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Cardano is a general-purpose decentralized blockchain network powered by its native cryptocurrency ADA. The blockchain supports smart contracts and is built with the core values of scalability, sustainability, and interoperability.

Charles Hoskinson, the founder of Cardano, was formerly one of the co-founders of the Ethereum network and is also the CEO of IOHK, the company behind the research and development of Cardano.

The Cardano architecture takes noteworthy steps towards building an economic, secure, and flexible network that is viable for everyday use involving low-volume transactions. Here are some of its defining features:

• Throughput: The network is capable of handling hundreds of transactions every second.
• Fees: The transaction fees charged by the network are under $1, which deems for everyday use.
• Smart contracts: The network consists of a separate computational layer that can be programmed for specific tasks using smart contracts.

The transactions on the Cardano blockchain are validated using Proof-of-Stake (POS) consensus mechanism called Ouroboros. POS mechanisms secure the network by having the validators ‘stake’ their funds in the network, instead of a computational heavy Proof-of-Work system.

The Cardano Mainnet was launched in September 2017, under an update named ‘Byron’.  The blockchain is being developed in five eras – Byron, Shelley, Goguen, Basho, and Voltaire. Each update is set to bring new features and capabilities to the network.

The ‘Shelley’ upgrade marked the introduction of POS consensus system into the network in July 2020. The Alonzo hard fork marked the beginning of the ‘Goguen’ phase with the introduction of smart contract capabilities in the protocol. The upgrade also took the price of ADA to an all-time high of $2.99.

The Cardano network is secured by a POS consensus mechanism where validators commit their funds to the network as a guarantee to act honestly. The cost of compromising the network would be equal to acquiring 51% of the entire volume staked to the network.

Moreover, the decentralized nature of blockchains makes transactions publicly verifiable and records the data in thousands of nodes connected to the network worldwide. The security of the protocol is a feature of the enormous value locked into the Cardano ecosystem.

A decentralized network is only as secure as its weakest link, and storage reserves like wallets and exchanges are often this weakest link. Online/hot wallets are susceptible to malware attacks and online scams that can expose sensitive information like wallet’s private keys to malicious actors. Centralized exchanges do not offer true ownership over one’s investment by not revealing the wallet’s private keys. 

The most secure storage devices for cryptocurrencies are hardware/cold wallets. These devices store the funds in a physical device that is cut off from the internet (cold), hence cannot be exposed to malware or scams.

The most conventional method of buying cryptocurrencies has been through many centralized exchanges available online. These exchanges demand privacy-invasive information like KYC to use their services and make it difficult for users to access their holdings outside the platform by hiding their private keys.

With Ledger, users can simultaneously purchase and transfer ADA into a Ledger hardware wallet, which secures the investment and provides supreme control over the private keys.

Using Ledger involves very simple steps, one can even use PayPal or Credit/debit card channels to purchase ADA. Follow these steps:

1. Get a Ledger hardware wallet.
2. Download and install Ledger Live on a web or mobile device.
3. Connect Ledger Live to your hardware wallet.
4. Search and install the Cardano ADA app from the app catalog.
5. Create a Ledger Cardano (ADA) account through AdaLite or Yoroi.
6. Start buying ADA in your Ledger hardware wallet.