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About Cardano
Cardano is a third-generation Proof-of-Stake (PoS) blockchain designed to offer faster, more scalable, and energy-efficient alternatives to earlier networks like Bitcoin and Ethereum. Built through academic research and peer-reviewed development, Cardano is guided by three organizations — IOHK (Input Output), the Cardano Foundation, and EMURGO — which work together to maintain and grow the ecosystem.
Its native crypto, ADA, powers transactions, staking, and smart contracts across the network. Cardano uses Ouroboros, a secure PoS consensus mechanism that enables the blockchain to process transactions efficiently while maintaining low energy consumption. In recent years, Cardano has expanded into real-world use cases like digital identity, supply chain tracking, and decentralized applications.
Key Features of Cardano
- Proof-of-Stake (PoS): Cardano uses a PoS system in which ADA holders can delegate their stake to validators without specialized hardware. The network runs in structured “epochs,” ensuring efficient and secure block production.
- Ouroboros Protocol: Ouroboros, Cardano’s PoS algorithm, fairly selects validators and introduces fresh randomness each epoch, strengthening security and decentralization.
- High Assurance Development: Cardano is built on peer-reviewed research and secure programming languages such as Haskell. Its smart contract tools, Plutus and Marlowe, provide strong security and make contract creation more accessible.
- Hard Fork Combinator: Cardano can upgrade its blockchain without interrupting the network, thanks to its Hard Fork Combinator, which enables smooth transitions between protocol versions.
- Decentralized Treasury: A built-in treasury system funds ongoing ecosystem development using contributions from staking rewards, ADA minting, and community proposals.
Cardano Tokenomics: How the Token Works
- Capped Supply: Maximum supply of 45 billion ADA.
- Staking Rewards: New ADA enters circulation through staking, rewarding holders who help secure the network.
- Treasury Allocation: A portion of each reward cycle is allocated to a decentralized treasury that funds upgrades and proposals.
- Governance Utility: ADA powers Project Catalyst, where token holders vote on ecosystem development and funding.
With this overview of Cardano (ADA), let’s see how you can buy ADA in India in 5 easy steps.
How To Buy Cardano in India in 5 Easy Steps
Below are a few simple steps you can follow to buy Cardano (ADA) in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy ADA is to deposit INR into your WazirX wallet.
Step 1 – Sign up on the WazirX platform.
To begin buying and selling BTC, you are required to create an account on the WazirX platform by signing up. You can also log in directly if you already have an account on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address and mobile number. After you sign up on the WazirX platform, you’ll get a verification code on your registered email and mobile number. By verifying the code, you’ll get multiple options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process on WazirX.
Note: You must complete your KYC to be able to trade or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX wallet.
To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”
You can deposit INR using any mode (IMPS/NEFT/ RTGS).
Step 5 – Finally, you can buy ADA on WazirX.
You can now easily purchase ADA tokens using INR Deposits.
After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total INR amount to be paid.
Your order will be placed according to the price you have entered.
Happy Trading!
Further Reading:
What is Dogecoin? How to buy Dogecoin in India?
How to Buy Bitcoin in India in 2021
5 Things to Keep in Mind While Buying or Selling Ethereum
How to Buy Cryptocurrencies in India?
How to trade in cryptocurrency in INR?
Can you buy shares in Bitcoin?
Frequently Asked Questions
What Is Cardano Ada?
Cardano is a decentralized virtual digital asset based on blockchain, powered by Proof of Stake consensus mechanism. It is also promoted as a scalable alternative for building dApps. ADA is the native token of the Cardano blockchain and is used as a tr
Is Cardano Dead?
The answer should be an obvious 'no,' especially when we consider Cardano's past price history and algorithmic predictions. The changing global financial system, major companies investing in crypto, and expanding worldwide use of crypto imply that the current market trend will eventually reverse. And although, it seems that it may take a while before Cardano retests its previous ATH.
How Many Cardano To Stake?
For staking, you require a minimum amount of tokens. Talking about Cardano, it's a minimum of 5.5 ADA. Considering ADA's price, this is a low barrier to entry. But, when we compare it to other Cryptos, you may require only one token of them as they may be expensive.
How To Buy Cardano Ada In India?
To buy Cardano ADA in India, you can use crypto exchanges like WazirX.
How To Buy Cardano?
Cardano's native token ADA can be brought from any licensed centralized or decentralised exchange after creating an account. ADA can be stored on the exchange or cold wallets
How High Can Cardano Go?
Cardano has the potential to reach great heights due to its unique features, such as its proof-of-stake consensus mechanism and strong community support. Its recent partnerships and collaborations also bode well for its future growth.
Is Cardano A Good Investment?
Cardano is generally considered a safe investment. However, like all cryptos, the ADA coin is volatile and carries a high risk. However, the team behind Cardano is well-trusted and reputed in the blockchain community, with founder Charles Hoskinson being a co-founder of Ethereum. Additionally, as a Layer 1 project, ADA is its own coin on a separate blockchain, providing greater independence from other projects. Staking options are also available, allowing investors to earn passive rewards while holding their ADA in staking pools.
How To Buy Cardano ADA?
Here are the common steps by which you can buy Cardano (ADA) coins in India at your trusted Crypto exchange, like WazirX.
- Select a trusted Crypto exchange, like WazirX, that supports Cardano coin.
- Create an account: You can create your account by providing personal information and complying with the KYC verification.
- Add funds to your account: Exchanges support various ways by which you can add funds to your account. You can do a bank transfer or a debit/ credit card.
- Buy Cardano (ADA): You can easily trade Cardano.
Should I Invest In Cardano?
Cardano has been one of the most dynamic and busiest virtual assets in the crypto world recently. Considering this, we can say that ADA can be a viable investment option. According to experts' predictions, Cardano can have a promising future in 2023. However, please remember that Cardano and other crypto assets are highly volatile. Hence, before investing in Cardano or any other crypto asset, conducting some research is a good idea.
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