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Cardano

Cardano is an open-source blockchain project that aims to provide a platform for people and organizations to securely store, develop, and transact digital assets.

Cardano differentiates itself from other blockchains by leveraging the strength of smart contracts, distributed web of trust (DWT) consensus model, layered architecture, and Haskell coded programming language.

It offers scalability and liquidity solutions tailored to fit the needs of financial institutions and global industries while providing end-users with low cost transactions with high security.

No. of Nodes:
~2000
Type of chain:
Layer 1 chain
Consensus mechanism:

Proof-of-stake

Pros

  • Sustainability and Incentives
  • Security and Privacy
  • Backed by academic research
  • Low transaction fees

Cons

  • Lack of Support for Smart Contracts
  • Smaller Developer Community
  • High Entry Cost for Stakers
  • Poor Scalability Solution

Features

  • Segregated Witness (SegWit)
  • Adoption of Haskell Language
  • Ouroboros Protocol for Consensus Mechanism
  • Plutus Platform for Smart Contracts
  • Daedalus Wallet for Cold Storage

User review highlights

Popular dApps on

Cardano

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BitMEX

BitMEX
Description:
BitMEX provides institutional and professional traders with an exchange platform that caters to their needs including lower latency, better liquidity and availability.
Pros:
  • Lower fees
  • User friendly
  • Users can earn while holding their crypto
  • Derivatives contract
  • Better liquidity and latency
  • Transparent fees
  • The BMEX token
  • Asset security and custody
  • Proof of reserves and liabilities
  • Latency and limits
  • Innovation
  • Compliance
Cons
  • Not for beginners
  • Can be confusing
Description:
Bitpowr is a blockchain-based platform that enables developers to create decentralized applications and smart contracts, while providing users with a secure and transparent environment for digital asset management.
Pros:
  • Open-source and customizable blockchain platform
  • User-friendly interface for developers
  • Cross-chain compatibility and low transaction costs
  • Provides a secure and transparent environment for digital asset management
Cons
  • Limited documentation for beginners
  • Potential security vulnerabilities in creating smart contracts
  • May not be suitable for small-scale blockchain solutions

Chipstars

Chipstars
Description:
Chipstars is hybrid online casino established in 2021, offers a selection of over 7,400 games, including slots, live casino, lottery, bingo, poker, sportsbook, and virtual sports.
Pros:
  • Friendly customer support
  • Wide variety of live dealer games
  • Bitcoin-friendly
  • Own poker platform
  • VIP program
  • Fast withdrawal process (within 24 hours)
Cons

User reviews of

Cardano

What is Cardano

Cardano is an open-source blockchain network that delivers high levels of security available while remaining sustainability decentralized, eco-friendly and beneficial for applications, systems and societies.

It's built on a proof-of-stake model. 

By leveraging peer-reviewed research and evidence-based methods in its development, Cardano strives to overcome challenges faced by other networks and satisfy scalability, interoperability as well as regulatory purposes within the industry.

The Cardano homepage offers an easy way for users to learn about Cardano’s features and explore resources such as tutorials, forums and developer tools.

The platform includes proof-of-stake (PoS) consensus protocols, sidechains and smart contracts—among many other features. Moreover, it is regularly updated with new releases.

This provides support for new projects under the foundation's roadmap; incentivizing collaboration between developers around the world.

In addition to all these great feature Cardano focuses on providing fast transactions at affordable rates; resulting in maximum efficiency without compromising on safety or user experience. All of this makes Cardano one of the most secure platforms available

Best Cardano dApps

There is no one best Cardano app. It really depends on what it is you want to achieve and your own personal preferences. 

However, there are some that are generally seen as more popular than others. 

If you don't want to go through the large list above, then take a moment to look through this selected list of popular Cardano dApps.  

1. SundaeSwap

 Trading protocol on Cardano

Sundaeswap Cardano DEX homepage

SundaeSwap is a decentralized exchange protocol that enables peer-to-peer trading and asset exchange in a trustless and secure manner.

This protocol is currently competing with MinSwap to become the leading DEX on Cardano, allowing users to access and trade native and ADA assets. SundaeSwap operates similarly to Uniswap, which is an Automated Market Maker (AMM).

Instead of the typical buy and sell orders found on traditional order book exchanges, it creates a Liquidity Pool between two assets where their value is equal. Whenever someone submits a trade for one of these two assets, the price of both increases or decreases accordingly, creating a new market rate.

Additionally, users exchanging on SundaeSwap can count on some additional features: low fees compared to most centralized exchanges, advanced order matching system with preconfigured settings for automated trading strategies; advanced staking options that allow liquidity providers to profit from trades even when they are offline; fast transaction throughput times due to network utilization management tools like SNARKs; and perpetual liquidity contracts that always keep one side liquid regardless of fluctuating trade volume.

Whereas MinSwap offers stability through insurance funds and preliminary approvals of tokens listed on its exchange, Sundae

2. Minswap

Cardano based Dex

Minswap Cardano exchange home page

 

MinSwap is a decentralized exchange (DEX) built on the Cardano blockchain. It provides users with an intuitive interface and off-chain order matching. Through MinSwap, users can securely and quickly exchange any Cardano-based cryptocurrency.

Users of MinSwap benefit from its expansive list of features, such as the six leading Cardano wallets that are compatible with the platform, dozens of tradable cryptocurrencies, in-depth price chart analytics featuring various technical analysis tools and indicators, and liquidity pools with rewards for those who provide liquidity.

The unique MIN token helps to facilitate faster trading between different cryptocurrencies available on the platform.

MinSwap also has many safety protocols in place to protect users against malicious activity such as phishing attacks and scams. This ensures that your trading experience is safe and secure when using MinSwap's DEX platform.

3. JPG Store

Cardano based NFT Marketplace

JPG Store Cardano NFT marketplace home page

JPG Store is an NFT Marketplaced based on the Cardano blockchain.  It's become one of the leading Cardano dapps in terms of user traction and volume.

With a trading volume of 350 million USD, more than 220,000 unique wallet accounts and 15 million USD of paid royalties it’s no surprise that JPG store is reshaping the Cardano dapp landscape.

There's also a large selection of NFTs with collections from popular artists alongside launchpad projects with direct support from the platform.

Many users are drawn to this marketplace by its extensive range of collectible pieces, not least the chance to have access to some of the most exclusive items available on the blockchain.

With features including instant payments, regular promotions and digital money custody included in their services it’s easy to see why JPG Store has become so popular in such a short space of time. 

4. Cornucopias

Cardano MMORPG

Cornucopias cardano best apps home page

 

Cornucopias is a istinct addition to the Cardano blockchain gaming space.

Unlike other games, Cornucopias offers a three-in-one platform that allows players to earn, build, and learn within its metaverse.

Players can not only complete tasks in the game for rewards but also craft their own non-fungible tokens (NFTs) and have them bought by other players.

Cornucopias also provides opportunities for gamers to further their education through knowledge-based achievements – allowing them to obtain even more rewards.

Cornucopias is merging the concepts of real-world commerce with the world of gaming like never before.

5. Revuto

Track all your subscription payments

Revuto cardano app's homepage.

Revuto is a subscription management platform to help people keep track of their recurring payments.

With this platform, users can easily manage all of their subscriptions in one central account and have full control over what they're paying for.

This means that users don't have to bother with manually cancelling each individual subscription service and dealing with the hassle of getting refunds when requests are not honored.

In addition to providing a unified view on all your ongoing subscriptions, the Revuto platform also allows you to take advantage of savings opportunities such as discounts and cashback rewards when you use their native token.

Instead of being locked into long-term contracts or forced to pay high fees, Revuto's gateway is designed to provide users with greater flexibility and autonomy over their finances.

Cardano Pros

  1. Sustainability and Incentives: Cardano focuses on incentivising users to help secure the network by staking their coins, thus directly incentivizing participants for keeping the system alive.
  2. Security and Privacy: Due to its Proof-of-Stake based consensus algorithm, malicious actors have no financial incentive from attacking the system hence making it safer than other systems using a Proof-of-Work consensus mechanism. Cardano also uses Separated Signing Scheme (SSS) which makes it more private when compared to other blockchains.
  3. Backed by academic research: The blockchain is based on academic research including a 50 page essay written by its founder Charles Hoskinson who has a PhD in mathematics and cryptography.
  4. Low transaction fees: Cardano has comparatively lower transaction fees when compared to other major blockchains such as Bitcoin and Ethereum which helps reduce the cost of carrying out transactions on the blockchain.

Cardano Cons

  1. Lack of Support for Smart Contracts: Cardano currently does not support the running of smart contracts, meaning developers cannot create complicated applications on the platform.
  2. Smaller Developer Community: Due to its relative newcomer status in the world of blockchain technology, Cardano's network lacks a large developer community to build applications for it.
  3. High Entry Cost for Stakers: Setting up a stake pool requires fairly large upfront costs, making it difficult for small-scale operations to run staking nodes.
  4. Poor Scalability Solution: The Ouroboros protocol used by Cardano is extremely limited when scaling with transactions, so the network needs an additional solution if it is to start handling larger volumes of transactions. 

Cardano fees

The cost for a simple wallet-to-wallet transaction can range between 0.2% up to 0.5%.

Transactions that require smart contracts or non-fungible tokens may cost significantly more; these fees are often negotiated on a case-by-case basis.

Cardano has a delegated Proof-of-Stake mechanism, which users must pay in order to become validators and earn rewards from it. On top of all this, exchanges may also charge depositing and withdrawal fees when using Cardano’s cryptocurrency ADA.

Cardano features

  1. Segregated Witness (SegWit): SegWit is a blockchain scalability solution proposed by the Cardano team that increases Bitcoin block size limit and speeds up data routing along the network.
  2. Adoption of Haskell Language: The Cardano development ecosystem uses the Haskell programming language to produce a more secure system, making it less prone to bugs or errors.
  3. Ouroboros Protocol for Consensus Mechanism: This Proof-of-Stake algorithm puts an emphasis on scalability, security, and decentralization - giving users more control over their transactions and their funds.
  4. Plutus Platform for Smart Contracts: A smart contracts platform powered by formal verification protocols that validates automated processes within the Cardano blockchain ecosystem.
  5. Daedalus Wallet for Cold Storage: A secure storage wallet that keeps user's funds offline and away from any possible threat of intrusion or cyber attack.

Other chains to explore