Cardano:  ADA is the internal cryptocurrency of Cardano that is used to facilitate peer-to-peer transactions. It is an open-source, decentralized blockchain with a proof of stake consensus (PoS) system. Cardano is placed among the “Ethereum Killers”.

The mass attraction of investors to ADA can be attributed to the White Board Videos and updates from Charles Hoskinson about the wide purposes that ADA is set to solve.

Uses:

1. It is a digital coin that can be used as a store of value.
2. It is used to send and receive funds.
3. Cardano blockchain is a flexible, sustainable, and scalable platform that can be used to build smart contracts. It is also more robust, secure, and highly energy-efficient.
4. (Smart contracts are programs stored on a blockchain that is self-executed with predetermined conditions without any intermediary’s involvement. This is a contract written in lines of code between the buyer and the seller)
5. It is also used for creating decentralized financial applications, protocols, new crypto tokens, games, and more.
6. ADA is used for staking and paying transaction fees on the Cardano network.
7. Why invest in Cardano?
8. Proof of stake (PoS): Cardano blockchain is open source and decentralized with Proof of Stake (PoS) which is a method for making transactions through a distributed database and methodologies involved in securing the database.
9. Scalability: Cardano is considered to have excellent scalability that is capable of processing 250 transactions per second.
10. Smart contract platform: The smart contract platform uses a proof of stake algorithm, which according to the developers is considered to be the best mechanism to secure the blockchain from attacks. A high level of security and privacy of the users is ensured with the creation of side chains using the PoS algorithm.
11. The language used: The language used to build the platform is called Haskell. Haskell has a strict mathematical approach and the lines of code are written very securely. This makes Cardano better than other coins as the language it is written helps from preventing bugs.
12. Staking: Staking is considered a significant benefit of owning ADA. As Cardano is a proof of stake blockchain, ADA can be used to decentralize the network and get paid tokens. Investors can transfer their coins from an exchange after the creation of a software wallet using its interface. ADA is more secure from hackers as full control of the private keys is retained by the users.
13. Cardano’s eUXTO: eUXTO(extended unspent transaction output) is a model used by Cardano that adds to its advantages. It allows the users to check the status of the transaction before sending them. This avoids unwanted fees incurred in an unsuccessful transaction. It also enables the processing of multiple transactions in parallel.
14. Transactions: Cardano has the eUXTO model which makes the transactions more efficient. The transaction is cheaper than Ethereum. If the Cardano makes use of the eUXTO to its fullest the transactions can be made much simpler, cheaper, and faster.