The Cardano ecosystem explained + get your hands on €/US$20 in WXT

What do you know about the Cardano network? At first glance, it may just look like your typical platform for building smart contracts and carrying out fast, low-cost transactions.

But the truth is, there are actually several things that make Cardano stand out from other competing blockchains. So much so, that it’s even been hailed the “Ethereum killer” by some.

But let’s start from the beginning and take a look at what it’s all about.

What is Cardano?

Cardano is an open-source decentralised platform that calls itself the first third-generation blockchain. Like most blockchains, Cardano can be used to build smart contracts for decentralised apps (dapps) and protocols. It also provides users with the ability to send and receive funds instantly, at low cost.

But what makes Cardano stand out from its competitors?

Its founder Charles Hoskinson set out to address the issues of scalability and interoperability commonly faced by blockchains such as Ethereum. To do so, he designed Cardano to be a scientifically peer-reviewed blockchain that uses certain practices to provide an optimal crypto ecosystem. It achieves this by using a layered architecture and the Ouroboros proof-of-stake (PoS) protocol.

This works by using two main components: the Cardano Settlement Layer (CSL) and the Cardano Computational Layer (CCL). The CSL is where all transactions are carried out, whereas the CCL is used to set up smart contracts and govern the network. These two elements are able to communicate effectively, while also working separately to allow transactions to be executed, even when smart contracts are being built or the network is experiencing crucial updates. As a result, the Cardano network is highly scalable, carrying out over 250 transactions per second.

The Ouroboros system is used to secure the network and validate transactions. It divides time into epochs and slots, in which a “slot leader” is picked at random and is responsible for choosing the blocks that get added to the blockchain.

Elected slot leaders are rewarded with newly minted ADA tokens. The network also introduced the Shelley Incentivised Testnet (ITN), which enabled delegated staking. This allows holders to allocate votes to other users and earn rewards. In case you aren’t aware of what ADA is, we’ll get onto that next.

What is ADA token?

ADA is the native token of the Cardano blockchain and is the sixth biggest cryptocurrency by market capitalisation. ADA holders are able to participate in network governance such as voting on changes to software policies. This gives users incentive to hold the token, which in turn can increase its future value.

ADA is also widely recognised for being environmentally friendly, most notably because it relies on the Ouroboros system instead of mining. In terms of its energy usage, it claims to use just 6GWh of power annually, significantly less than what Bitcoin consumes. You can find out more about eco-friendly cryptocurrencies over on our blog post.

Who uses Cardano?

Aside from ADA, there are several other decentralised tokens that run on the Cardano network, including Chainlink (LINK), Curve DAO Token (CRV), Celsius Network (CEL) and Nexo (NEXO).

Cardano also has a variety of decentralised projects running on its network. These include the NFT (non-fungible token) maker, in which users can create, manage and sell NFTs. It also offers a range of tools and services, such as mass minting, developer API and full customisation.

Payment gateway provider NOWPayments also runs on Cardano to offer publishers integration of crypto payments on their website. Publishers can choose from over 100 supported tokens, including popular coins like Bitcoin (BTC) and Ethereum (ETH), as well as a range of stablecoins.

The Hydra upgrade

In September 2021, Cardano revealed its plans to implement Hydra, a layer-2 solution to improve the network’s scalability. Hydra is expected to regulate fee rates on the network, as well as tackle high transaction costs in general.

Hoskinson commented that Hydra will be a necessity for high traffic on the network. The primary function of the Hydra layer will be to expand the market exposure, as well as reduce transaction costs and insufficient storage.

Overall, the aim of Hydra is to make the Cardano network better, faster and cheaper. It’s also predicted that this new development will help to increase ADA’s market value.

Play to win WXT!

Last but certainly not least, it’s time to put your knowledge to the test and win some free WXT!

All you have to do is answer the following question:

Question: which tokens from this list are on Cardano ecosystem?

Subject to T&C’s and Privacy Policy

Let us know your answer in the comments section below. If you get it right, you could get a chance to win €/US$20 in WXT – good luck!


Cardano Eco-System Competition Terms & Conditions
The following terms and conditions (“Terms”) shall apply to the Cardano Eco-System Competition (the “Competition”) which is offered by Wirex Ireland Limited in the European Economic Area (“EEA”) and by Wirex Pte Ltd in the Asia Pacific (“APAC”) region (each separately referred to as “Wirex”).
Timescale
1. This Competition will run from 10:00 (GMT) on 22 December until 23:59pm (GMT) on 29 December 2021 (the “Competition Period”).
Eligibility
2. This Competition is only open to users of the Wirex Service only (as defined by the applicable Wirex terms & conditions: https://wirexapp.com/en/terms-and-policies) resident in the EEA and APAC who are members of the Wirex Community Forum (“Eligible Participants”, “you”). For the avoidance of doubt, no other users of the Wirex Service are eligible for this Competition.
3. Each Eligible Participant can participate in this Competition once.
4. This Competition does not apply to UK residents.
Competition
5. To qualify for the Competition you must: a) correctly select all three (3) tokens on the Competition Post that work with the Cardano platform b) submit your answers in the comment section of the Competition Post (“Qualifying Task”).
6. Wirex will select the eight (8) quickest Eligible Participants who correctly respond to the Competition and complete the Qualifying Task as the Winners of this Competition (the “Winners”, each a “Winner”).
7. The Winners will be contacted by private message from one of the members of the Wirex Community Team via the Wirex Community Forum.
8. Once a Winner is contacted by a member of Wirex, to be eligible for the Reward the Winner must respond to the message confirming their Wirex registered email address within 48 hours from the date the message was sent to the Winner to claim their prize (“Qualifying Action”).
9. If a Winner does not reply within 48 hours Wirex reserves the right to select another Winner (please note, Wirex will never ask for any other account details via social media message, please do not provide any other information about your account in response to the notification).
10. If Winners agree in writing they will be announced on the Competition Post on the Wirex Community Forum.
Reward
11. The Reward will be credited to Eligible Participants who complete a Qualifying Task within the Competition Period (“Qualifying Participants”).
12. The Reward will be paid to Qualifying Participants’ accounts within 30 Working Days of the end of the Competition Period.
13. Once a Qualifying Participant has received the Reward it can be converted to traditional fiat currency through the Wirex Service at the Qualifying Participants’ discretion.
General
14. "EUR” means Euros.
15. "Reward” means the WXT equivalent to EUR 20 (in the EEA) or USD 20 (in APAC) which will be calculated by an exchange rate set by Wirex from time to time in its absolute discretion. For the avoidance of doubt, the Reward will be distributed in WXT only and each Qualifying Participant will be eligible to receive the Reward only once.
16. “USD” means United States Dollar.
17. “Wirex Community Forum” means the Wirex community platform which is a space for discussion among Wirex members hosted on the Wirex website: https://community.wirexapp.com/
18. “Wirex Community Team” consists of the following two members of the marketing team who are available to help during the Competition: @Ali_Wirex and @ChienChien_Wirex
19. “Working Days” means Monday to Friday, excluding weekends and any public holidays when the banks of England are closed for business.
20. Subject to applicable law, Wirex will not under any circumstances be liable to compensate Wirex users, Eligible Participants or other third parties for any losses or damages occurring as a result of their participation or engagement with this Competition.
21. The Reward amount may be varied at any time without notice to Eligible Participants, Winners or other third parties.
22. Wirex will only process personal information collected or received in connection with the Giveaway as set out in its Privacy, Data Use and Retention Policy, which is available on by clicking the following link: Wirex | Making currencies equal and available to everyone.
23. Wirex may, at its sole discretion, revise any of these Terms or terminate this Competition at any time without prior notice to Wirex users, Eligible Participants or other third parties.
24. This Competition is launched by Wirex independently and there are no partnerships between Wirex and any merchant or other third parties relating to this Competition.
25. The Terms of this Competition are governed by the laws of England and the parties irrevocably agree that the courts of England shall have exclusive jurisdiction to hear, settle and/or determine any dispute, controversy or claim (including any non-contractual dispute, controversy or claim) arising out of or in connection with this Competition.
6 Likes

CARDANO (ADA)
ERGO (ERG)
COTI (COTI)
CHAINLINK (LINK)
Curve DAO Token (CRV)
Celsius Network (CEL)
Nexo (NEXO)

:fire:

1 Like

Cardano
Chainlink
Coti
:fire::fire::fire:

CARDANO (ADA)
ERGO (ERG)
COTI (COTI)
CHAINLINK (LINK)
Curve DAO Token (CRV)
Celsius Network (CEL)
Nexo (NEXO)

Cardano
Chainlink
Coti

Chainlink
Ada
Ergo

CARDANO (ADA)
ERGO (ERG)
COTI (COTI)
CHAINLINK (LINK)

Hope I win.

The tokens which are on Cardano Ecosystem are:

Coti
Ergo
Chainlink
Cardano

Cardano
Chainlink
Coti

Cardano
Chainlink
Coti

Coti
Ergo
Chainlink
Cardano

Eth and cardano

Chainlink
Cardano
Coti

Hope I got them correct :100:

Chainlink, ergo and cardano, Thank you very much for this informative post wirex!!

Good evening and goodluck to all.

Chainlink
Cardano
Coti

Cardano
Ergo
Coti

Coti
Ergo
Chainlink

CARDANO
COTI
ERGO
Chainlink

Cardano
Ergo
COTI