Charles Hoskinson is the CEO, who was also involved with Ethereum in its development team. He was one of the original cofounders of Ethereum. He also collaborated with Dan Larimer on Bitshares and has a proven track record in the cryptocurrency. Cardano is trying to solve some of the most difficult problems, the cryptocurrency industry is facing such as scalability and democratized voting. In this blog post, I want to discuss the advantages of ADA. I’ll make some price predictions for what it might achieve in the future.
Cardano originally was called Hong Kong input/output and it was later rebranded into Cardano. This cryptocurrency has one of the highest levels of technical complexity, that I observed after reading the white paper. The white paper is a technical masterpiece with detailed analysis. Another such complex paper, that comes to mind is IOTA, based on the Tangle Technology. I am also very bullish on IOTA and I want to post my views in a forthcoming post on IOTA, complete with price predictions for the long-term.
Cardano, in my opinion is going to pose a huge threat to Ethereum. They are also promising to achieve many of the similar functionalities of EOS. Their team is well suited for the task, as their team is packed with academicians and scholars.
If, we in the cryptocurrency community are honest and perform a self-evaluation of the pros and cons, we might all agree and come to a consensus that, there are some complex problems in the cryptocurrency world that need to be resolved before we witness any serious adoption in the real world. The first and obvious one is scaling and even the most successful cryptocurrencies right now aren’t able to handle the load, that say Visa and MasterCard are handling. The reality is that Bitcoin and Ethereum can’t even achieve a fraction of the transactions per second that these large credit card companies are handling. That’s the sad and unfortunate truth currently and its important, that we don’t go ahead of ourselves. The problem with blockchain tech is that once you know the tech, we all know that, we have some very serious roadblocks ahead. Everything that we as a cryptocurrency community are trying to achieve now is really in its infancy.
Coming back to the coin, Cardano is completely open-source and the team is promising to build a foundation that everybody else can build upon. They are in the business of solving scalability issues through their own smart contract platform similar to Ethereum. You will be able to inter-operate with other cryptocurrencies. Ethereum uses the
solidity language for programming smart contracts, whereas Cardano is developing its own language, but its focus is really to be inter-operable with other cryptocurrencies. They are trying to make atomic swaps easier and hopefully remove the need for exchanges.
Cardano is just going from strength to strength. The other advantage is that, they have a lot of smart academicians and technicians working on these technical solutions. Once they create a great solution, they don’t need to do aggressive marketing. Cardano is a sure-fire long term hold. In my opinion, Cardano, could be the next big thing. I unequivocally state that Cardano is going to find its niche over the next year and is going to expand its base and as opposed to a lot of other cryptocurrencies. It is a sleeping giant and when it wakes up is going to trample a lot of other established names.
I am extremely excited about Cardano and going to become an investor in the very near future, as I sort out my portfolio allocation. I have also signed up for their alerts on their website as I am enthusiastic about the future of this project.
Technical Analysis & Price Prediction of Cardano
The current Market cap of Cardano is 732 Million Dollars. The circulating supply of Cardano is 25 Billion coins, whereas the max supply is 45 Billion coins. In my opinion, this is one of the biggest technical hindrances as we are likely to see continuous supply at higher levels. So while we witness these fantastic benefits and superb applications of this technology, the large supply may be a major constraint and a hurdle to deal with.
Ethereum is at a valuation of 40 Bn dollars. If Cardano attains even 20% of that valuation, we are talking about a market cap of 8 Bn dollars at the current circulating supply. That means a 10X returns from current levels. This is my conservative estimate for this cryptocurrency in the next 2-3 years, given the fantastic prospects, the real world application and the world class management and team behind it.
As far as its competition with Ethereum is concerned, Ethereum is still light years ahead. And the answer, whether it is an Ethereum Slayer is a comprehensive NO. However, we definitely have a winner on our hands!