Cardano
About Cardano
Cardano, an open-source, proof-of-stake blockchain platform, is founded on the principles of redistributed power and fostering a society that is more secure, transparent and fair. Built with modularity in mind, it aims to develop decentralized apps and smart contracts. The native token of the platform is ADA, named after mathematician Ada Lovelace, who is regarded as the world's first computer programmer.
In the last hour, Cardano's price has seen a change of -1.72%, and over the past 24 hours, its price has moved by -5.92%. Over the previous week, Cardano's price has moved by -8.80%. The current price of Cardano is AED 0.7430, accompanied by a trading volume of 970.0M in the last day. Cardano's price is currently 93.47% below its all-time high of AED 11.38, which remains the highest price Cardano has achieved since its launch. The circulating supply of Cardano stands at 36.81B, translating to a total market capitalization of 27.35B.
Market stats
Frequently asked questions
What is the Cardano (ADA) coin?
ADA is used to pay transaction fees on the network. It is also used for governance and interacting with applications built on the Cardano network.
Current ADA price: Start trading Cardano (ADA) in Bahrain and check its price on Rain
What sets Cardano apart?
Cardano is distinguished by its research-driven approach to network development. Upgrades are based on academic reviews and rigorous testing before implementation. This approach aims to minimize errors and improve security. Cardano also focuses on sustainability. It uses proof-of-stake instead of energy-intensive mining. This makes it more efficient than networks that rely on proof-of-work.
The network uses the Plutus language to develop smart contracts. This language is designed to provide a higher degree of precision and predictability in contract execution. This helps reduce some of the risks associated with programming errors.
Cardano also follows a structured roadmap. Its phases include decentralization, smart contracts, scalability, and governance. This reflects the project’s focus on long-term development.
How to buy ADA on Rain?
Buying ADA on Rain is a straightforward process:
- Ensure you have funds in your fiat account or add your card in the payment methods section.
- Click “Trade” and select “Buy”.
- Select the cryptocurrency you wish to buy.
- Enter the amount you wish to buy in your preferred currency.
- Choose your payment method, either using a bank card or the cash balance in your fiat wallet.
- Click “Next” to review your transaction details.
- Click “Buy Now” to complete the purchase.
ADA will be added to your wallet once the transaction is completed. At Rain, we use cold storage to keep the majority of our clients’ assets safe offline.
Risks and Considerations
Before buying ADA, it is important to understand the risks associated with it:
• Price Volatility: the price of ADA may move rapidly in either direction.
• Slow Development: some upgrades may take longer than on other networks.
• Application Risks: some decentralized finance applications carry technical and operational risks.
• Regulatory risks: new laws may affect trading or usage.
• Custody risks: you must protect your account with a strong password and two-factor authentication.
You should not buy ADA based solely on the project’s popularity. Understand how the network works, the currency’s use cases, and your risk tolerance before making any decision.
Does Cardano rely on mining?
No. Cardano uses a proof-of-stake mechanism via the Ouroboros protocol and does not rely on traditional mining.
Who founded Cardano?
Charles Hoskinson founded the Cardano project, he is one of the co-founders of Ethereum.
What is Cardano and how does it differ from other cryptocurrencies?
Cardano is a blockchain platform that aims to provide a more secure and scalable infrastructure for the development of decentralized applications and smart contracts. What sets Cardano apart is its scientific approach to development, emphasizing peer-reviewed research and a commitment to ensuring the security and sustainability of the platform. This focus on academic rigor and scalability solutions makes Cardano unique among other cryptocurrencies.
How does Cardano's proof-of-stake mechanism work?
Cardano utilizes a proof-of-stake consensus mechanism called Ouroboros, which aims to achieve scalability and security while minimizing energy consumption. Ouroboros divides time into epochs and slots, where slot leaders are chosen to create new blocks and validate transactions based on the amount of ADA they hold. This innovative approach to consensus allows Cardano to be more energy-efficient and environmentally friendly compared to proof-of-work systems like Bitcoin.
What is the role of ADA in the Cardano ecosystem?
ADA is the native cryptocurrency of the Cardano blockchain, serving multiple purposes within the ecosystem. It can be used for transactions, to participate in the network's proof-of-stake protocol, and to vote on governance decisions through the Voltaire treasury system. ADA holders can also stake their tokens to help secure the network and earn rewards in the form of additional ADA, incentivizing active participation in the Cardano ecosystem.
How does Cardano approach sustainability and governance?
Cardano's governance model is designed to be decentralized and inclusive, allowing ADA holders to participate in decision-making processes through a voting system. This promotes transparency, accountability, and the ability to fund ecosystem development through the Voltaire treasury. By integrating a sustainable funding mechanism and a democratic governance structure, Cardano ensures that the platform evolves in a way that reflects the interests of its community and stakeholders.
How to invest in Cardano?
Rain offers you a number of ways to start investing in Cardano, including buying Cardano through bank transfers or by using your bank card. To purchase Cardano on Rain, you can select Cardano in your Rain account, then click Trade and select Buy. Enter the amount you wish to buy and click Next to review and confirm your purchase.
How to buy Cardano with card?
Once you add your bank card to your Rain account, you can use it to buy Cardano directly. You can start by adding your card to your payment options on your Rain account. To purchase Cardano using your bank card, you can select Cardano, click Trade then select Buy. Enter the amount you wish to buy and choose your card from the payment options. Click Next to review and complete your purchase by following the instructions on the screen.
note: The purchase option with debit or credit card is not available for our users in Turkey
How to buy Cardano through bank deposit?
Rain enables you to buy Cardano using your local currency. You can deposit funds through bank transfer, a process which takes 1-4 business days depending on your location. You can start by depositing funds to your Rain account from your bank account. Simply click on Deposit and enter the amount you would like to transfer. Click next and copy the instructions that will appear on your screen to complete the transfer from your bank account. Note that Rain does not automatically pull funds from your bank account and you will need to manually transfer the funds from your bank account to Rain's banking information.
Within 1-4 business days, the funds will be available in your Rain account and you will be able to use them to complete purchasing Cardano. To do that, you can select Cardano in your Rain account, click Trade and select Buy. Enter the amount you wish to buy with and click Next to review and confirm your purchase.
How to sell Cardano?
This is an easy process that requires only a few clicks. Here are the steps needed to sell Cardano successfully:
On your Rain account, select Cardano then click Trade and select Sell. Enter the amount you wish to sell and click Next to review and confirm your sell transaction by entering an OTP. You will receive a confirmation email once the transaction is done with the details.
How to convert Cardano into cash?
Rain gives you the opportunity to sell Cardano and withdraw your funds from your Rain account to your local bank account. First, you need to add your personal bank account to your Payment Methods option on your Profile.
Once your bank account is added, you can sell Cardano and withdraw the funds to your bank account by clicking on Withdraw and entering the amount you wish to withdraw. Click Next to review and confirm your withdrawal information by entering an OTP.
Once the withdrawal request is submitted, you will receive a confirmation email that the withdrawal is being processed. Processing your withdrawal request can take between 1-4 business days.
How to receive Cardano?
If you would like to receive Cardano in your Rain account, simply click on Receive and select Cardano from the list at the top of the page. You can then either copy the address visible at the botom of the screen or share the QR code to to complete your receive transaction.
Make sure that you are using the correct network when receiving Cardano to avoid possible loss of funds.
How to send Cardano?
You can easily send your Cardano from your Rain account to any external wallet by clicking on Send and selecting Cardano from the list at the top of the page. Enter the amount you wish to send and add the external wallet address you are sending to. Click Next to review and confirm your send transaction by entering an OTP.
Why buy Cardano with Rain?
When you buy Cardano with Rain, you ensure that your assets are going to be safely stored on a regulated platform that follows strict compliance standards and is subject to periodic audits. Rain also uses bank-grade security measures like Cold Storage systems. Trading and storing Cardano on Rain also means that your asset is going to be stored on 1:1 basis, which means your assets will always be available to you.
What is a Cardano wallet?
A Cardano wallet is where you can securely store Cardano. A wallet helps you maintain ownership of your asset as well as enable you to trade, send or receive crypto-assets.
What is a Cardano address?
A Cardano address is a string of unique characters that is tied to your Cardano wallet. The address functions just like a bank account number and it is what you use in order to send Cardano from your wallet, or to receive Cardano to your wallet.
What trading pairs available for Cardano?
There are over 200 currency pairs available on Rain for you to trade with. You can trade Cardano with Bahraini dinar, Kuwaiti dinar, Emirati dirham, Omani rial or US dollar, depending on your location. Additionally, you can swap Cardano with 200 other assets like BTC, LTC, XRP, ETH. You can explore your options by visiting the market page on your Rain account: https://www.rain.com/market
What is the minimum order size to buy Cardano?
You can trade Cardano with any amount above $30 or equivalent in your account's currency. You can start trading Cardano now by clicking the Trade button on your Rain account.
What are the most popular cryptocurrencies besides Cardano?
Besides Cardano, you can find over 150 assets available on Rain for you to start trading such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDC, Ripple (XRP), DOGE, Tether (USDT), Chainlink (LINK) or BCH. You can explore these options by going to the homepage of your account and scrolling through the available assets. When you are ready to start trading, simply click on the asset of your choice and click Trade.
What blockchain is Cardano built on?
Cardano is built on the ADA blockchain. This determines how transactions are verified, fees are structured, and how compatible it is with wallets and other decentralized applications (dApps).
How do I keep my Cardano safe?
To keep your Cardano safe, make sure to use trusted wallets that support ADA. Enable two-factor authentication (2FA), store long-term assets in cold wallets, and never share your private keys with anyone. You can always refer to our Security & Policies section for more tips.
What will the price of Cardano be in next 5 years?
Price predictions for Cardano over the next five years are highly speculative and depend on crypto market conditions, adoption, and broader crypto trends. We encourage you to do your own research and make informed decisions.
Is trading Cardano taxable?
Trading Cardano may be considered taxable in some countries with varying tax rules, so we recommend checking with your local tax authority or financial advisor for specific guidance.
What is Cardano's ATH?
Cardano’s all-time high (ATH) was AED 11.38 on 02 Sept 2021. This represents the highest recorded market price of the asset to date.
When will Cardano be available on Rain?
We’re always working to expand our listed assets. While we can not provide a specific listing date for Cardano just yet, stay tuned for updates by following us on our official social channels like X.
What is the market cap of Cardano?
With a market capitalization of 27.35B, Cardano is ranked 16 among other crypto assets.
What is the all-time high of Cardano?
The highest valuation of Cardano since its launch was at AED 11.38, marking its all-time high.
What is the 24-hour trading volume of Cardano?
The trading activity of Cardano over the last 24 hours was at 970.0M, highlighting its liquidity in the market.
How many Cardano are there in circulation?
There are approximately 36.81B units of Cardano currently in circulation, affecting its market dynamics.
What is the relative popularity of Cardano?
Cardano market cap is around 27.35B.
When was Cardano created?
Cardano was introduced on 01 Sept 2017.
Website
White paper
Source Code
