Cardano is one of the first projects to bring a smart contract framework and blockchain technology to the world of cryptocurrencies. It’s founder, Duff Goldman, has been a committed advocate of the ‘Internet of money’ and for him that means no one central party that controls the coins on the blockchain and enables them to move around like stocks and bonds.
Now, with the arrival of its Beta version, you can now use the Cardano network with its blockchain network without needing any third party software or a computer. If you’ve got a low-end computer, you could already use the network right away. The Cardano web wallet will be ready for use with its Cardano Protocol software within minutes after signing up for an account.
The second step is to get the network installed. This will be done by downloading the Cardano whitepaper, reading through it and signing up for a Cardano wallet. The third and final step is to download the software and install it. Cardano is as simple as installing a browser; all that’s required is downloading the app and having it downloaded to your computer’s hard drive.
To make a secure transaction, it’s recommended to use the Cardano smart contracts to create a binding agreement between you and the other party. The smart contract will store the transactions in the ledger, which is open to all to view and modify. You would enter a specific data code, specifying how much is owed to you and how much you’re willing to pay.
In this way, the smart contract would be the same as a real-life contract, where a person would sell or rent something to another person. The smart contract would be the basis of that contract. It would be up to the other party to enter the right code.
If your transaction is approved, then you have to wait to see if the other party will accept your payment. If they do, then you’ll receive the agreed upon value in the currency that you specified at the time of purchase. If the other party doesn’t agree, then the transaction is void and no money changed hands. The whole process is completed automatically.
If the transaction is not confirmed, then you can still use the Cardano network right away, but you might have to pay higher fees for trading. This is one of the reasons why people who want to make the transition to Cardano should have some knowledge of currency exchange rates before making the transition.
With this new Cardano beta release, you now have the ability to trade in cryptocurrency with other people and earn real money while doing so. Anyone can actually start investing in the Cardano smart contract platform today with the new Beta release.