What are the top benefits of Cardano? How to Buy Cardano in Canada?

Cardano is an open-source blockchain that provides the functionality of smart contracts. Therefore, developers can use it to run decentralized applications and use it worldwide.  Created in 2017 by Charles Hoskinson, one of the co-founders of Ethereum, the Cardano blockchain seeks to solve some of the problems of other projects. In other words, it aims to provide transactions and gas fees that are faster, more decentralized than Bitcoin, and cheaper than Ethereum. Here are some of the benefits of investing in Cardano, and then maybe you can decide on How to Buy Cardano In Canada.

How is Cardano different from other cryptocurrencies?  

So, you may be wondering what makes Cardano different from the dozens of other PoS blockchains already on the market. The main difference between Cardano and other projects is that it does not publish a white paper. 

Instead, we always aim for scientifically peer-reviewed blockchains using best practices to ensure an optimal crypto ecosystem. To that end, Cardano boasts the following features:


The Cardano blockchain consists of two main elements. 
 
The Cardano Settlement Layer (CSL) is where all transactions take place. Cardano Computing Layer (CCL) - used to deploy smart contracts and manage the network.  These layers can freely interact and exchange data. At the same time, they can function separately, allowing the network to perform transactions even when calculating smart contracts or receiving critical updates. 
 
The second unique aspect of Cardano is its own consensus mechanism called Ouroboros Proof of Stake. In this validation mechanism, users can either become full-node validators or delegate their stake to other superusers to validate transactions on the network.

Time is divided into epochs, and for each epoch, the system votes on a new set of validators. This allows for better diversity and decentralization of validator pools. 

Sign up with Netcoins to know more about Cardano. In fact, you can also read more about How to Buy Avalanche in Canada here!

Validators are rewarded with new ADA tokens that will be distributed to everyone who delegates their stake, effectively creating a passive income opportunity. 

5 Benefits of Cardano 

Cardano offers many benefits. Here are five of the most significant compared to competitors in the crypto space. 

1. Fast Transactions - Cardano is built to be highly scalable. It currently offers over 250 transactions per second compared to 15 for Ethereum.
2. Additionally, the PoS model allows Cardano to offer nominal transaction fees on the network. The average cost of a transaction on Cardano is around 0.1 ADA, which is a few cents. Compare that to the price of Ethereum, which is $15 per transaction.
3. A higher level of decentralization. The network is becoming increasingly decentralized as anyone can become a node validator on Ouroboros. Cardano currently has a pool of over 1,500 validators. 
4. Sustainability – One of the major concerns of the 2021 bull market is the large amount of electricity required by PoW blockchains such as Bitcoin and Ethereum. With its PoS mechanism, Cardano consumes 99% less power than these blockchains.  
5. Passive Income – Finally, all Cardano holders have the opportunity to earn passive income by staking ADA coins. The process is as simple as buying ADA tokens and locking them in a wallet like Yoroi.

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