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Cardano (ADA)

What is Cardano (ADA)?​

Here are 5 key points about Cardano:

  • Cardano uses the Ouroboros protocol, a secure and energy-efficient proof-of-stake mechanism that reduces environmental impact compared to proof-of-work systems.

  • Cardano is built with a two-layer architecture, namely Cardano Settlement Layer (CSL) and Cardano Computation Layer (CCL). CSL handles ADA transactions efficiently, while CCL powers smart contracts and decentralized applications (dApps).

  • Cardano supports high transaction throughput while maintaining low fees and fast confirmation times. It is also designed to interact seamlessly with other blockchains, enabling cross-chain communication and asset transfers.

  • With its proof-of-stake model and energy-efficient design, Cardano aligns with eco-friendly initiatives, making it a sustainable choice for blockchain technology. It also has a treasury system to fund future development and ensure longevity.

  • The ADA token is used for transaction fees, staking to secure the network and earn rewards, and participating in governance decisions on the Cardano blockchain. It also facilitates interactions with smart contracts, dApps, and serves as a store of value or payment method.

tip

Learn more about ADA by reading the Gem Wallet Learn article:
What Is The Cardano Blockchain?

Cardano (ADA) on Gem Wallet​

Features of Gem Wallet for Cardano Users

TLDR
  • Buy Cardano (ADA) with fiat using debit/credit cards.
  • Store Cardano (ADA) securely.
  • Send and Receive Cardano (ADA) natively.

How To Enable Cardano (ADA) On Gem Wallet​

Enable Cardano (ADA) on Gem Wallet by tapping the Manage Token List at the bottom of the main screen.

Search for ADA Enable ADA Toggle

Search for Cardano, slide the toggle to the right, and return to the main screen to start using your Cardano wallet.

ADA Added on Main Screen ADA on Gem Wallet

Congratulations, you have successfully enabled your own secure Cardano wallet.

How to Get Cardano (ADA) on Gem Wallet?​

Here are some ways to acquire some Cardano (ADA):

  • Buy Cardano (ADA) directly on the Gem Wallet app.
  • Receive ADA with the unique ADA address on the Gem Wallet app.

Buy ADA with Gem Wallet Receive ADA with Gem Wallet

Additional Info
  • When you buy Cardano (ADA) on Gem Wallet, the tokens are automatically sent to your address.
  • The ADA address does not require a Memo and there are no minimum deposits.

How to Send Cardano (ADA) from Gem Wallet?​

To send Cardano from Gem Wallet, simply tap on Send, then enter the recipient's address. You can manually copy and paste the address, or scan it with the built-in QR code scanner.

ADA Wallet With Balance Input ADA Destination Address

Input the amount of ADA that you are going to send. Set the Network Fee (if applicable), and finally tap Confirm to broadcast the transaction on the Cardano blockchain.

Input ADA To Be Sent Confirm ADA Transaction

Before You Hit Confirm
  • Ensure that the Recipient address is correct.
  • Verify if a Memo is required.
  • Have enough Cardano (ADA) to cover for the transaction fee.

Transaction Fees on the ADA Network​

The fees on Cardano are summarized as follows:

  • Cardano is designed to offer low and predictable transaction fees, making it cost-effective for users to send ADA or interact with the blockchain.

  • Transaction fees on Cardano are determined by a fixed base fee and a variable component based on the size of the transaction in bytes. This ensures a fair and transparent fee structure.

  • Unlike some blockchains, Cardano does not rely on arbitrary gas fees. Its predictable fee structure ensures users are not subject to fluctuating costs during network congestion.

How to Check ADA Balance?​

Gem Wallet app connects to the Cardano Blockchain to show the ADA balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on Cardanoscan. You can also view transaction details by tapping on it on the list, then tap on View on Cardanoscan.

View ADA Balance Screen View ADA Balance on Cardanoscan

tip

Cardanoscan is the default Cardano (ADA) explorer of Gem Wallet. You can manually check balances and transactions by going to Cardanoscan and search for your ADA address.

Why Choose Gem Wallet for Cardano?​

Gem Wallet is the perfect companion for Cardano users, offering a combination of security, convenience, and functionality. Here’s why you should choose Gem Wallet for managing your ADA:

  • User-Friendly Interface: Designed for both beginners and experienced users, Gem Wallet makes managing ADA simple and intuitive.

  • Secure and Private: As a self-custody wallet, Gem Wallet ensures that you have full control over your private keys, prioritizing your security and privacy.

  • Cross-Platform Support: Available on multiple platforms, Gem Wallet ensures accessibility wherever you go.

Conclusion

Cardano is a groundbreaking blockchain platform that combines sustainability, scalability, and security with a research-driven approach. With its low fees, high transaction throughput, and innovative features, it stands out as a leader in the blockchain space. By using Gem Wallet, you can unlock the full potential of Cardano, managing your ADA effortlessly while ensuring maximum security and convenience. Dive into the Cardano ecosystem with Gem Wallet and experience the future of blockchain technology.