Cardano, the decentralized computing platform, created by the co-founder of Ethereum has attracted unprecedented attention – owing to all the right reasons! As one goes further through the post one understands why exactly Cardano has come to command the position that it does now!
What is Cardano?
At the very onset- it’s important to understand the fundamentals of Cardano. Very simply put, Cardano was introduced as an improved version of Ethereum – by virtue of its sidechains and the analytical peer reviews of the technology thus implemented. A sidechain can be described as a separate blockchain meant to fulfill a specific purpose. It notably facilitates speed of transactions in the main blockchain. Here are different layers of cryptocurrency backing the same. ADA runs on CSL or Cardano Settlement Layer. The dapps and smart contacts run on Cardano Computation Layer or CCL. Thanks o the sidechains, blockchain can be easily updated through the use of soft forks.
Reasons why we believe that Cardano is here to Stay
The primary reason why Cardano is the focus of discussion today is stability. Yes — you can read up any article on Cardano you like – and you will actually come to know that it has demonstrated noteworthy stability over the past few months – when compared to other cryptocurrencies. The financial experts have opined that if dealt with patience, this cryptocurrency will eventually end up contributing significantly to the market.
Cardano, which is largely publicised as something more than a cryptocurrency, enjoyed worldwide acknowledgment right from the time it was introduced in the market in October 2017. It was initially worth $0.02. It took almost no time for it to jump to nearly $1.30 in the month of January. Its meteoric rise even meant that it was now placed as the 5th cryptocurrency in the world.
The cryptocurrency has performed even during the Market Downturn
However, it would actually be wrong to claim that the market is too excited about this particular cryptocurrency only after assessing its initial surge. Not really! The reality is that ADA has actually ended up demonstrating due consistency even in the wake of market disturbances. In the last several months, the crypto market has ended up making losses worth billions. Cardano’s worth plummeted to a meager $0.13 – yet it was comfortably placed at the 8th position among the currencies.
The market as such is hopeful about this currency’s future. 2018 – it has been predicted will definitely see a rise in its worth. In 2019, it is poised to touch $10.
It is Poised to Overshadow Ethereum
Experts also opine that though Cardano and Ethreum are deemed similar there are yet a few basic differences that define their functionality. Though Ehreuem commands a wider userbase today Cardano isn’t really far behind. Overshadowing the former will not really take much time quite simply because Cardano has the power to steer more than a hundred transactions per second- while for Ehreum, the figure stands at a paltry 4 to 6/7 transactions per second.
One of the most heartening introductions by team Cardano is the paper wallet which is way more efficient and safer for use. Additionally, Cardano is also looking forward to a possible partnership with one of the largest mobile companies of South Korea- Metaps Plus. And it is expected that by the time the partnership is actually materialized, the worth of ADA will increase by leaps and bounds.