Bitcoin Casino Blog
Crypto 101: All you need to know about Cardano
Crypto mining and trading don’t have to be harmful to the environment. With Cardano’s Proof of Stake (PoS) consensus mechanism, the needed resources for mining are reduced, allowing an energy-efficient option for crypto users. Even better is that Cardano offers unmatched transaction speed that can process up to 1 million transactions per second!
One of the most successful currencies in the crypto-sphere, Cardano (ADA) is, at the time of writing, valued at US$0.50 with the expectation to rise substantially soon as the world adopts crypto.
Find out more about Cardano; how does it work? Why buy Cardano? What does Cardano gambling have to offer? All this and more will be revealed at Bitcasino!
Cardano is a third-generation network and blockchain ecosystem powered by its native digital currency called ADA. This network was created by the co-founder of Ethereum, Charles Hoskinson, after a falling out with Vitalik Buterin in 2014.
Since the creator of Cardano is originally the co-founder of Ethereum, ADA is immediately positioned as an alternative to ETH. Some might consider it an updated version of Ethereum.
Both tokens offer a decentralised, fast and secured exchange. However, instead of using the proof of work (PoW) mechanism of Ethereum, Cardano used the peer-reviewed research mechanism known as Proof of Stake (PoS).
Cardano’s decentralised platform is powered by its native token called ADA, which is inspired by Ada Lovelace, a 19th-century mathematician known as one of the first computer programmers.
This digital currency is often rewarded to Cardano users participating in a stake pool. Currently, Cardano has a fully diluted market cap of $22,988,879,495.85.
The goal of Cardano is to launch a blockchain ecosystem that improves the functionality of the Ethereum network and fills whatever it is missing in terms of scalability, sustainability and interoperability. This goal is accomplished through the proof of stake (PoS) consensus mechanism, which allows Cardano to offer a scalable and more sustainable blockchain.
Every blockchain needs an authority that verifies all transactions to ensure that users don’t use the same token twice. Given that crypto is decentralised, there are no central authorities to perform these duties. This is where consensus mechanisms come into play.
Cardano is known as the first open-source platform to use the Proof of Stake (PoS) mechanism instead of Proof of Work (PoW) which is used by Bitcoin and Ethereum.
Compared to PoW, PoS reduces the energy expenditure of a network by reducing the computing resources needed for mining. This process makes Cardano one of the most environmentally sustainable blockchains.
Cardano’s PoS protocol is called Ouroboros, which is the first provably secure Proof of Stake protocol. In this provably secure PoS protocol, there is no need for stakeholders to race to produce a block. Instead, a slot leader is randomly selected based on the number of tokens they own. These leaders will then create the block and will receive ADA as an incentive for their work.
With this protocol, you don’t have to rely on your hashing powers to create a block and receive a reward since your chances of getting selected depend solely on the amount you stake.
The ADA and Cardano network itself has plenty of use in the decentralised finance trade market. The most basic one is for transactions. Just like any other currency, you can use ADA as a trade for goods or even other tokens. You can use it on a Cardano gambling site like Bitcasino to play your favourite games or use it to purchase an item you want online.
Cardano also offers a lot of scalability and benefits through smart contracts. These contracts act as transaction protocols agreed upon by both the buyer and the seller. It is intended to automatically document or execute any action or condition within the terms of the contract.
Cardano also makes it possible for its users to create, sell and purchase non-fungible tokens (NFTs) through the CNFT.io network, which is a specialised marketplace for NFT trades. Unlike other currencies, NFT cannot be divided into several variables since it is a single entity with a value set to it. Examples of these are NFT sports cards, artwork or songs.
Lastly, Cardano is used for decentralised applications (DApps). DApps is open-source software that runs on the peer-to-peer network of a blockchain instead of using a single computer, preventing it from being controlled by a single authority.
You can use DApps for finance, gaming and social media. According to Cardano’s official ecosystem tracker, Cardano Cube, there are over 579 DApps in the Cardano network all in various stages of development.
Here are a few pros and cons of Cardano features to help you decide:
Environmental sustainability - Cardano uses PoS which reduces resources used for mining, making it more energy efficient.
Value - Cardano still has a long way to go before it can reach the level of Bitcoin. However, its stability in the market is promising for investors.
Scalability - Cardano has a block size of 8KB to 72KB and can facilitate 1 million transactions per second. Ethereum 2.0 is still yet to match this incredible speed by Cardano.
Several competitors - Cardano isn’t the only cryptocurrency attempting to dethrone Ethereum. The number of competitors can pose a risk when it starts dividing the support going to Cardano.
Reliable team - Cardano has a team of experts in software development making it one of the most well-researched networks out there. Additionally, the one who created it is also the co-founder of Ethereum.
Ambitious scope of work - Cardano proves itself better than Ethereum in some areas like speed and sustainability. However, it still needs years of work to reach the level of engagement that Ethereum has.
Technical scope - Cardano explores all the best possible trades for its users and thus, it opens itself to new trends like NFT trade and Dapps development.
Convinced that Cardano is the best investment for you? Find out how you can purchase your token below:
Cardano is considered one of the top cryptocurrencies in the market. Its stability makes it the perfect choice for investors. However, that’s not everything this visionary token has to offer. Find out why you should buy Cardano below:
It’s just getting started
Cardano was only launched in 2017. Despite this, it has already achieved a key step in its development when it introduced the smart contract functionality in 2021. Being smart contract-ready opened opportunities for Cardano to also welcome DApps for real-world utility like in finance and gaming.
Additionally, Cardano is also the first to switch from Proof of Work to Proof of Stake. Cardano’s pace of development only shows that you have much to look forward to in the future if you invest now!
It’s getting faster
Cardano is quick to remedy their lapses and thus, they have easily solved their scalability issues. In 2022, Cardano introduced the Hydra layer 2 system, which allows their network to handle up to 1 million transactions per second.
It has a methodical development process
What’s amazing about the Cardano team is that they have a plan for the future. The network has set up a 5 stage roadmap that will lead Cardano to be self-sustaining in the future.
Looking to buy an ADA token? Here’s how:
Enjoy the benefits of Cardano gambling by depositing ADA into your Bitcasino wallet today. Here’s how:
Yes, there are plenty of Cardano casinos like Bitcasino that accept ADA. Moreover, gambling with Cardano ensures that your transactions are secure, fast and easy. For ADA gambling at Bitcasino, all you have to do is connect your wallet to your Bitcasino profile. After that, deposit ADA into your account and start playing your favourite games!
Get the most out of your Cardano gambles by following the tips below:
Find the highest RTP
RTPs give you an idea of how rewarding a game can be. So when choosing which game to play, compare their RTPs and pick the games with high RTPs.
Know the risks
Risks get higher the more you are oblivious to them. Make sure you know all the risks you are taking before you bet and only wager the amount you’re comfortable betting.
Join casinos that reward Cardano
Bitcasino offers an exciting way to reward players with prizes and not just free spins and chips. As you join tournaments and promotions, you will have a better chance to win crypto rewards.
Choose your Cardano casino wisely
There are plenty of online casinos that offer crypto bets. Make sure you pick a reputable one that offers safe gambling, easy deposits and withdrawals as well as quality games.
Make the right choice for your Cardano casino and select either of the following casinos for a casino experience you can bet on!
Bitcasino is one of the first crypto casinos online with a fully equipped facility to accommodate crypto transactions and provide you with ease in betting your selected crypto token.
Sportsbet.io is where all the best sportsbook offers are at. Here, you can find the most rewarding odds for your favourite sports game. Just like Bitcasino, Sportsbet.io also offers ease and security when it comes to crypto bets.
Find the best live casino games and enjoy the authentic thrill of a gamble when playing virtually with professional dealers. Get the prime entertainment of live casino betting wherever you are in the world and bet with Cardano at Livecasino.io!
Whether it’s for trade, investment, gambling or making online purchases, Cardano is your all-around token for your crypto needs. As for online casino players, Cardano makes gambling easy by providing reliable services.
As Cardano reduces the need for tools and energy in mining, it also sets a lower price for trades and services making it perfect for investors/casino players like you.
If you’re asking yourself when to buy Cardano? Now is the perfect time to invest!
Cardano is sustainable with its Proof of Stake mechanism that aims to reduce the energy used in mining. It’s also the first peer-reviewed cryptocurrency developed by a team of specialists.
Yes. With the PoS mechanism, it uses fewer tools and energy for mining.
The Cardano blockchain can process 1 million transactions per second using the Hydra layer-2 system.
Crypto prices are unpredictable but Cardano’s All-Time high was US$3.10 in September 2021.
Cardano is an excellent choice for casino players and beginner investors because of its scalability and speed. It offers smart contracts, DApps and NFT trading.
Words by: Ana Gundran
Table of contents
Crypto 101: All you need to know about Cardano