Advantages of Cardano Casinos in a Digitally Emerging World
Cardano [ADA] is not your typical crypto currency. Its creators were intent on solving a variety of issues with older coins, like Bitcoin and Ether. There vision was to produce a more efficient token capable of bringing about positive change for a digitally emerging future. It would be faster, safer, more scalable, and less energy reliant than its predecessors. In these goals, Cardano has seen success where so many others fail.
As one of the absolute lowest energy-consumers in the field of cryptographic currency, Cardano is especially popular among environmentally conscious crowds. It is a proof-of-stake (PoS) crypto built on innovative new technologies. Its developers state the intent of Cardano is to reclaim the power of distribution from “unaccountable structures”, and give it to everyday individuals, like you and me. Instead of shunning the idea of regulation, ADA is embracing regulatory guidelines, making it one of the most interoperable cryptos on the market today.
What does all this mean for the average Canadian? It means Cardano is a crypto currency you can trust. It’s not going to fluctuate so unpredictably in price that you gain or lose a fortune for holding it. As a PoS token, it won’t consume tremendous amounts of energy to mine. For crypto casino enthusiasts, it means ADA deposits are as secure Fort Knox.
We’ll talk more about how to buy, sell, trade and gambling with ADA crypto in a moment. First, a brief history lesson…
The Visionary Creation of Cardano Crypto
In the mid 2010s, Ethereum co-founder Charles Hoskinson left the company following a dispute with fellow co-founder, Vitalik Buterin. Their disagreement was over the acceptance of venture capital. Hoskinson was in favor of a for-profit company. Buterin was of the opinion Ethereum should remain a not-for-profit entity.
So, Hoskinson set out on his own, working to co-found a new blockchain engineering company, IOHK. The primary operation of IOHK was to develop an innovative new token, in tandem with the Cardano Foundation and Emurgo. Two years later, his new company was celebrating the 2017 launch of Cardano. Debuting with a $600 million market cap, ADA grew to $10 billion by the end of 2017.
The company is known for its charitable contributions to the growth of blockchain technology. In its first year, IOHK was the catalyst behind the launch of University of Edinburgh’s Blockchain Technology Laboratory. In 2020, a donation of $500,000 ADA was made to the University of Wyoming to promote blockchain technology development.
Origins of the Cardano Blockchain & ADA Crypto Names
As for the blockchain’s title, it name comes from legendary Italian polymath, Gerolamo Cardano (1501-1576). Among the most influential scientists, mathematicians and philosophers of the Renaissance era, Cardano was a true genius. He is credited for a creating or contributing to the invention of many new technologies, including the combination lock, universal joints, and cardanic circles, which were essential in the creation of the printing press.
The crypto currency, ADA, was named for Ada Lovelace. A 19th century English mathematician, she was best known for her algorithmic work on the Analytical Engine; the very first mechanical computer proposed by Charles Babbage in the early 1800s.
Visionary Aspects of ADA Crypto
There are a number of things that set the Cardano blockchain and its ADA crypto apart from other digital currencies. For one thing, its creators never wrote a whitepaper for it. Why? Because it didn’t need one. Whitepapers are for entirely new developments.
Cardano was never meant to be entirely new. Instead, it was founded on the principle of improving where other crypto had failed. Its design principles acutely target regulatory compliance, scalability, and interoperability; that is, the ability for a system to exchange and/or make use of information.
Rather than building ADA on a proof-of-work (PoW) mining protocol, like Bitcoin, they chose proof-of-stake (PoS). The biggest difference is that PoS requires a very minimal amount of energy to mine. Let me try to put that into perspective.
ADA uses about 6 gigawatt-hours of energy per year, comparable to the electricity production of two power plants. Bitcoin uses over 110 terawatt-hours of energy per year, comparable to the yearly energy consumption of Sweden. BTC’s usage accounts for a staggering 0.55% of the entire world’s annual energy consumption.
In many other ways, Cardano is similar to Bitcoin, being a dynamic blockchain that records transactions. It’s also similar to Ethereum in that it can execute DeFi smart contracts and DApps. Thanks to a sophisticated Plutus protocol, Cardano has its own special smart contract language. Think of it as an extra layer of security. It allows developers to run end-to-end tests without deploying a contract’s execution code.
Promoting Immutable Security and Trust
The security within the Cardano blockchain is unquestionable. Its developers describe it best:
“Cardano makes it possible for any actors that do not know each other – and have no reason to trust one another – to interact and transact, securely. It’s a platform for building trust where none might naturally exist, opening up whole new markets and opportunities.
Through Ouroboros, Cardano is provably secure against bad actors and Sybil attacks. Every transaction, interaction, and exchange is immutably and transparently recovered, and securely validated using multi-signature and a pioneering extended UTXO model.”
cardano.org
How to Buy, Sell and Trade ADA in Canada
There are a number of ways to buy and trade ADA tokens in Canada. You can buy them on a crypto exchange, trade directly with other people, or stake for them (similar to mining). Before you do any of these things (which we’ll teach you more about below), first you need a way to store them. So, we’ll start off with a brief discussion on Cardano compatible wallets.
Cardano ADA Compatible Wallets
An ADA wallet is a software application that is capable of storing ADA crypto currency. Some wallets go beyond storage. A Cardano wallet is able to interact with the native blockchain, as well, operating as an exchange service for trading. Depending on your intentions, a Cardano wallet may be the better choice, capable of sending, receiving, storing, and staking ADA on smart contracts. If you’re simply looking to gamble online at an ADA crypto casino, any compatible wallet will do.
Wallets come in all varieties, from desktop, browser and mobile applications, to hard (physical) cold storage wallets. You can read up on which is more appropriate for your needs on our comprehensive guide to crypto wallets. In short, some of the best wallets for ADA crypto are:
- AdaLite
- Atomic Wallet
- Daedalus
- Exodus
- Guarda
- Nami
- Yoroi (mobile)
- Ledger (hardware)
- Trezor (hardware)
Crypto Exchanges – ADA on CEX
As one of the largest digital tokens in terms of market capitalization, ADA is found on most CEX platforms. The major benefit of a CEX is that you can purchase ADA for fiat currency, or exchange it for another form of crypto. However, CEX platform adhere to centralization, so your trading is not private; (i.e. prepare to report it on your taxes.) We generally recommend the Binance Exchange, available everywhere in Canada except Ontario.
P2P Purchasing Platforms – ADA on DEX
Person-to-person (P2P) exchange platforms allow individuals to trade ADA and other crypto directly with other individuals. Thanks to the security of immutable smart contracts, you won’t have to worry about whether you can trust the other party.
How to Mine (Stake) ADA Crypto
ADA is not a proof-of-work crypto, therefore you cannot mine it in the traditional way. However, you can still generate free ADA by proof-of-stake protocol; a.k.a. stake pooling. This is done by simply storing ADA in an appropriate wallet, such as Daedalus, and keeping that wallet online. By doing so, you become part of the ‘stake pool‘. And when your ADA are in stake-mode, they are always earning additional ADA.
You don’t have to do anything to claim additional ADA. Distribution is automatic. The more ADA you own and stake, the more ADA you will generate through stake pooling. It’s what the Cardano blockchain calls the Reward Era.
Bet Online with ADA at Cardano Casinos Canada
Being one of the most liberal nations where it comes to online casino gambling, betting with ADA is standard practice. There are a number of offshore online casinos, subject to international regulation, that support ADA crypto and accept Canadian players. These websites will let you play all sorts of gambling amusements, from slots to blackjack, with ADA tokens.
If you’re familiar with our website, you know our team doesn’t promote just anyone. We only play at the most reputable websites, and only promote the website we play at. In our considerable experience, we’ve come across just one sufficiently reputable Cardano casino in Canada. You can read more about it in our True Flip Casinos Review.
