Dear Cardano Community. I’m looking for some basic information. I see lots of information about the Cardano network, such as “Cardano is a groundbreaking proof-of-stake blockchain network, being developed into a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts.” But I’m not sure what part the native ADA coin plays in this network. For example: Is ADA just purchased by developers in order to pay fees for their projects?; Is ADA like a school bus holding the packets of data loaded into the blockchain?; What is the actual function of ADA in the Cardano blockchain? I’m sure these are simple questions for those that know how this network works, but I can’t find details on these basics. Thanks, Greg
There are different use cases for ADA as a token.
- You are able to pay the network fees with ADA
- ADA is needed to secure the network via staking (proof of stake)
- Every 1 ADA gives you 1 voting power which is needed for project Catalyst and future governance.
Those are probably the most important use cases.