The world of cryptocurrencies and blockchains saw the emergence of a new player called Cardano a few years ago. The creators of this project aimed at fixing the drawbacks of Ethereum in their new decentralized application platform. They also had plans to develop the project strictly according to the scientific method.
As of today, cryptocurrency Cardano is one of the top ten digital assets in the CoinMarketCap rating. The current price of ADA hovers around $0.3, which represents the 6th place with the market capitalization of more than $10 billion. Cardano has managed to get ahead of EOS, TRON, NEO, and many other well-known ecosystems with blockchain applications.
Mathematicians should especially like Cardano. Its creator is Charles Hoskinson, who had studied analytic number theory and, as it happens, was one of the people that created Ethereum. The name of the platform refers to an Italian mathematician Girolamo Cardano, after whom people named not only cryptocurrency, but also things like Cardan shaft. ADA token commemorates Ada Lovelace who was the first person to write a program for a computing machine.
The Cardano project is notable because all updates to its blockchain are peer-reviewed. Each of its new releases undergoes careful examination by researchers and scientists who work at the world’s leading universities, including the University of Edinburgh and Tokyo Institute of Technology.
Some crypto casinos already accept deposits in Ethereum, EOS, and TRON, so why would not they implement Cardano payments? This blockchain platform is becoming more and more popular. It is entirely possible that ADA casinos will spring up like mushrooms after the new crypto boom.
Cardano is an open-source blockchain project that can be used for money transfers and dApp implementation. It is intended for consumers, businesses, and government bodies from all over the world. For instance, you can use its blockchain for your own Cardano casino to send and receive digital money via fast and cryptographically secure transactions.
The Cardano platform has a two-layer structure. One layer deals with settlements and is thus called Cardano Settlement Layer (CSL). The other one, Cardano Computation Layer (CCL), ensures proper operation of blockchain applications. Such design makes it much easier for developers to update the blockchain and, subsequently, improve the ecosystem.
The Cardano’s crypto token is called ADA. It is part of the computation layer and can be used as a payment method on crypto gambling sites. Like many other digital currencies, ADA allows quick and affordable money transfers.
Cardano Computation Layer is being developed to provide users with an opportunity to create and implement smart contracts. The two-layer structure of the platform makes it possible to use cryptocurrency ADA in many countries as it facilitates compliance procedures. For instance, you can modify smart contracts to comply with various regulations concerning personal data collection and storage. It may be really important for a casino with Cardano games.
The platform has an algorithm called Ouroboros at its core. The algorithm is responsible for ADA minting. It is implemented according to the Proof of Stake concept, and it consumes much less energy if compared to proof-of-work cryptocurrencies. Besides that, it takes less time to create new cryptocurrency units.
- Ouroboros algorithm
Typical Proof of Stake algorithms adds new blocks of transactions to a blockchain via nodes that have the highest amount of particular digital currency units. Ouroboros does it in a slightly different way.
According to the algorithm, the physical time is divided into so-called epochs. Each of these epochs consists of slots. A slot is basically a fixed period of time. Every epoch is always followed by the next one, while the time frame of a slot can be modified.
Token holders choose slot leaders for each epoch. Slot leaders are responsible for creating, confirming, and adding blocks of transactions to the blockchain. An unbiased election is ensured by a multi-party computation system. And that is not all: all transactions in a block should be endorsed by a second stakeholders group.
Unlike Proof of Work algorithms, Ouroboros does not reward colossal computation power, giving incentives to those who verify transactions and make them more available instead. The reward is basically shared among three parties that are responsible for transaction processing.
- Cardano advantages
Cardano offers a decentralized cryptocurrency with cheap and private transactions. The blockchain makes these transactions very fast as well, thanks to ADA tokens. Convenient money transfers are very important for crypto casinos, and ADA looks really appealing in this light. But the platform has even more benefits, some of them being more specific, too.
- Proof of Stake algorithm
Cryptocurrencies like Bitcoin, Litecoin, and Monero are built upon the Proof of Work algorithm. It implies cryptocurrency units mining, which is actually the creation of new transaction blocks by solving complex equations. Basically, the PoW algorithm rewards the computational power of miners.
It is a whole new deal with Proof of Stake. New blocks of transactions are created by those who have bigger stakes. Each stake corresponds to the amount of cryptocurrency units a person has on that particular blockchain. People call it «forging» instead of «mining» as there is no reward for a new block. The system allows you to earn transaction fees instead.
Participants are interested in the stable performance of the network because each attempt to hack the network or process a malicious transaction is going to result in the loss of their stakes. In other words, you lose your stake if you go against the system.
Proof-of-stake cryptocurrency platforms are generally considered to be more reliable than their predecessors. Crypto casinos could (and probably should) take note of that assumption.
The two-layer structure of the platform makes it possible to modify smart contracts in such a way so as to comply with the regulations in various countries. Operations within the legal scope may offer more convenience for the end user. Besides that, it provides an easier way to add the cryptocurrency as a payment option to a bitcoin casino website.
- Lower energy consumption
In 2019, the BBC published a curious piece of information. According to them, one year of bitcoin mining had required roughly the same amount of electricity that a country like Switzerland had consumed during the same period. In the view of sustainability, such figures look really tremendous.
There is no need to solve extremely complex equations in the case of Proof of Stake algorithms. The verification of crypto transactions would take much less electricity. That is why PoS cryptocurrencies may look more promising in the eyes of the general public and crypto gambling buffs in particular.
- Innovative technologies
The creators of Cardano have called the project a «third-generation cryptocurrency». One can argue whether it is or it is not, but it is hard to deny their serious approach towards the platform. The Cardano ecosystem is being developed by real scientists while all new releases come under sharp scrutiny from the experts in the corresponding fields.
It is interesting that rating agency Weiss Ratings currently has Cardano in the first place of their cryptocurrency technologies rating. Cardano cryptocurrency has received an «Excellent» score in this category, getting ahead of such currencies and tokens as Polkadot, Tezos, Cosmos, Fantom, and Ethereum.
- Possible disadvantages of Cardano
Some people point to «plausible assumptions» made by the authors of the algorithm:
1. Network nodes are not going to be inactive for a prolonged period
2. Desynchronized nodes will not contain more than 50% of all transactions
Of course, it has little to do with Cardano casino games. But according to critics, such assumptions are unacceptable provided that you want to build a global blockchain.
Another portion of criticism claims that Ouroboros does not fully solve the double-spending problem. Allegedly, even this advanced algorithm allows for a chance that the same set of transactions will be confirmed twice.
- Crypto casinos with ADA games
Cardano has just started to get into crypto gambling websites. The search for Cardano casinos will not yield many results. However, we still managed to find several gambling sites that allow you to play slots, blackjack, poker, roulette, and other casino games using ADA.
This is the current list of Cardano casinos:
We have not checked the reliability of these Cardano gambling sites yet. If you want to take risk and find out for yourself, we recommend you to be vigilant and not deposit large amounts of money until you confirm that a particular ADA casino can be trusted.
- Where to buy Cardano
ADA has recently become one of the most popular tokens worldwide. It's daily trading volume reached $4.8 billion a few days ago. You can buy and sell Cardano on one of more than 90 crypto exchanges now. Here are some of the popular ones:
• Huobi Global
• Changelly Pro
Most traded pairs include ADA — USDT, ADA — BTC, and ADA — USD. They would probably allow you to buy ADA as quickly as possible.