DailyCoin
Published May 13, 2021 08:15AM ET
Updated May 13, 2021 08:30AM ET
Can Cardano Become The Third Biggest Crypto After Ethereum And Bitcoin?
The price of Bitcoin has, until recently, given little space for alternative coins to grow even as they’ve risen out from its shadow. Altcoins have developed beyond the mere equivalent of a pilot technology that had yet to impact a global technological shift. Altcoins such as Ethereum, Cardano, and XRP have staked an important case for blockchain’s stature as a useful disruptive technological innovation.
Blockchain projects are driven by community belief, similar to a coin’s price action which, according to billionaire investor Mark Cuban, is based on a “supply and demand” dynamic. While Ethereum has established itself as a leader in the blockchain space, given its first-mover advantage as it leveraged off ICO launchpads, NFTs, and DeFi, other ecosystems show similar promise in the eyes of the believers. Founded by Charles Hoskinson, Cardano’s scientific and academic approach to building a decentralized network has brought invigorated hope to new investors.
An Academic Blockchain
Developed through peer-reviewed research papers and established by one of Ethereum’s co-founders, Cardano is a high-assurance blockchain. Driven by technical support from IOHK, Cardano’s development arm, the blockchain is set to compete with Ethereum in terms of capabilities.
Through Cardano’s Alonzo hard fork, which is part of the overall Goguen era, developers can test dApps in the testnet before their mainnet launch. Cardano’s methodological approach lays the foundation for a solid underlying network. With the Goguen era upgrade, Cardano will enable the public deployment of smart contracts, growing the network’s usability toward mainstream adoption. Furthermore, Cardano will develop functionalities similar to other ecosystems, such as Etheruem or PolkaDot, enabling DeFi, NFTs, and crowdfunding platforms.
A growing interest in the release of the Cardano mainnet briefly pushed ADA into the top three coins by market capitalization, with a price of $1.83, according to CoinMarketCap. Further developments and interest in DeFi and NFTs create a good argument for using Cardano as a viable next choice for developers. Low transaction fees and faster payments constitute an abiding ecosystem for Web 3.0 dApps to be developed. Still, despite the reassurance of low fees, Ethereum might remain the first choice for many developers, given its market dominance.
On the Flipside
Cardano’s Global Coverage
Nigel Green of deVere singled out Cardano as a “rising star in the booming crypto sector” as he compared its growth to that of Ethereum and Bitcoin. Cardano’s long-lasting development has been planned by Charles Hoskinson, who laid out its roadmap until 2025. As a result, Cardano’s meticulous approach to building their ecosystem could pay dividends for partners as well as investors.
Still, Cardano has taken steps towards installing its blockchain as a dominant agent worldwide. The integration of blockchain into everyday occurrences is inevitable, and Cardano has initiated work in Africa to help the market develop and bank the unbanked. In 2019, the Ethiopian government announced they would use Cardano’s enterprise blockchain to provide financial services to the African market.
On April 20, they hosted a special event marking their three-year venture into Africa. Cardano’s take on Africa reaches beyond mere platform usage. Its “Africa Strategy” aims to drive Cardano adoption in a continent dominated by digital natives with millions of digital wallets. Additionally, Cardano will integrate a payment gateway for Save the Children to accept ADA as payments. Katherine Uwimana of Save the Children highlighted that blockchain can be used for “humanitarian purposes” as well as sophisticated solutions. Her views are shared by the UN, which sees blockchain as a “technological tool to help achieve sustainable development goals.”
Cardano’s mission of solving “the issues afflicting the most underprivileged in a global society” is expressed through their actions in Africa, where Ethiopia will join the Cardano network by running a full node. Cardano also aims to form an additional node in South America through ALDEA, establishing a “fully-functioning DAO catering specifically for Spanish speakers.” Cardano’s emphasis on blockchain technology reaches beyond decentralizing the future to focus on putting the Cardano solution to positive use now.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.