Everything you need to know about Cardano
Is Cryptocurrency the future of banking systems or just a pressing need of time?
Cryptocurrencies seem to be trending for the last 2–3 years. If you deep-dive in the crypto space, you will realize that we are still very early. The cons or drawbacks of the traditional banking systems will surely be corrected by Cryptocurrencies, with added features. In this blog, we are going to have a detailed discussion on Cardano. All the findings are based on my research, and after reading this blog you will come to know whether ADA is worth investing in or not.
Who can Read this Blog?
This blog is for all the Crypto Lovers and Crypto Enthusiasts out there who love crypto and are always ready to learn something new about crypto every day.
This blog is designed in such a way that even a beginner in the crypto market can read and make the most out of it. All the Topics are designed with basic terminologies so that you can understand them right away.
This blog covers almost everything that you need to know about Cardano and Ada to get an understanding of it.
How can you get the most out of this Blog?
- Decide your purpose and the depth of your reading
- Take notes and write down ideas that you get from each Topic while reading
- Reread the Topics that interest you
- Share what you have learned on social media and tag the blog writer
- Do a quick summary of what you have read
- Set a goal to Explore and learn more about Projects/Games on Cardano that you have learned from this blog.
What is Cardano?
Cardano is a public blockchain platform used to create new assets and Decentralized Apps. Cardano uses Proof of Stake to achieve consensus. Cardano is also faster than Ethereum(one of the leading blockchains in the crypto space).
Cardano was founded by one of the Ethereum co-founders, Charles Hoskinson, in 2017. Cardano has a native cryptocurrency ADA, currently in the Top 3 Cryptocurrencies according to market cap. ADA is used as a governance token to reward the validators. It is also used as a token to vote for upcoming proposals in the Cardano ecosystem.
Roadmap of Cardano
The roadmap of Cardano is divided into five stages called era.
- BYRON (Foundation)
- SHELLEY (Decentralization)
- GOGUEN (Smart Contracts)
- BASHO (Scaling)
- VOLTAIRE (Governance)
Cardano will be getting different updates or introductions in functionality in these eras.
Project Catalyst is a series of community-driven funding rounds that helps to expand the Cardano Ecosystem. It lets participants get funding for the proposals which tackle challenges and capitalize on opportunities that arise in the life cycle of Cardano.
Project Catalyst is divided into a series of funding which occurs every six weeks. Project Catalyst works in the following ways:-
- The challenges existing in the Cardano Blockchain are presented by the Project Catalyst team or the Project Catalyst community.
- The participants will form proposals to solve such challenges.
- The proposals will undergo a community refinement process where they are vetted for feasibility, auditability, and impact by a group of incentivized community advisors.
- After the finalization of the proposal, voting will take place and funds will be allocated to the winners in form of ADA.
A total of 6 funding rounds had been taken place till now.
Social Media Buzzes about Cardano
- Gene Simmons, an American musician, singer, and songwriter said he added $300k worth of Cardano(ADA) to his portfolio.
- Dubai-based crypto fund FD7 Ventures says it will sell over $750 million worth of Bitcoin to purchase Cardano and Polkadot instead.
- Venus Protocol 2021 roadmap shows that it would add Cardano to its platform.
Reasons for a huge surge in ADA prices
- It had a huge circulating volume with a low price tag and transaction fees.
- Cardano claims to be an environment-friendly cryptocurrency. Investors have previously experienced a massive drop in the prices of the largest cryptos such as Bitcoin, based on lower environment friendliness.
- Cardano is soon getting a huge software update
- Projects are being regularly funded and introduced to overtake Ethereum.
- Cardano Foundation is doing a lot of social charity acts.
Top Projects built on Cardano:
After the Successful Launch of Alonzo Fork, A Complete new and Creative Era for Cardano Projects has been Started on 12th September 2021. And Since then many Developers have started Developing projects on Cardano. Alonzo Hard Fork Event had such an immense impact on the community of developers that more than 100 Smart Contracts were created in the first 20 hours. And such immense growth and development led to believe that Alonzo Fork made it easy for developers to make projects on Cardano.
Here, We’ll be discussing Top and Creative Cardano Projects, Which are as follows :
SundaeSwap is a Decentralized Exchange built on Cardano. SundaeSwap is soon going to be launched on Cardano. It is also listed on the Cardano Cube platform(A platform whose mission is to make information easily accessible by providing details of projects built on Cardano).
The users of SundaeSwap can provide liquidity and also can create a market to exchange native tokens. SundaeSwap offers features like swap, stake, lend, borrow, and even more. Liquidity Providers earn a reward on their deposit. Swappers have to pay a small fee for swapping tokens.
Sundae is the native token of SundaeSwap with a total supply of around 2 Billion tokens.
Artano is a community-driven NFT marketplace for artists, collectors, and curators of digital assets. Artano has a very low platform fee for minting as well as trading NFT.
In Artano, a total of 20 globally selected people from the art community who are highly engaged with digital artists from all over the world and are known as Council Members. They are responsible for creating a global network of artists, bringing a diverse variety of art forms, and advise the core Artano team on development.
ARTA is the governance token used for the development of the Artano Platform. The token holders can participate in voting the proposals in the Artano community.
CardStarer is a decentralized accelerator that connects early-stage Cardano innovations and projects with our community of donors.
The donors are provided with early access and guaranteed allocation to seed rounds, pre-sales, and private sales of projects. CardStarter is the best fundraising platform for Cardano. Donors get early access to projects. Each project that launches contributes to an insurance treasury to protect the donors against potential project failures.
One of the biggest announcements in the 2021 Cardano Summit was the launch of a new stable coin named DJED. According to Charles Hoskinson, the DJED stable coin could be a gamechanger in the crypto space.
Stable coins are cryptocurrencies whose value is pegged to a non-crypto asset. DJED will be issued by COTI. It will further reduce the gas fees on Cardano Blockchain. It is an algorithmically stable coin that means if the price increases, more coins will be issued to maintain the price. If the price falls, the algorithm buys more coins to push it up again.
The addition of DJED stable coin to the Cardano ecosystem will significantly improve how transactions are settled on the Cardano Blockchain.
By now, You might’ve heard of Crypto Games somewhere, and you might not be sure of what are those. So let us make it clear for you first.
Crypto Games are just some Video Games but the only difference is that those games run on Cryptocurrency Network and includes distributed ledger concept within and this helps to verify the ownership of virtual products contained in the games. And this lead to a noticeable increase in the gaming industry’s interest in using cryptos because various crypto games are disrupting traditional game markets by allowing those players to earn while they play the games using their Play-to-Earn Concept for players’ effort. And so Crypto gaming has started growing popularity due to its ability to allow players to collect and trade virtual assets that can be exchanged and traded anywhere in the world.
But here’s Why Cardano is perfect for Crypto Games:
All blockchains were not created equally. And Cardano is actually an older crypto project which can be considered as 3rd generation cryptocurrency. Now the actual problem with using Blockchain (e.g., Ethereum) for Crypto-Games is that the cost of performing actions has risen considerably as more users interact on the blockchain.
This is why Cardano which is a highly Scalable solution comes into play and may prove to be useful for crypto Games
Here, We’ll be discussing Top and Innovative Cardano Games, Which are as follows :
Ada-Monsterz is an NFT marketplace with the concept of “ADA-Monsterz coming to our Universe and are living in Cardano BlockChain”.
Each of the Ada-Monsterz is creatively designed by hand and is not randomly generated. These Ada-Monsterz are Minted in waves with 2’500 NFT minted per wave. There are some rare monsters and a few of them are ultra-rare as well. Anyone can buy them on the official website when a new wave arrives but once all of them are sold out, you can check out or collect, share or trade on CNFT.io‘s Marketplace.
The goal of Ada-Monsterz is to show the people that Cardano NFTs can fun and smooth process for all the participants. It also helps the Cardano Network grow and create wonderful Monsterz on the way.
2. Cardano Warriors
Cardano Warriors is a game that combines art and technology. It’s is a Play-and-earn console-based RPG video game that was made in eight and sixteen bits.
Cardano Warriors is an NFT Based RPG Game based on Cardano with thousands of unique Characters as NFT which can be bought and used in the game directly. Where you can play with your unique character, evolve your character, conquer quests, win various items, weapons, equipment, and many more. Like other Warrior/quest-based RPG Games, you’ll be able to sell or exchange various items and equipment you got from completing various quests in the game and also your unique Character. This Game is idealized around its unique concept of NFT which can act as a playable character within the game.
CryptoDoggies are Cute and Adorable collectibles that are available on Cardano Blockchain as NFTs.
The main goal of the Cryptodoggies is to involve CryptoCommunity in Charity. Around 10,000 unique crypto doggies are in the NFT Market currently for collecting or just trading for fun Where Each Crypto doggie is pretty Cute, unique, rarity, breed, emotion & face, and a set of equipment. Team CryptoDoggies wants their user to partake in their mission by allowing them to save dogs too, so with every purchase of a CryptoDoggie will have half the proceeds donated to charity. And in this way, Cardano NFTs are proved to be fun as well as helpful.
Woah!! You had come a long way and got a lot of information about Cardano. The Crypto market is so dynamic and volatile that even with a blink of an eye, the tables are turned. So, the key to staying updated is to keep checking the Cardano community.
If you have read each and every topic thoroughly you are ready to educate others about Cardano Blockchain. The key is to learn and share. We are still very early in the crypto space and each and everything we learn or teach others can make a huge impact.
If you want to contribute to preparing learning resources, contact me on Linkedin and also follow our Linkedin page for the latest updates.
Mayank Bajaj:- https://www.linkedin.com/in/mayank-bajaj/
Prodigal AI:- https://www.linkedin.com/company/prodigal-ai