What is Cardano?
Cardano is a multi-layered blockchain run by a non-profit foundation made up of scientists from around the world, including the University of Edinburgh and the Institute of Technology in Tokyo, Japan.
Cardano markets itself as a third-generation blockchain platform. Bitcoin is first generation. Second generation is Ethereum, which scales capabilities and introduces smart contract concepts. Cardano is even more ambitious.
Cardano has different layers to perform different functions. These include one for software applications (DApps). One for distributed computing, and, finally, one for financial transactions & settlements where Cardano’s currency ‘ADA’ is used to settle transactions.
What are the project's goals?
Like many projects - Cardano wants to be the world’s top smart contract platform. Using a secure, proof-of-stake algorithm (named Ouroboros), Cardano eliminates the need for an energy-consuming protocol and claims to solve scalability issues.
Cardano has a lofty goal of creating interoperability between its blockchain and the financial ecosystem - much like XRP & XLM.
How much Cardano is on the open market?
Cardano has 25,927,070,538 ADA tokens on the market, with a total supply of 145,000,000,000.
What the bears are saying
- The competition: Cardano isn’t the first ‘Ethereum killer’. EOS has made huge strides forward in scaling its blockchain and forming partnerships over the past year. Is Cardano unique enough to beat such strong competition?
- Transaction speed: Ripple and Stellar Lumens can process more than 1,000 transactions per second (TPS) hence their partnerships with Santander & IBM respectively. Cardano only offers 257 transactions per second.
- Cardano infrastructure: The Proof of Stake algorithm is said to be flawed by a problem known as «nothing at stake». This issue highlights the problem that voting on a particular version of a proof of stake blockchain requires no resources, unlike the labor-intensive PoW model. Cardano is still a relatively unproven project that has not been tested in the way Ethereum has.
What the bulls are saying
- Third generation: Cardano was specifically created to offer the same functionality as second-generation platforms but without the scaling issues.
- Privacy: Many users favor privacy in the current climate, yet few cryptos provide it. Cardano does. The privacy of its transactions is guaranteed since it can be executed without metadata.
How to buy ADA
With Uphold, you can set up an account, verify your identity and buy crypto with ease.
Here is how:
1. Go to Uphold.com and click ‘Sign up’
2. Enter your email address, phone number and your personal details
3. Tell us how you plan to use Uphold and provide some basic financial information (e.g., employment status and source of funds)
4. Verify your identity by providing an ID document and taking a ‘selfie’
… and you’re off to the races!
Just start trading.
You should be aware that the risk of loss in trading or holding cryptoassets can be very high. As with any asset, the value of cryptoassets can go up or down and there can be a substantial risk that you lose all your money buying, selling, holding or investing in cryptoassets. Our cryptoasset services are not within the scope of the UK Financial Ombudsman Service and your cryptoassets are not subject to protection under the UK Financial Services Compensation Scheme. You should carefully consider whether trading or holding cryptoassets is suitable for you in light of your financial condition.
Uphold Europe Limited (FRN: 900577) is registered under the Financial Conduct Authority’s Temporary Registration Regime for cryptoasset firms and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. The purchase, sale and custody of cryptoassets is regulated by the FCA for anti-money laundering purposes but this does not indicate any approval by the FCA of Uphold’s cryptoasset activities. Uphold Europe Limited is also an EMD agent of Optimus Cards UK Limited which is authorised and regulated by the Financial Conduct Authority to issue e-money (FRN: 902034) pursuant to the Electronic Money Regulations 2011.
The e-money services are regulated by the Financial Conduct Authority. E-money is not a deposit or investment account, which means that your e-money will not be protected by the Financial Services Compensation Scheme. User funds will be held in a designated safekeeping account with a regulated financial institution. E-money will not earn any interest. Additional Risk Warning in Uphold’s Terms & Conditions.
This content is correct as of September 2021
Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
Get more coin for your coin
0% deposit fees 0% withdrawal fees