What is Cardano (ADA) and how will it perform in 2018? The answer to both questions is simply this – Cardano is going to be the next big thing.
Why? Read on to get the A-Z of why Cardano and its token coin ADA should be on top of your portfolio additions for 2018.
At a time when cryptocurrency has had one of its longest price corrections, many crypto experts, investors, and the ever excited media have all trained their focus at the top of the chain. For most of them, the crypto market revolves around Bitcoin, Ethereum, Litecoin, and Ripple: not much attention is given to the trailing pack. But if we should only spare a few minutes of our time to steal a quick glance over our shoulders!
Not far behind crypto’s pacesetters is a little known Cardano (ADA) coin. Why is it set to galvanize cryptocurrency? The short answer is this: Cardano combines all the top coins into one, leveraging blockchain technology and science to develop a project that will run the entire cryptocurrency ecosystem.
Remember Bitcoin and its problems over the years? Scalability issues with the blockchain?; bloating transaction fees; and the destabilizing effect of an increasingly centralized mining system?
Why is Cardano going up?
Blockchain technology is in its third phase and spearheading version 3.0 is Cardano, launched in 2015 but built in phases till 2017. As such, we can say it is a new kid on the block. But this does not mean anything; you may be quick to point out. Cryptocurrency is a tricky terrain and value is everything, as some of the ardent supports of the big three remind me. While I agree to some extent to these sentiments, here is why Cardano is going to light up crypto sphere
The team behind Cardano (ADA) built it from scratch, coded the protocol in the excellent Haskell language and everything is peer-reviewed by top-notch scientists. Why is this important for ADA? It gave the developers a chance to build something that avoided the mistakes of generation 1 and 2 blockchain. Bitcoinbeginner, a reputable cryptocurrency site had an article that referred to Cardano as “the next big thing”
And it’s easy to see why. Layered technology makes it upgradable and flexible, uniquely placed for wide adoption as both a cryptocurrency and a platform. The use of Haskell means that Cardano’s code is verified mathematically and therefore leaving it more secure.
If you code a program on Cardano, it will be verified whether it is being done properly thereby avoiding errors and possible bugs that can threaten the network. Cardano is unlikely to see hacks like the DAO which was because of an error in Ethereum’s code. Just for this reason, Cardano will eventually have more dApps and Smart Contracts, further driving its value up. As the Cardano ecosystem grows, so will it’s token ADA. It’s not hard to imagine ADA rising to a value close to or just beyond $100 by end of 2018.
Other features that make Cardano attractive to investors as a cryptocurrency and platform are Ouroboros and Daedalus. Ouroboros is blockchain’s first when it comes to using of scientific means to ascertain whether the proof-of-stake algorithm is error-proof. The Daedalus wallet will have several functionalities, making it ideal for every possible use on the blockchain. This dedicated wallet can be adopted for any cryptocurrency use as well as providing app store services.
Let’s not forget the role of science in the Cardano project. Cryptocurrency and science combine to give us the best of Bitcoin, Ethereum, and Litecoin; all on one platform. We all know how scientific research and technological revolution has led to innovation beyond man. That same effort is being put into the Cardano project. The result is that we have a cryptocurrency capable of driving the blockchain ecosystem to new heights.
Cardano coin is currently ranked as the 5th biggest cryptocurrency based on market cap. It is expected that the ADA coin will gain in valuation as more users begin to adopt Cardano’s system. By Q2 of 2018, the cryptocurrency is projected to be trading at over $30, potentially rising to nearly $100 by end of the year.
Is this trust being seen in the adoption of ADA coin? I’d like to think so. Cardano’s token coin dipped just like everyone else over January. However, it has maintained a smooth recovery to trade at above $0.37 a big leap from its all-time low of $0.019. ADA has a current Market cap of $9.5 billion.
While the focus will in the short-term be on how Bitcoin recovers, Cardano (ADA) will silently scale the ladder to light up the crypto sphere.