Cardano (ADA): Do You See This Happening?
By September 2018, Cardano (ADA) will be better than Ethereum (and even Bitcoin): the bullish remarks by Cardano creator Charles Hoskinson, the CEO of Input-Output Hong Kong (IOHK).
The former Ethereum developer believes that when it comes to “pound for pound” bout, Cardano has the potential to flood its illustrious siblings.
The remarks prompted me into thinking ‘“the flippening” will be happening after all. But it won’t be Bitcoin getting the boot; it looks like Cardano is set to do what Ehthereum has failed to do to Bitcoin.
The timeline is even ticking off – it’s happening by September. And the contest will be decided with three things.
Ouoroboros, Shelly, and finally the Cardano Smart Contract layer!
Ouroboros makes the Cardano network the most secure and the only one that is probably scientific. Cardano is already better than Ethereum and Bitcoin when it comes to transaction time and very low fees. But Shelly is supposed to succeed Ouroboros.
What does Shelly add to Cardano? Simply put, Shelly will make Cardano fully decentralized. Shelly will be ready by Q3 2018, creating a chance for Cardano to use its network to host virtually any decentralized application. The Smart Contracts layer will allow developers to create dApps that can transcend any blockchain inability to communicate with the rest cryptocurrency.
Cardano will then be able to command a larger share of the startups and ICO projects looking to launch. At the moment, Ethereum is king of dApps and smart contracts. According to Hoskinson, when this period comes, Cardano will not only be the go-to cryptocurrency platform.
Do you see this happening? According to the former Ethereum developer, everything is mapped out. It’s there in the Cardano roadmap.
It’s all great for Cardano investors if this were to happen. Think of where Bitcoin was a few years ago and where it is now. That’s what Hoskinson’s remarks imply. I was privileged to be part of an open discussion with fellow crypto enthusiasts about the future of the top five cryptocurrencies going forward. The consensus there was that Bitcoin would always be number one. Ethereum would hold on to the second spot if the rest didn’t put up a brave fight. But we couldn’t nail the 3rd best cryptocurrency.
Until this happened –
Two cryptocurrency startups became the first to launch on the Cardano framework. Could this be the beginning of a good run for Cardano? We should remember that there are many cryptocurrency platforms out there that also function similarly to Ethereum. Think of NEM, NEO, Verge, and VeChain as some of the more established competitors to Ethereum and now Cardano.
Traxia’s ICO begins on March 19th. It’s interesting to note that during the crowd sale, Traxia (TMT) will be bought using both ETH and ADA.
The other crypto startup is Sp8de (SPX), which is a blockchain-based platform for gambling. At the moment, Sp8de and Traxia are just the first in a line of many more ICOs and dApps that will pick Cardano over the other cryptocurrencies. For me, the deciding factor of whether Cardano will even move closer to Ethereum, let alone to overtake it will be the adoption of the Cardano Network. if it happens that we see hundreds of startups by Q3, then it could be in the offing.
Hoskinson may have been bullish in that early February remark, but I believe it came not out of the need to boost the price of ADA, but from what he and the entire team at Cardano are doing. Some projects take years to get off the floor, but IOHK, Emurgo, and the Cardano Foundation have had ADA up and running in just a few in about one and half years. And if there is something they achieved that will make Cardano out-do the rest is its interoperability.
Interoperability makes Cardano be able to seamlessly interact with other cryptocurrencies, platforms, and ecosystems. It is this ability to allow different blockchains the possibility to communicate that will draw dApps from the other platforms to the Cardano network. Imagine dApps coded on Ethereum being able to interact with the Cardano system! Developers can have the ability to code their apps on any platform but at the same time, have the freedom to launch them elsewhere.
Now, factor in that the platform that would provide the infrastructure would be Cardano. Developers would then decide to launch directly on the Cardano platform. Consider also the fact that Cardano wants to make it easier for ICOs to ERC-20 tokens to participate in Smart Contracts.
I believe Hoskinson and the entire Cardano (ADA) team know what they are doing. And when a team exudes confidence, then the investor can only hope it’s backed with a tinge of reality.