Cardano (ADA): Ignore Naysayers, This Is What Really Matters
There is one question we all need to ask: Is Cardano (ADA) going to live up to the hype and be the best altcoin of 2018? Is the prognosis that ADA coin will be better than Bitcoin a hit or a miss?
These and many more are what I seek to explore in this article. Allow me to state that your opinions on these issues are highly welcome and we can maybe engage in an honest assessment of Cardano. I’d like to believe that as cryptocurrency enthusiasts, we all are keenly following developments in crypto sphere.
I have followed Cardano news since last October when it started trading. The general thread I have picked revolves around how this crypto is making serious in-roads into crypto land. Many are the times I have heard people say that Cardano has what it takes to overtake Ethereum and eventually Bitcoin itself.
Well, what do you think about this? My firm opinion is that ADA or rather Cardano is a very interesting cryptocurrency. It is new on the market, has a working product and its roadmap is one of the best I have looked at.
In short, it is much more than just a digital coin whose value is attracting investors. As of this writing, Cardano ranks 6th on XBT.net with a market cap of $9,553,026,556 and a daily trading volume of $215967000. However, its price has dipped by -6.17% to trade at $0.3684
It may be able to cause a few upsets in the market, but can it go all the way! I believe there is only one reason that will make Cardano succeed over the others: its unique approach to blockchain technology.
Here is why my money would be on CARDANO (ADA) reaching the top, but not necessarily dethroning the King.
Project Cardano’s uniqueness stands out
The HP of Cardano’s website simply puts it like this: the project is the first blockchain-based platform created purely by following scientific principles.
To put it differently, it simply means that most other altcoins are developed or modeled alongside Bitcoin or Ethereum without really looking into the underlying problems in these 1st and 2nd generation networks.
Cardano’s uniqueness stems from the fact that it was built down- up, from scratch. Every aspect of the Cardano network is peer-reviewed, incorporating verifiable science to evaluate existing cryptocurrencies (especially Bitcoin and Ethereum).
The top-tier experts from Input-Output Hong Kong (IOHK) and distinguished scientists from major universities, teamed up to craft a third generation cryptocurrency network that doesn’t just avoid the flaws within Bitcoin and Ethereum; it is designed to be better.
By adopting similar scientific mechanisms that are used in aeronautics and space science, Cardano developers have designed the platform to reduce problems of scalability, skyrocketing transactions fees, and slow network.
Ouroboros is Cardano’s proof of stake algorithm.
No mining or staking protocol tops what Cardano uses: the Ouroboros. It is the very first provably secure proof-of-stake consensus algorithm that has also been reviewed by academic peers. What does this mean? Until it came up with Ouroboros, there had been no proof of stake consensus mechanism that had been mathematically proven to be truly secure. That’s where Cardano beats both Bitcoin and Ethereum.
Bitcoin uses proof of work consensus on its network which has several issues related to ballooning transaction fees and slowness of the network (I know about Lightning Network), and concerns about huge power consumption. Ethereum is in the process of implementing its Casper protocol to move to POS consensus, but that won’t solve the problem of security.
Like I said earlier, there’s no staking protocol that has ever been proven to be mathematically secure. It means platforms that adopt PoS but do not run Ouroboros still have inherent network vulnerabilities that such a coin must continuously work on to safeguard the blockchain.
Ouroboros gives Cardano unparalleled security, a key factor that is likely to spike its adoption in sensitive sectors like world banking, and defense. Ouroboros gives Cardano stability as any future developments on the network are also secured by this protocol.
If Cardano succeeds in bringing about interoperability in the blockchain ecosystem, then it’s easier to see why it will be big.
For now, the market trends for ADA shows that the cryptocurrency has had a tough 24 hour period. The price of ADA is in the red and the cryptocurrency has slid down to 6th in Market capitalization ranking.
It is still February and therefore, a lot could change in the course of the year. What I am vouching for, is that Cardano (ADA) will rebound big time in the next couple of weeks. What remains to be seen is if the predicted growth will be sustained to push Cardano to the summit. For now, I am holding.