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As with other cryptocurrencies around, Cardano is also fully decentralized which means that no financial institutions oversee its payment system which is fully based on blockchain technology.
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This digital currency was launched back in September of 2017 by IOHK or Blockchain Development Output Hong Kong. As another decentralized digital currency, Cardano is dependent on smart contracts that it uses across its open-source platform. One of the bases of this platform is a Cardano Coin or ADA that is available for purchasing and trading on cryptocurrency exchange platforms such as Bittrex and Binance for a rather attractive price.
The cryptocurrency is developed by Charles Hoskinson’s team who is known as the former co-founder of Ethereum and BitShares. The digital currency aims at the launch of decentralized apps, smart contracts, multipart calculations, sidechains, and metadata. The Cardano platform works on the popular Proof-of-Stake algorithm named Ouroboros which determined how different nodes achieve a consensus regarding the whole network. This algorithm is also an extremely important part of the entire infrastructure which supports ADA Coins.
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When it comes to using this digital currency for online casino gaming, there is a number of online casinos which accept Cardano as one of their payment options. These are generally online casinos which also accept other digital currencies. Using Cardano comes with a high level of security which is comparable with the level of security provided by Bitcoin blockchain.
In order to use Cardano for online casino gaming, customers must use the Daedalus wallet which is a secure digital wallet designed specifically to support this digital currency. The wallet is easily used, easily installed and it allows all customers to store as much as ADA Coins they want as well as to search through every transaction they have made. The wallet is available for Mac and Windows with basic functions while the developer plans to release a Linux-compatible version of the wallet. Lastly, the wallet also supports other digital currencies including Ethereum and Bitcoin.
FAQWhere I store my ADA Coins?ADA Coins are stored at the Daedalus wallet which is currently available for Windows and Mac devices while more versions will be coming soon.What other currencies do Cardano online casinos support?Cardano online casinos are generally iGaming venues which support a variety of digital currencies such as Bitcoin and Ethereum alongside Cardano and they have no relationship with the USD, GBP, EUR or other fiat currencies.