Why Cardano (ADA) is a Cryptocurrency to Watch
Cardano (ADA) – Charles Hoskinson is considered to be one of the foremost experts in the crypto world, with his Cardano (ADA) cryptocurrency sitting at a market cap of $4.7 billion, few will dispute the fact that he’s a legitimate source for regarding his innovative ideas within the realm of blockchain tech and business. Reaching a market cap of $32 billion in early January, the third generation token has since been on a downtrend – falling quicker than its competitors. However, after hitting a low of $0.12 last week the coin quickly surged back to $0.20 cents. Currently trading at $0.18, ADA is still a very new cryptocurrency with a lot of room to grow. As we move into spring, many believe that the inevitable bull run of the cryptocurrency market is just around the corner; but investors and experts alike will tell you that the sudden surge from $0.12 to $0.20 wasn’t random and that everything happens for a reason.
Charles Hoskinson has contributed to some pretty hefty crypto projects that are still in existence today, but none bigger than Ethereum. The principal behind Cardano is fairly similar to what you see from Ethereum. Let’s not forget that Cardano is technically a icon that threatens to do everything Ethereum promises but more. Vital Buterin and Charles Hoskinson used to work together on the Ethereum platform but at some point the two got into it about whether or not Ethereum should be non-profit, open-source software like Bitcoin or if it should be monetized.In this debate Hosinson was on the side of those that wished to monetize the Ethereum project directly like a business. Eventually Hopkinson decided to simply abandon the project altogether – he departed in 2014 at which point he set out to create a rival crypto capable of “dethroning” Ethereum one day.
“Founded in 2015 by Charles Hoskinson and Jeremy Wood, IOHK is a technology company committed to using peer-to-peer innovations to provide financial services to the three billion people who don’t have them. We are an engineering company that builds cryptocurrencies and blockchains for academic institutions, government entities and corporations. We are a decentralized company that loves small, innovative teams forming and executing ideas that cause cascading disruption.”
IOHK is currently studying new tools and paradigms for cryptographic research and the architecture of cryptocurrencies – collaboratively developing open-source library for universal comparability and the Scorex project.
Cascading disruption is the idea that most of the structures that form the world’s financial governance and social systems are inherently unstable and thus minor perturbations can eventually lead to a ripple effect that fundamentally reconfigures the entire system. IOHK plans to identify and develop technology to force these perturbations in order to push towards a more fair and transparent order.
Hopkinson had recently given advice about cryptocurrency investing when he spoke with BlockchainNewsKorea, where he told all viewers that according to him whenever there is great new technology emerging, the feeling is to act and do something right away – but really, there is no specific “best” time to get into cryptocurrencies because there is always an opportunity to be made whether is is tomorrow, next month, or in 10 years. He goes on to argue that while the internet is “old,” that does not mean an individual could not start a business now, online, and become a billionaire. Therefore it is not true that if you didn’t “invest” in the internet back when it first came to be, you “missed out” on your opportunity.
“…it does not matter if you get in today, or two years from today, or three years from today. They are still going to be around and there’s still going to be plenty of opportunities.”
While it is true that Cardano has been one of the worst performing coins as of the past couple of months, it is key to note that coin is still very new and the currency’s rise to the top of the charts happened very quickly.
Cardano is a blockchain that can be used as a method of payments. It allows smart contract based projects and activities to be built on top of the primary ‘settlement’ later for ADA. Cardano’s blockchain-based platform is secured by its Ouroboros protocol. (“The Ouroboros Proof of Stake (PoS) Algorithm is the most important part of the protocol. It defines the way in which nodes reach consensus about the state of ledger. Ouroboros is unique as it is the first blockchain protocol that is based on proof of stake and has been scientifically proven as secure.”)
Once Cardano is fully developed and implemented with massive adoption, the true brilliance of the project will be brought to fruition. It is quite possible that this coin could soar to even a multi-trillion dollar market cap in the next decade – like they say with that of Bitcoin or Ethereum. We are still in the very early stage of things and anyone reading this article in general is already steps ahead of the masses.