Cardano (ADA) was earlier on this year accused of being the cause of Cardano Fever for the unlucky few a while back. Whoever was suffering from the ailment, was prone to constantly talking about the coin and its projects. The sufferers were also seen to predict a wonderful market performance for 2018 as the Cardano team delivers on promises on its road-map.
Looking at the roadmap and the basic concept behind the Cardano (ADA) project, one can safely conclude that once live and running, the Cardano platform and coin will give the more popular coins of Ripple (XRP) and Ethereum (ETH) a run for their money as I shall elaborate.
So how will it threaten Ripple (XRP)?
Firstly, the Cardano (ADA) cryptocurrency makes it possible for fast and direct transfer of money on the blockchain. The exact duration or transaction speed is yet to be confirmed by the Cardano team. But if it were to beat Ripple’s 3.3 seconds, it will be the fastest cryptocurrency out there and easily knocking off Ripple from the podium position.
Secondly, its platform is slated to run financial applications that will be used for day to day activities by regular folks such as you and I, by organizations and by big governments. This sounds more and more like it will be competing against xCurrent, xVia and xRapid. However, the Cardano platform is being constructed in layers which gives the system the flexibility to be more easily maintained by allowing for upgrades via soft forks. So it will be up-gradable as is the case with Ripple which also released version 0.90.1.
Thirdly, Cardano is way cheaper than Ripple (XRP) in the crypto markets right now. It is an untapped source of investment since there is not much buzz around the coin. This is because the Cardano project is run as a non-profit. The team is concerned with delivering on the project objectives. A current market price of $0.164 puts Cardano (ADA) at a price 27% that of Ripple right now. Also the circulating supply of ADA stands at 26 Billion while that of Ripple is at 39 Billion. Clearly ADA has potential for having its value shoot up with a lower market supply once demand kicks in.
What about Ethereum? How does Cardano threaten ETH?
Ethereum (ETH) smart contracts have been proven to being vulnerable in the case of the Parity incident where a random user, locked up over $200 Million of Ether, indefinitely in the smart contract. Such an incident led a joint group of researchers from the National University of Singapore (NUS), Singapore’s Yale-NUS College and the UK’s University College London (UCL), to do investigations of the extent of the vulnerabilities.
In the research paper they were to later compile, they documented how they downloaded 970,898 live smart contracts and tested them for security vulnerabilities using their proprietary software known as MAIAN. This software was able to identify vulnerabilities withing 10 seconds of testing each smart contract. Out of close to a million smart contracts, 34,200 were found to being vulnerable with 2,365 of them being highlighted to being at a greater risk than others.
With the above reference to Ethereum, the Cardano (ADA) platform will have the capability of offering smart contracts. As a result, the dominance of Ethereum as the go to platform for smart contracts and ICOs will be diminished as soon as their are more options out there such as Cardano. Another smart contract platform to note is that being provided by Stellar (XLM).
So there you have it ladies and gents. Cardano clearly looks to be a future threat for both Ripple (XRP) and Ethereum (ETH) as we proceed with the current year and beyond. Perhaps it is a good idea for the keen crypto traders to start doing their price analysis once Cardano’s platforms are up and running. One thing is for sure, the coin is currently undervalued in the markets.
More Resources
Follow us on Telegram
View Comments (20)
how is it undervalued if there is no product backing it? Ripple has worked on their technology since 2004, so way before the founding of Ripple the company in 2012, it'll be a long time before you have a product that works as well as Ripple's. By that time Ripple will most likely have taken down SWIFT anyway so it's going to be too late.
and just because you beat Ripple's time by another second doesn't mean you automatically and easily (like you claim) are knocking Ripple off anything. lol
Also just because it's cheaper in the market right now doesn't mean banks and other financial institutions will adopt it which is what you need at the end of the day to be successful. This article seems more like a dream than anything else.
Hi there. Dreams are not that bad are they? But your points are well noted.
Cardano won't be threatening anyone until they have a product. At the moment it's all whitepaper hype.
Stop spreading the FUD Ripple is much far better than any blockchain projects with very good use case None of the other projects can prove any decent agreements compare to Ripple They are signing 1 bank each week Very soon Mobile app will go live For some reason there is big campaign against Ripple XRP Look on their team partnership Trying to change old slow SWIFT system globally for whole world
This is well noted. Although I do not consider it as FUD.
I am a Cardano holder but this article shows a low-level of research and the real reasons why Cardano could overtake Ripple and Ethereum in the Super Mario Grand Prix Market Cap rankings are not even mentioned. What about IELE VM? Ultimate Compatibility of all languages for Smart Contracts? SideChains? High Assurance Code? Haskell?Treasury system? Governance System? Anyone ?
Hi Pierre. I do acknowledge the points you have raised. I will include them in the next article. Much appreciated. My idea was to put forth a topic for discussion for everyone to consider and possibly participate. Sometimes technical issues are not what really matters in articles. But still noted. Thanks.
I love when a person says: " I am the holder of the coin and I am 100% with the people who are AGAINST the coin that I am holding"
Pierre, you are the perfect example for this type of "flexibility". Really???
Quoc Truong, I hold all of the coins cited in this article but Cardano is my favorite, and that doesn't make me any less objective regarding the poor quality of this article...It doesn't take a PhD to see that the author didn't get his hands dirty....
I don't know where you got the impression that it is a competition? It's a big world and there is probably enough room for several coins
Cardano will take over Ripple and Ethereum with one year and by the way I am a Cardano holder too.
Well said Pierre!
I'll admit, I know very little about Cardano. After reading this article, I know even less. An explanation as to how ADA works to prevent the vulnerability issues found in ethereum would have helped, or why it should be faster than ripple. Simply saying so doesn't prove anything.Truth is, I've heard great things about ADA. so maybe this person's opinions are true, but facts are what matter, not unsupported opinion.
This is well noted. Thank you for your honest feedback.
While Ripple has made a lot of headway in the form of business agreements, what is unclear to me is how this helps the XRP token itself. My understanding is that the main Ripple platforms don't even use its token. I'm not trying to say that one is far better than the other: I have positions in both XRP and Ada (and XLM for that matter). I'm just trying to gain some insight. While Cardano has some ways to go, I can at least see how their platform will use Ada. Am I way off here? Any thoughts?
You are right in the sense that the business partnerships for Ripple, do not use the coin - XRP. They use Ripple's backend payment settlement software of xCurrent, xVia and xRapid that do not utilize the 39 Billion tokens in circulation. As a result, the partnerships will not affect the market price.
ADA is undervalued because many think that it is a bunch of hyped up whitepaper with no product. It is a risk buying ADA with no product, but then again, what if their product is revolutionary enough to push out XRP and ETH as described in the article.
XLM will rise with its decentralized exchange, partnership with Keybase that actually uses XLM, its smart contracts have already been used by an ICO called Mobius...also I heard they will be using the lightning network.