on the right website and not downloading a fake version.
- Select “Create a wallet” from the “ADD Wallet” menu at the bottom of the program.
- Create a sending password for your wallet and give it a descriptive name. This password is needed to verify that you are the one sending ADA from this wallet or using the wallet to participate in the network.
- Create your personal 24-word recovery phrase. This phrase is used to retrieve your wallet on a new device or in a different wallet program, such as the Yoroi web version or the Yoroi mobile app. Also, multiple wallet programs can share the same wallet. Make sure you don’t lose track of your recovery phrase.
- Click continue and complete the creation of your wallet.
- After that, you’ll need to connect your wallet to the Cardano network. The Daedalus app will download a local copy of the network so you can interact with it quickly and see all of your wallet’s activity. You want to view any transaction history as it’s a new wallet.
- You’ve now completed setting up your wallet, which will allow you to send, receive, delegate, and vote with your ADA.