This guide will provide you with a comprehensive understanding of Cardano’s fundamentals, delving into its background and distinctive attributes, such as its utilization of the proof-of-stake consensus mechanism and its focus on scientific research.
What is Cardano (ADA) in NZ?
Cardano stands as a proof-of-stake blockchain platform, distinguished as the first to be established on extensively reviewed research and constructed through evidence-based approaches. Additionally, it embraces a fully open-source nature, signifying that the software’s original source code is freely accessible and can be modified.
History of Cardano
Cardano boasts a fascinating journey within the realm of blockchain technology. Charles Hoskinson, one of Ethereum’s co-founders, established Cardano in 2015 with the objective of overcoming the limitations prevalent in existing cryptocurrencies.
The project embarked on its initial phase, known as the Byron era, where the foundation of Cardano was laid. In September 2017, the Cardano mainnet was launched, accompanied by the introduction of its native token ADA. This marked a significant milestone.
The subsequent era, called Shelley, commenced in 2020 and focused on decentralizing the network. Through the implementation of the Ouroboros proof-of-stake consensus algorithm, ADA holders gained the opportunity to participate in block validation and earn rewards through staking their Ada in cryptocurrency wallets such as Exodus.
Following Shelley, the Goguen era emerged, aiming to facilitate the execution of smart contracts and the development of decentralized applications (dApps) on the platform.
Looking ahead, Cardano has envisioned the Basho and Voltaire eras. The Basho era will prioritize scalability, introducing features like sidechains to enhance the network’s capabilities. Simultaneously, the Voltaire era will emphasize decentralized governance, enabling stakeholders to engage in decision-making processes.
How Does Cardano (ADA) Work?
The Ouroboros Consensus Protocol
The Ouroboros Consensus protocol serves as Cardano’s Proof-of-Stake (PoS) consensus mechanism, ensuring the security of the Cardano blockchain. Similar to other PoS protocols, Ouroboros decentralizes the responsibility of securing the blockchain.
In this context, node operators also function as staking pools, enabling ADA holders in New Zealand to participate in securing the blockchain by staking their ADA.
As mentioned above, individuals in NZ can stake Cardano’s native cryptocurrency, ADA, to contribute to the security of the Cardano blockchain. ADA holders have the option to either delegate their stake to a stake pool or set up their own, given they have the necessary infrastructure and a reliable internet connection.
To simplify the process of earning rewards, Cryptocurrency NZ recommend using Exodus which are accessible to ADA holders in New Zealand. These wallets provide a convenient way to participate in staking and maximize the potential benefits of holding ADA.
Recommended Cryptocurrency Wallets
⭐Cryptocurrency NZ Recommendation 🏆
Exodus Wallet is a popular crypto wallet that provides a user-friendly interface and supports a wide range of digital assets. It is available for users in New Zealand and offers a convenient way to store, manage, and exchange cryptocurrencies.
Daedalus is a wallet that operates on an open-source framework. It functions as a full-node wallet, prioritizing security as its primary advantage. However, due to its nature as a full-node wallet, you have to download the entire blockchain.
Ledger Wallet is a hardware wallet designed to provide a secure and offline storage solution for cryptocurrencies. It is available for users in New Zealand and offers enhanced security measures to protect digital assets.
Private Keys and Public Keys
Acting as your digital identity and signature, every cryptocurrency wallet is distinct by having its own unique public and private key – with each unique key pair being freshly generated whenever a new cryptocurrency wallet is created.
- Private Key: Private keys is the password to your crypto bank account, and it’s required to sign off outbound transactions from your wallet. Never share your private key with anyone, and the security of your wallet rides on how safely you store your private key.
- Public Key: Cardano public keys are like your crypto bank account number – an address others can use to send you Cardano. You can safely send your public key to anyone, knowing they can’t change or open your wallet and take your Cardano.
Cardano Communities in New Zealand
New Zealand boasts a thriving community of Cardano and crypto enthusiasts, many of whom gather on popular social platforms like Facebook, Telegram, Reddit and Discord.
These online communities are an excellent source of information for locals.
Check out our comprehensive list of Cardano and Crypto communities in New Zealand:
- Cryptocurrency NZ Facebook Group – (Highly recommend)
- Cryptocurrency NZ Monthly Meetups – (Last Wednesday of every month)
- Cryptocurrency NZ Discord Group
- NZ P2P Crypto Marketplace – (NZ’s Largest Cryptocurrency P2P marketplace)
Have a community for us to list? Please reach out to us!
How to Buy Cardano in NZ
Is Cardano a Good Investment in NZ?
Cardano’s network offers New Zealanders a high level of security and resistance to censorship. Similar to Bitcoin, Cardano operates on a decentralized peer-to-peer network that remains independent of any central authority or government control.