ADA COIN (CARDANO) – Future Predictions ? A Sleeping Giant – 3rd Gen of Cryptocurrencies [Hindi]
To use Ada you must download Daedalus. Daedalus is a secure, multi-platform, HD (hierarchical deterministic) wallet for the Ada cryptocurrency. Install Daedalus on your computer and open the application. Watch the Daedalus tutorial video if you require help to set up your digital wallet:
Now you can send and receive Ada, and view a history of the transactions you have made. For more information about Ada transactions that have taken place and about the Cardano blockchain itself, you can use the Cardano Block Explorer. This specially built tool can be used to search for transactions. You can also see information about the state of blockchain, for example about its slots and epochs. Beyond being used to send and receive Ada, the Daedalus wallet has many special features, which make it easy to use and give you a high degree of confidence about its security. These include:
Encrypted private keys and spending passwords, offering protection against security threats such as malware.
Wallets can be exported to paper certificates, giving the maximum security option of placing funds in cold storage.
Ada redemption is built directly into Daedalus and supports encrypted and unencrypted redemption certificates.
Configurable transaction assurance level monitoring, allowing users to be sure when transactions become irreversible.
Engineers are in the process of designing and building many more useful features. Plans for development include:
Ethereum Classic and Bitcoin support.
A mobile wallet for Android and iOS.
Staking, which enables Ada holders to participate in the block generation process, and earn more of the currency.
An application store with community-built applications and support for virtually any cryptocurrency.
Cardano is a project that began in 2015 as an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration.
In the spirit of many open source projects, Cardano did not begin with a comprehensive roadmap or even an authoritative white paper. Rather it embraced a collection of design principles, engineering best practices and avenues for exploration. These include the following:
Separation of accounting and computation into different layers
Implementation of core components in highly modular functional code
Small groups of academics and developers competing with peer reviewed research
Heavy use of interdisciplinary teams including early use of InfoSec experts
Fast iteration between white papers, implementation and new research required to correct issues discovered during review
Building in the ability to upgrade post-deployed systems without destroying the network
Development of a decentralized funding mechanism for future work
A long-term view on improving the design of cryptocurrencies so they can work on mobile devices with a reasonable and secure user experience
Bringing stakeholders closer to the operations and maintenance of their cryptocurrency
Acknowledging the need to account for multiple assets in the same ledger
Abstracting transactions to include optional metadata in order to better conform to the needs of legacy systems
Learning from the nearly 1,000 altcoins by embracing features that make sense
Adopt a standards-driven process inspired by the Internet Engineering Task Force using a dedicated foundation to lock down the final protocol design
Explore the social elements of commerce
Find a healthy middle ground for regulators to interact with commerce without compromising some core principles inherited from Bitcoin
From this unstructured set of ideas, the principals working on Cardano began both to explore cryptocurrency literature and to build a toolset of abstractions. The output of this research is IOHK’s extensive library of papers, numerous survey results such as this recent scripting language overview as well as an Ontology of Smart Contracts, and the Scorex project. Lessons yielded an appreciation for the cryptocurrency industry’s unusual and at times counterproductive growth.
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