Cardano is a decentralized, blockchain based system, powered by the ADA coin, the cryptocurrency which runs on the Cardano platform. ADA is listed on CoinSwitch Kuber today, paired against INR.
Much like Ethereum, Cardano is a smart contract-based system and can be used to run Decentralized Apps (called DApps). But Cardano is a layered system; i.e.
- It has a separate layer which runs ADA exchange, and
- A separate one which runs the Smart Contracts.
ADA is named after Ada Lovelace: a 19th-century mathematician who is recognized as the first computer programmer, and is the daughter of the poet Lord Byron.
Cardano was developed by Charles Hoskinson, one of the co-founders of Ethereum, and its development is funded by Input-Output Hong Kong.
Every ADA holder also holds a stake in the Cardano network. Ada stored in a wallet can be delegated to a stake pool to earn rewards – to participate in the successful running of the network – or pledged to a stake pool to increase the pool’s likelihood of receiving rewards. In time, ada will also be usable for a variety of applications and services on the Cardano platform.
One of India’s premier Crypto Exchange Coinswitch Kuber, allows users to buy or sell cryptocurrencies on their mobile app. Users simply deposit INR into their Kuber account and use it to buy one of the 40+ crypto assets offered on the exchange. The exchange provides high liquidity as opposed to open-orderbook exchanges, giving any user a consistent market price for any asset trading.
By adding XLM paired with INR, CoinSwitch will attract many users interested in directly trading the token with Indian Rupee instead of any other crypto asset like BTC, ETH or even USDT.
You can also check out our first impression of CoinSwitch Kuber