ADA is the native token of the Cardano network (the “Cardano Network”). The Cardano Network is an open-source, smart-contract platform. The development of the Cardano Network is overseen by the Cardano Foundation, an independent non-profit organization. The Cardano Foundation works closely with Input Output HK (“IOHK”) and EMURGO, which provide development support to the Cardano Foundation. The founders of IOHK, Charles Hoskinson and Jeremy Wood, were the initial creators of the Cardano Network.
Through the use of layered design, the Cardano Network has implemented or intends to implement a number of innovative features, such as network delegation, sidechains and light client data structures.
The Cardano Network uses a proof-of-stake (“PoS”) protocol consensus mechanism called “Ouroboros” to validate transactions on network.
Ouroboros processes transaction blocks by dividing blockchains into “epochs,” which are further divided into “time slots.” A “slot leader” is elected for each time slot and is responsible for adding a block to the chain. Ouroboros distributes network control across stake pools (i.e., node operators with the infrastructure required to ensure a consistent and reliable connection to the network). For each time slot, a stake pool is assigned as the slot leader, and is rewarded for adding a block to the chain. ADA holders may delegate their stake to a specific stake pool, increasing its chance of being selected as the slot leader, and share in the stake pool’s rewards. The use of PoS protocols is generally more energy efficient than using proof of work protocols, which is what is deployed on the Bitcoin network, and the Cardano Foundation suggests that the other features of Ouroboros make it a more scalable and secure consensus mechanism than others.
Like ether, the native digital currency for the Ethereum network, ADA can function as a means of exchange and/or a store of value, with its value also being influenced by the additional use cases associated with its network.
The Cardano Network competes directly with the Ethereum network and similar projects for market share. Like the Ethereum Network, the Cardano Network will implement an additional application layer that significantly lowers the entry barrier for developers to create their own smart contracts and decentralized applications (“apps”). Developers on the Cardano Network will be able to program dapps with far fewer restrictions compared to the Bitcoin network. Dapps are not governed by any central body and are instead controlled by the logic written into the smart contract, which self-executes once its predefined terms are met. The Cardano Network anticipates supporting dapps on the Cardano Network through the use of Plutus, a purpose-built smart contract development language and execution platform using the functional programming language Haskell, and Marlowe, a high-level, domain-specific language for financial contracts which is built on Plutus.
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Investors can easily invest in Cardano (ADA) by creating an account with Bitbuy, adding funds to their account directly through e-Transfer or bank wire and buying Cardano (ADA) directly through the Bitbuy platform. Experience problems or need questions answered along the way? Do not fear, Bitbuy is always here. Our customer support team will ensure your investment journey is smooth throughout.
Buying Cardano (ADA) in Canada as well as other digital currencies is simple and secure with Bitbuy. Here is how it works:
If at any point you need help signing up, verifying your account, adding funds, or buying and selling ADA, just contact customer support for same-day assistance.
Bitbuy is one of the best and most secure places to buy Cardano (ADA) Canada. Here is why:
Every transaction you make on Bitbuy is encrypted using SSL (Secure Socket Layer) technology with two-factor authentication solutions implemented throughout. Bitbuy operates with a 99% cold storage reserve for all digital currencies in custody and executes daily encrypted and distributed backups for disaster recovery. Here at Bitbuy, it is crucial users know that their digital assets are is safe with us.
Bitbuy offers some of the lowest buying and selling fees in Canada. You can check out our trading fees and processing times before you buy Cardano (ADA).
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Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy Cardano (ADA) with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy ADA in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you then use to buy and sell cryptocurrencies in Canada.
Looking for a place to store your ADA? Bitbuy is the perfect place to start. Bitbuy has a built in wallet in each user’s account that you can use to store your ADA safe and securely.
Website (instructions for the mobile app below)
When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To institute the trade click the 'Sell' button which will appear in red.
Click the drop-down and search ADA to begin the sale.
Enter the amount of ADA that you wish to sell. The dollar value of your sale will be displayed below under ‘Transaction summary'. When you are ready, click the 'Sell' button to complete the transaction.
Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.
Locate ADA and click on the 'Sell' button.
Enter the amount of ADA you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!
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