As Cardano (ADA), currently, the 9th top coin in accordance with the growing market cap of 2.4 billion dollars is rising up against the fiat at the current moment, Charles Hoskinson, the founder of Cardano project, ADA, and IOHK, spoke at Crypto ICO Summit turning attention to TRON (TRX).
Although ahead of TRON in the terms of market capitalization with TRX currently taking spot number 12 on the official ranking list, Hoskinson was praising BitTorrent, most recently acquired by Justin Sun, the founder, and CEO of TRON foundation, regarding scalability protocols.
Moreover, Cardano foundation has presented some groundbreaking points in the development of the project by revealing the use cases of Marlowe, which is a domain specific language backed up by Haskell.
Cardano’s Charles Hoskinson on Scalability and BitTorrent
On the recent Crypto ICO Summit, Charles Hoskinson, the founder of Cardano project and IOHK team, has had a chance to talk about some of the main problems in the blockchain industry seeking to be resolved, mentioning scalability, sustainability, and interoperability.
Hoskinson added that IOHK was “approached” for solving these active issues, further getting to the point of what Cardano is planning to do regarding scalability. As an example for his point of view, he mentioned BitTorrent, adding that this is a perfect example of scalability protocols.
BitTorrent was most recently acquired by Justin Sun, the founder of TRON foundation and TRX, so that the well-known data sharing service would aid his community in achieving the most important goal of TRON foundation – establishing a decentralized internet once again, while also planning on incentivizing users of BitTorrent for seeding.
Sun also acquired BlockChain.org for the purpose of setting up a decentralized internet, planning on utilizing it for the same purpose Google is traditionally used at the current moment.
Hoskinson made an example of how fast can data be downloaded via this service, stressing out that the more interested users are in a certain media available for download, the faster the download would be, which is why incentivizing is a great way of enhancing the overall download and upload speed.
The more users the network has, the faster the performance on the network becomes, making it a smooth scalability protocol.
Cardano Striving Towards Further Developments
As Cardano is aiming at becoming one of the top choices for smart contract operations and execution, Charles Hoskinson presented the use cases of Marlowe, which is a domain specific language backed by Haskell and designed to suit smart contract execution, which could eventually take Cardano closer to overthrowing Ethereum.
Ethereum currently holds the second place on the official ranking list while presenting the top smart contract platform, and although the co-founder of Ethereum and founder of Cardano is not known by targeting other blockchain projects as a direct competition, he announced the potential overcoming of Ethereum in the period of a bit over a single year.
In accordance with Hoskinson, the value of a digital asset has to go beyond its market capitalization while market cap rankings should also reflect the technology and used cases behind blockchain-based projects.
While Cardano is progressing up the ranking ladder, currently residing among the top ten cryptos, the team also spoke about Icarus, stating that Icarus represents a completely open source code base that holds the key towards the first step of an initiative to come up with tools that developers will use for Cardano.
Given the fact that Hoskinson highlighted the fact that BitTorrent represents a perfect example of scalability protocol, the team behind Cardano will probably focus on growing their community, which already stands as one of the most faithful communities in the cryptoverse.
Cardano ADA in the Market
On August 27th the cryptocurrency market is once again seen in a massive attempt of rebound as over 90% of currencies are collecting gains, although mostly at a slow pace of growth at this point.
With the latest change in the market, ADA has gained a bit over 3% against the dollar, currently being traded at the price of 0.096%.
Moreover, ADA marked a drop of nearly -3% in the last week, taking the massive downfall of around -91% against the fiat since reaching its record price of around 1.22$ back in January.
It is expected that the market cap readings will additionally improve for ADA with the further updates on the newly announced developments in the roadmap of Cardano, keeping a close eye on Icarus project and Marlowe.