Since the Cardano coin is gaining in popularity day by day, many may try to mine it, but Cardano is not an asset that can be mined, that is, it requires you to participate in the network and not mining.
Most of the new cryptocurrency networks use technology that allows regular users to participate to be a part of the network, where users get rewards for contributing to the development of the network by providing liquidity.
In this article, we will go through how Cardano works and explain how to participate in the network to earn ADA coins.
What is Cardano?
Cardano is a blockchain network created in 2017, the coin aims to facilitate transactions and provide a better experience compared to Bitcoin and Ethereum. The total supply of ADA coins is 45 billion coins.
The structure of Cardano is quite similar to that of Ethereum, as the project confirms its future plans to revolutionize the financial economy and the world of cryptocurrency by using Cardano for Proof of Stake technology.
How does Cardano work?
Cardano uses Proof-of-Stake technology, an algorithm that distinguishes some currencies from other networks such as Bitcoin that use Proof-of-Work.
The Proof of Work system rewards miners for solving difficult mathematical problems to mine a new block on the blockchain. As for proof of stake, coin holders verify and create new blocks on the blockchain and are rewarded for doing so.
Proof of stake is a more environmentally friendly alternative to blockchain, as it does not require currency mining and thus saves energy consumption.
On top of using a proof-of-stake system, Cardano's team stresses that the network can be easily scalable, given the way the coin's blockchain has been designed.
The network has two layers, the settlement layer (CSL) and the computing layer (CCL), unlike most other networks that operate on only one layer. The CSL layer executes and records transactions on the blockchain, while the CCL layer acts as a smart contract that executes automatic transactions, meaning that by design, the Cardano blockchain can perform faster transactions with lower fees.
In today's cryptocurrency market, most of these currencies aim to find a balance between speed, security and decentralization. But few of them successfully address all of these challenges.
how to mine cardano
Cardano has all the advantages of being the network that will make decentralized finance better for the world. But can you mine cardano?
Cardano Blockchain uses a Proof of Stake system to validate blockchain transactions, i.e. you can steak a coin.
This video will show you how to start mining Cardano!
Now the question becomes, how do I sting a coin?
Cardano stinging is very simple you need to keep only ADA coins in a wallet backed by Cardano. By placing the coin in this wallet, you will be rewarded with a certain percentage by Cardano. Proof of stake is used to confirm Cardano transactions, rather than hardware mining.
Sticking Cardano in Cryptocurrency Platforms
Rewards are generated daily for users who share their digital assets. Although the rates may vary from platform to platform, it is important to find a good staking offer. As the price of ADA has evolved over time, stinging rewards can add a significant amount to your portfolio.
Several cryptocurrency platforms offer the ADA stinging option directly, including Binance and OKEx.