Cardano (ADA) is among the highlights on the market today as crypto goes all green in what could be yet another attempt to get out of the woods for cryptocurrency. Though the bears might still have a lot to say on how the market rebounds, ADA along with a few other coins like NEO and EOS are firmly in the green to be completely shaken.
The most interesting thing about cryptocurrency is the effect hype has on project values. More often than not, a coin is tossed into the limelight on the back of a rather mundane piece of information. While buying the dip is a common means to an end, the Cardano community seems not to put much weight on this aspect. It is, as the IOHK foundation behind it say, a serious project that seeks to deliver on the promise it has.
As the green effect takes hold and the bulls take charge, most skeptics would want to get onto projects that promise a healthy return. Naturally, the big 5 will command a lot of attention. However, one coin or project that has the potential to take cryptocurrency by storm is Cardano.
The history of this coin, and how it was built from the ground up, using the formidable Haskell coding language, gives it an advantage over most of the other projects with similar platforms.
In fact, it has been mulled that Cardano could well provide the stiffest challenge to Ethereum’s dominance in the dApps and Smart Contracts sector.
Cardano is an immense project
It is upon the premise that it will challenge Ethereum that one would want to know what makes it so competitive. Of course, we can and should, point to the fact that it has no working product yet. But that’s where Cardano’s strength lies. In IOHK, the project boasts one of the best teams to ever work on a cryptocurrency product and if we believe what their roadmap shows, it could well be the most comprehensively built platform.
The CEO, Charles Hoskinson recently commented about their progress and scope. He said:
Good news to all ADA holders
Perhaps the most enthralling part of the project so far involves the impending Shelly release. This part of the roadmap milestones encompasses numerous workstreams and social processes. The release is built around the desire to remove the centralization aspect, crucially giving network control to the user community.
And to achieve this, the team has put in a lot of work, giving updates and new releases on a regular basis. Beginning Q3, a lot more decentralization features will be unveiled, taken through testnets, before being released to the community.
Already as part of preparation for Shelly release, Cardano has opened registration for those interested in participating in staking pools. It is noted that not everyone will be able to set up, maintain, and run nodes. To this end, the team has good news to all ADA holders: you too can be a slot leader on the Ouroboros delegated proof of stake consensus.
Ouroboros is Cardano’s proof of stake algorithm that hasn’t been tested or used anywhere else, hence the need for the team to constantly test it before deployment.
More of the good news also involved the release of updates on wallets for use by the community. One major update that had been long coming concerned the Daedalus- Linux OS-compatible wallet. At the time of the release, the team noted that:
“At Input Output HK we’ve heard your requests for Daedalus on Linux and are pleased to announce it’s ready for public beta testing. Given the variety of Linux distributions and customizations we want to gather feedback from the community before making a fully supported Linux release”
It seems like Shelley will find a happy and ready ADA community waiting. With excitement already blowing the roof cap off, the only thinkable thing is an ADA explosion in value.
ADA price outlook
We’ve already mentioned that ADA is among the few coins to show remarkable price surges over the last few days. The same trend continues, with the crypto finding a lot of support at $0.16 and surging by +21.86% against the US dollar to trade at $0.1888 at 1.30 pm UTC.
Now ranked 7th on the market, the crypto has gained 23.68% over the 7-day period. Its market cap now stands at $4.8 billion with a 24h volume of $365 million.
Going forward, it is expected the coin will see an increase in volume as Q2 moves on and Shelly approaches. Should the bullish trend pick up, expect to see the price of Cardano (ADA) angling for between $0.50 and $1.00.