Don’t fret. We’ve compiled an FAQ for you below—dive in and explore.
Cardano is an open-sourced, public, and decentralized blockchain platform. It is a smart contract platform and facilitates peer-to-peer transactions with ADA – its native token. Cardano is well-known for its research-first approach.
The Cardano tokens are also called ADA, named after Augusta Ada King, Countess of Lovelace. She was an English mathematician and writer, famous for working with Charles Babbage’s Analytical Engine. One can use ADA for conducting transactions and staking in the ecosystem.
You can store ADA tokens in your CoinSmart account.
Cardano uses the Ouroboros consensus mechanism. It has been peer-reviewed by researchers from the University of Edinburgh, Tokyo University, and other institutions. Read up more on Ouroboros here.
Shelley is one of the five stages in Cardano’s development. The five stages in Cardano’s blockchain development are – Byron, Shelley, Goguen, Basho, and Voltaire. As of now, we are in the Basho stage.
Cardano was launched in September 2017 by Ethereum co-founder Charles Hoskinson. Hoskinson also founded IOHK – an R&D company using blockchain technology to make finance more accessible.
Most recent update: October 28, 2021
This overview provides a summary of certain risks involved trading any crypto asset and is not exhaustive. Investors are encouraged to conduct their own research prior to trading any crypto asset.
No securities regulatory authority has expressed an opinion about the Crypto Contracts or Cardano, made available on the CoinSmart Platform, including an opinion that Cardano is not itself a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange or value of your crypto assets and such changes may be sudden and without notice.
Prior to listing Cardano on the CoinSmart Platform, Simply Digital Technologies Inc. (SDT) conducted due diligence and determined that Cardano is unlikely to be a security or derivative under Canadian securities legislation. Our analysis including reviewing publicly available information concerning:
Like all crypto assets, there are general risks associated with Cardano including: volatility risk, liquidity risk, short history risk, demand risk, forking risk, code defects, regulatory risk, electronic trading risk and cyber security risk. For additional information of general risks associated with crypto assets, you may refer to the Risk Statement. Further, as ADA is not supported by our custodian, we hold ADA on behalf of clients with software licensed by Fireblocks and storage hardware devices owned and controlled by us. This may place your ADA at greater risk of loss. More information on the safeguarding of ADA is available in our CoinSmart Platform Risk Statement. The development of ADA is more centralized and dependent on the efforts of The
Cardano Foundation. Informal governance by the Cardano Foundation may result in new changes or updates to ADA that impacts its value.
As a reminder, this Crypto Asset Statement is not intended to be exhaustive of all risks associated with trading Cardano and we encourage you to conduct your own due diligence to determine whether trading Cardano is right for you.
SDT is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re Simply Digital Technologies Inc. dated December 21, 2021 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario), and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada, do not apply in respect of the Crypto Asset Statement to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.
Cardano is an asset that is available to be staked. Simply put, staking is a way to use your crypto to earn more crypto. The reward is paid out in the same currency as your asset that is staked. Eg: If you staked ADA, your reward is paid in ADA. Reward APY after fees is up to 3.29%. Lock up period is not applicable and warm up period is 5 days. Minimum amount to be staked is 2 ADA.
To learn more about risks please refer to our Platform Risk and for fees please see our Fee Schedule