Cardano coin (ADA) can be the cryptocurrency that disrupts the disruptors.
The Cardano coin, a third generation cryptocurrency, was developed for two years and went into operation in September 2017. It borrows items from the previously used cryptocurrencies and improves them, especially Bitcoin and Ethereum.
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And while Cardano is still very new and many of its planned features are under development, realizing its roadmap will make it an extremely robust and versatile cryptocurrency.
Optimism about the coin, trading under the symbol ADA, pushed Cardano price from just over $ 0.02 on its debut to an all-time high of $ 1.26 on Jan. 4 – up 6,200% in just three Months.
Since then, Cardano’s price has gone down along with other cryptocurrencies. Now it is trading at around $ 0.29 (which is still 1,350% above its debut price) and ranks 6th by market cap on CoinMarketCap.com.
The people who build Cardano are confident that their creation will quickly catch up with and outperform the other major cryptos.
“Within six months or a year, we will be pound for pound better than Ethereum and Bitcoin in every dimension and in every aspect, just based on the launch of our roadmap,” said Charles Hoskinson, Founder of Cardano Financial tycoons.
Here’s why ADA could be the best cryptocurrency to buy in 2018 …
What makes the Cardano coin so special?
With more than 1,500 cryptocurrencies in existence and new cryptocurrencies constantly emerging, it’s hard to stand out. But Cardano has many advantages over competing coins – so many that it appears to be one of the most dominant cryptocurrencies in the long run.
Let’s start with the developers. You are the people who write the code. The Cardano team is particularly impressive. The group works with a company called IOHK, which is also developing Ethereum Classic.
Cardano has more than 30 top notch developers dedicated to the project. IOHK was founded by Hoskinson and Jeremy Wood, both of whom have long histories with cryptocurrencies.
For Hoskinson, IOHK is his third crypto project. He previously worked on Invictus Innovations (which was used to create the Bitshares platform) and Ethereum, where he served as the first CEO.
Unlike most cryptocurrencies, Cardano didn’t start out as a “whitepaper” (an overview of the technology and the goals of the project). Instead, the project began with a series of “design principles, technical best practices, and opportunities for exploration”.
As with any serious scientific endeavor, the code that emerged from the team’s research was created as open source code and peer-reviewed. This is unknown among cryptocurrencies, which too often consist of code copied from other coins by a handful of anonymous developers.
In contrast, Cardano’s code was created completely from scratch. It is based on a programming language called Haskell, which is an advanced system that allows code to be written more precisely to reduce errors and make the platform more secure.
And that is just the beginning …
How ADA competes against Bitcoin and Ethereum
One way Cardano is improving cryptocurrency design is to divide its two main functions into two distinct layers: one for transferring value (“Cardano Settlement Layer”) and one for storing data (“Cardano Control Layer”).
Restricting the tasks of the settlement layer makes it more secure and preserves privacy for basic transactions that do not require metadata.
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A separate control layer is better suited for Cardano as a platform, e.g. B. for smart contracts, distributed applications (Dapps) and even as a basis for initial coin offers (ICOs). This allows the control layer to be optimized for these purposes, while the single-layer system of Ethereum has to fulfill double tasks.
The two-tier design means that each can be updated separately if necessary.
Cardano is also up to date as it confirms its blocks on the network. Both Bitcoin and Ethereum use what is known as a “proof of work” in which miners solve a difficult math puzzle and the winner receives a financial reward.
Cardano uses a “Proof of Stake” where by holding ADA tokens you get a “share” of the network and the stakeholder rewards for validating the blocks and securing the network. As with almost everything related to this project, Cardano’s proof-of-stake protocol called “Ouroboros” was designed and built by its developers.
As Cardano runs on its roadmap, it will be able to do everything Bitcoin and Ethereum can, but more efficiently and securely.
Two ICOs, Sp8de (SPX) and Traxia (TMT), have already been launched on the Cardano platform.
“I’m building this for the long term,” said Hoskinson Financial tycoons. “I want ADA and Cardano to be used in 50 years. I want this to be like TCP IP. Our vision is for Cardano to be the developing countries’ financial stack.”
But that all begs the question: if the Cardano coin is so great, then why isn’t the ADA price going to gangbusters?
Here’s why crypto traders are holding back – but won’t be long …
This could increase the Cardano price by more than 17,000%
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About the author
David Zeiler, Associate Editor for Money Morning at Money Map Press, has been a journalist for more than 35 years, including 18 years with The Baltimore Sun. He has worked as a writer, editor, and page designer at various times in his career. He has interviewed a number of well-known personalities – from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Dave has covered a wide variety of topics throughout his journalistic career. Since joining Money Morning in 2011, his main focus has been technology. He is an expert on Apple and cryptocurrencies. He began writing about Apple for The Sun in the mid-1990s and ran an Apple blog on The Sun’s website from 2007 to 2009. Dave has been writing about Bitcoin since 2011 – long before most people had even heard of it. He even dismantled it for a short time.
Dave holds a BA in English and Mass Communication from Loyola University Maryland.
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