How To Buy, Sell, And Trade Crypto Tokens On The Cardano (ADA) Network
28 Gennaio 2024 - 1:00PM
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[toc] The Cardano Network is a decentralized proof-of-stake
blockchain platform with smart contract support and uses its own
native token ADA, just like the Ethereum blockchain. Cardano is
often described as the Ethereum killer. However, Cardano also
considers itself the updated version of Ethereum, which is
currently the king of all altcoins, including ADA. Cardano (ADA)
The Supposed Ethereum Killer It has been said that Cardano has
anointed itself as a third-generation crypto platform which it
regards to Ethereum as the second generation. Cardano has deemed
itself fit to be a threat or competitor to Ethereum as they are
both similar in so many ways, including the fact that Cardano (ADA)
was created by one of the co-founders of Ethereum, Charles
Hoskinson. As Ethereum is having a hard time with high gas fees
issues and slow transaction times, Cardano is all set up to take
their share and make a name for themselves in the NFT, DeFI, and
Stablecoin market. Cardano aims to be scalable and low-cost for
users compared to Ethereum, its major competitor. It enables
owners of their native token ADA to help operate the network and
vote on changes to the software roles. A lot of developers now use
the Cardano Blockchain for Smart contracts and building
decentralized applications (dApps). Related Reading: How To Buy,
Sell, And Trade Tokens on The Polygon Network Cardano Continues To
Evolve: Hard Forked From Byron To Shelley Cardano has been
releasing its blockchain in stages with the aim of releasing
better, cleaner, and more secure codes. They continued to evolve as
the Cardano blockchain hard forked from Byron, a federated and
static model, to Shelley, a more dynamic and decentralized model A
hard fork means or is described as a radical change in the
blockchain, but in the case of Cardano, The blockchain hard fork
was unique because instead of the blockchain radical change, it
ensured a smooth transition from the old protocol to a new protocol
while saving the history of the previous blocks. This means the
Cardano blockchain contains the Byron blocks and after a certain
transaction period, it adds the Shelley blocks. Shelley was
upgraded, and the Shelley protocol upgrade added a new feature that
enabled different kinds of Smart contract use cases, which included
the creation and transactions with multi-asset tokens. It also
established support for the Voltaire voting mechanism. The Shelley
protocol hard fork upgrade of March 2021 called “Mary” introduced
native token and multi-asset support on the Cardano
Blockchain. Mary allows users to create their own tokens that
run on the Cardano network natively, just like Cardano’s native
token ADA. Similar to the ERC20 tokens that can be created and
transacted on the Ethereum network, Native tokens will open up this
same functionality to Cardano. How Does Cardano (ADA) Work? The
Cardano (ADA) Blockchain is made up of two main components, which
are the Cardano Computational Layer (CCL) and the Cardano
Settlement Layer (CSL). The Cardano Computational Layer (CCL): The
Cardano Computational Layer (CCL) consist of the Ouroboros
consensus protocol and Proof of stake, which are the backbone of
the Cardano blockchain. They help to run smart contracts, it also
ensures compliance and security. Lastly, allow other key advanced
features and functionalities such as identity recognition and
blacklisting. Related Reading: How To Buy, Sell, And Trade Tokens
On The Avalanche Network The Cardano Settlement Layer (CSL): The
Cardano Settlement Layer (CSL) serves as the accounting layer of
the Cardano blockchain where its native token holders can send and
receive their ADA immediately with minimal transaction fees.
Blockchain Industry Issues Cardano Aims To Solve To create a secure
voting mechanism for token holders. To Separate accounting
and computation layers. To create an infinitely scalable
consensus mechanism. To use mathematics to provide a provably
secure blockchain that is less susceptible to attacks.
Benefits And Advantages of Cardano (ADA) Blockchain
Decentralization: The Cardano network is designed to promote
decentralization, and the founder of ADA Charles Hoskinson, is
confident that the network would be 50 to 100 times more
decentralized than Bitcoin. High scalability: The recent Cardano
Blockchain Vasil hard fork solves scalability issues as it
introduced critical updates that streamline transaction processing,
ultimately increasing the transactions per second (tps) Cardano’s
blockchain can handle to significantly boost transaction processing
speeds, unlike Ethereum. Multilayer security measures: Cardano has
a multilayer architecture that separates the computation layer from
the accounting layer and also the Ouroboros proof of stake
algorithm reduces the surface attack and ensures good security
without falling short on decentralization. Low gas fees: Unlike
Ethereum, Cardano has low transaction or gas fees which makes it
more appealing to users and developers. Environmentally friendly
ecosystem: Cardano is designed to be accessible to all persons, no
matter their level of skill, from novices to advanced users. Strong
Community: A project is as strong as its community and Cardano has
a strong community of active users, developers, researchers, and
founders all work together to make the project a very good one.
Related Reading: How to Buy, Sell, and Trade ERC-20 Tokens on the
Ethereum Network How To Buy, Sell, And Trade Crypto Tokens On The
Cardano (ADA) Network To see a full picture of the Cardano
ecosystem, go to CardanoCube. CardanoCude has information on the
applications on the Cardano Blockchain, ranging from DEXes to
Liquidity to Wallets, Marketplaces, DeFI, Infrastructure, and
Launchpads, in case you want to launch a project on the Cardano
Blockchain. There are also Metaverse platforms, Gaming platforms,
AI tools, Community & DAO, Developer Tools, Meme Coin, and so
many more. To buy and sell tokens on the Cardano (ADA) network, you
need to get a wallet. The official wallet created by the Cardano
developer IOG is called DAEDALUS. DAEDALUS is a desktop or PC
secure wallet for the ADA cryptocurrency that downloads a full copy
of the Cardano Blockchain, and it independently validates every
transaction in its history, ensuring maximum security. How To
Install, Set Up, and Use DAEDALUS Wallet Make sure you download the
installation file from the DAEDALUS official website
daedaluswallet.io. Once the website is open, click on “Download”
and then choose your operating system: either macOS, Linux, or
Windows. Start the downloading process by clicking on
“Download DAEDALUS.” Install it, and once DAEDALUS is launched, you
will need to configure the general settings and click on
“Continue.” Read, and accept the terms and conditions. Please
note that the blockchain must be completely synced before you can
use your wallet. Related Reading: How To Buy, Sell, and Trade
Tokens On The Arbitrum Network To create a new wallet, click on the
“Create” button, give your wallet a “Name,” and Create your
“Spending password”. You will need your spending password later to
make transactions. It will also Encrypt your wallet file in the
dataless directory. After the setup, the “Recovery phase” page will
pop up, and you will be given the 24-word secret phrase that you
can use to recover your account in case your laptop is stolen or
broken. Ensure to write down your secret phrase and keep it in a
safe place, after verifying your secret phrase your wallet is all
set up. Click on “Send” to send coins and Click on “Receive” to
receive coins, select one of the automatic recipient addresses to
receive your coins for other exchanges. How To Use The Wallet
Function On Minswap Instead Of Daedalus Minswap is a multi-pool
decentralized exchange (DEX) on Cardano (ADA) where you can swap
tokens with minimal time, cost, and maximum ease. Related Reading:
How To Buy, Sell, And Trade Tokens On The BSC Network The Minswap
website is user-friendly and easy to trade on. Go to the website,
click on “Trade,” then click on “Connect wallet.” You might
not see the DAEDALUS wallet there, so just create a “MinWallet” by
clicking on it, then click on “New Wallet.” Copy your 24-word
secret phrase down, write it down in a safe place, verify your
secret phrase, create your MinWallet password, Now your MinWallet
is ready to be used. How To Buy ADA On Centralized Exchanges And
Send To Your MinWallet You need some ADA tokens in your wallet to
make your transactions. You can buy your ADA from centralized
exchanges (CEX) like ByBit, Binance, OKX, and MEXC, etc. In this
case, we will use Binance. Once the ADA is purchased, copy your
MinWallet address, go to Binance, buy your ADA, and then go to
“Withdraw.” Paste the MinWallet address you copied in the box to
input your address, and Cardano will be automatically filled as
your transfer network. Input the amount of ADA you want to
transfer, then click on the “Withdraw” button. How To Trade Crypto
Tokens On MinSwap To buy tokens, go to Coingecko and search for the
token on the Cardano Blockchain Network you want to buy.
Alternatively, you can go to the social media pages of the token
you want to make sure you have the correct coin. Go back to
MinSwap, click on the denominator token button, input the name of
the token you want to buy, and select it. Input the amount of ADA
you want to swap for that token and swap it. If you want to sell,
just switch their positions and swap. Related Reading: How To Buy,
Sell, And Trade Tokens On The Optimism Network Checking Prices Of
Cardano-Based Tokens Knowing how to check the price action of
tokens when trading on blockchains such as Cardano is important for
investors to make the best decisions. For the Cardano network, data
trackers such as TapTools is the one-stop-shop for all things
Cardano charts. Just go to TapTools, click the Search bar, and
input the name of the token you want to check. In this case, we’re
using SUNDAE. Choose the correct token and click on it, and
TapTools will show you the price chart for that token. By using
TapTools, you will be able to keep track of the price and follow
how your token is doing, as shown below: Interestingly, TapTools
also has its own inbuilt decentralized exchange (DEX) for those who
want to do everything in the same place. All you have to do is
connect your wallet similarly to connecting to MinSwap as
illustrated above, pick the token you want to swap to, enter the
amount of ADA you want to swap, and click “Swap”. The DEX is
visible on the right-hand side when you open the chart of a token.
Related Reading: How To Buy And Trade Tokens On The SEI Network
Conclusion Trading on the Cardano (ADA) network is quick and
seamless due to its fast transaction speeds and low fees. However,
like with any crypto trading, it does carry its own risk, which
could be a partial or total loss of capital. Featured image from
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