One of the biggest sources of criticism for Cardano (ADA) is its development roadmap. The argument usually is that other projects are moving faster, and could gain a competitive advantage, and render Cardano irrelevant.
While this idea looks credible, it may not hold much water in the real world. That’s because, at this point, there really is no much adoption for blockchain technology. The tech is still in its early days. This means that at this point, the focus should not be on which project does what first, but rather, which one gets things right. Proof to this is in the issue of scalability. There are lots of projects that have rushed to be first but have got it all wrong. Ethereum (ETH) came first, but solving scalability has become an uphill task. Ethereum’s challenges led to the rise of many “Ethereum killers”, but most of them have lots of challenges that make them even more vulnerable than Ethereum (ETH). For instance, most of the so-called Ethereum killers are centralized projects that have massive security vulnerabilities. The rush to be first, and to appear to be the best, has led to the emergence oflots of low quality cryptos that may not stand then test of time.
Cardano takes a very different approach, and it’s what makes is a long-term winner. One of the things that make Cardano stand out is that it doesn’t strive to be first, and make headlines. Instead, the Cardano team is focused on getting everything right at the technical level. This explains the supposedly slow progress on the Cardano blockchain development. They are slow, but so far, everything they have achieved is practical to the needs of the market, not just today, but in the future. For instance, Cardano took time to work on Ouroboros, but they did get it right. Cardano’s scientifically proven Proof-of-Stake algorithm is secure and eliminates the energy needs that curtails the wide adoption of blockchain technology. This is a development that solves most of the problems that blockchain faces, not just today, but for many years to come. Ouroboros wasn’t the first Proof-of-Stake algorithm to hit the market, but it sure was the first, to solve the problem of security thatplagues most POS algorithms.
The same goes for most of the other developments that Cardano is working on at the moment. Most of them are not unique to Cardano, but they are the best version. For instance, smart contracts are not a new thing in blockchain, even though smart contracts deployment and interaction is still far off on the Cardano roadmap. However, Cardano smart contracts will be best suited for market needs because the key focus is correctness and verifiability, and this what is required for them to go mainstream.
In essence, Cardano may not be first, but it is without a doubt one of the blockchains with the strongest fundamentals. This gives it a higher chance of adoption in the future, once blockchain goes mainstream. Getting everything right is the one factor that could see Cardano (ADA) rise to over $1 in the future, which makes it highly undervalued, when trading at just 3 cents.