Cardano (ADA) Coin: Best Bet in High Returns 2018
This is a blockchain based project aiming to provide an ecosystem that is a balanced and sustainable digital currency. Cardano (ADA) foundation is based on a research-driven approach and encompasses an open source platform supported by savvy programmers and peer reviews.
The Cardano platform has been in existence since 2015 and is currently billed as one of the best third generation players in the industry. Riding on the Ethereum ecosystem, it offers smarter solutions based on a more robust smart contract protocol.
The core goal of ADA is focused on accessibility and scalability. The coin is designed to leave enough room for mass adoption in the near future. It seeks to surpass other altcoins by using advanced smart contract backed features. The Cardano platform is not riding on the Ethereum ecosystem; it has an entirely new technology in place. However, there are some similarities since both platforms seek to address the same problems in the cryptocurrency niche.
Just like Ethereum, you can develop decentralized and secure applications on Cardano. Some of these are designed to support the running of financial applications for ordinary users, organizations, and governments globally. The project is being implemented in phases and bridging to the next is by soft forks. The system brings onboard a decentralized application that will operate on a regular blockchain.
Cardano is run by a non-profit organization with strong partnerships with academic institutions for research support. This is a strong foundation for a new entrant in the cryptocurrency industry, and partly explains why it is set to give established cryptocurrencies a run for their money.
Where Does Cardano (ADA) Branch from the Bitcoin and Ethereum Path?
ADA is subtly designed to be the third generation cryptocurrency. Its goal is to solve Bitcoin’s infrastructure and scalability issues. The first generation cryptocurrencies like Bitcoin have failed in many respects and have lowered the expectations of many users. Ethereum is a second generation coin and is an improvement of Bitcoin, but it has its shortfalls. Cardano is, therefore, trying to bridge the gaps and offer the user value for money.
As a third generation coin, the ADA platform solves scalability and interoperability to make cryptocurrencies sustainable. Users are looking for systems that offer fast transactions and minimal or zero fees. When you have a close look at the Cardano algorithm, Ouroboros, seeks to provide long-lasting scalability solutions.
Cardano uses side chains for cross chain money transfers. This is ideal for a transaction between users who are off-chain. The developers are looking for ways where institutions and participants can share transaction data for seamless trading and standard transactions.
ADA sustainability is vested in its governance and acts as an enabler to miner rewarding. This is a self-sustaining economic ecosystem. With the current system set up, developers are keen on avoiding the messy hard forks of BTG and ETH that eroded investor confidence.
Cardano is in the advanced stages of bringing onboard other applications to support the ADA coin. These are online exchanges and a secure wallet. Developers are keen to provide apps that are compliant with the system, and these should also be integrated with other cryptocurrencies for seamless transactions. According to Charles Hoskinson, co-founder of Ethereum, the process is referred to as “mechanization of a social process.”
What is the Route to Market?
Referred to as the Japanese Ethereum, Cardano (ADA) will primarily be a cryptocurrency platform with ADA being the token. This is one of the many layers that comprise the system. ADA is the settlement layer. The plan is to have the currency accessible through debit cards and ATMs for the Japanese market and later beyond its borders.
The second layer of the network plan is that of control; a trusted and secure framework. As a user, you will be able to access gambling and gaming systems conveniently. Once this layer is fully implemented, identity management apps will be brought onboard as well.
Other features in the Cardano pipeline include a credit system and an automated cryptocurrency wallet that is enabled to automatically trade digital currency and fiat. This will ease the long process of converting fiat to BTC/ETH to get altcoins and vice versa.
Is Cardano Viable to Invest In?
According to CoinMarketCap, ADA stands at $0.632007, a drop of -0.06%. However, it is predicted to rise to $5.93 by the end of 2018. This makes sense to the investor who is focused on the future and is willing to buy low now and sell at a profit later. According to Hoskinson, the platforms data scaling will start to bear fruits in 2019. The thing that is holding investors back is that the technology is yet to be tested.
Cardano is facing a lot of competition from an ecosystem that is almost bursting. The likes of Litecoin are on the flanks to share a piece of the pie. These share similar aspirations while Ripple offers better functionalities for financial system app support; meaning they offer a better proposition than the little known ADA.
Lastly, many critics may argue that the value of Cardano (ADA) does not offer value for money, the end result is based on how the market will respond in 2018 and going forward. The value of current cryptocurrencies largely depend on the future market; if a coin has a bright future, investors will have trust in it, and that is what Cardano is banking on.