Cardano is regarded as a strong competitor to Ethereum which has the potential to give a run to the queen of the market for its money. Cardano was founded by Charles Hoskinson – a co-founder of Ethereum – and hence has a silent war with Ethereum. Although taking on the queen of the cryptocurrency market is by no standards as easy task, Cardano brought with itself some attractive propositions that could not be ignored.
What makes Cardano different?
Launched in 2017, Cardano remained away from the limelight in a market mostly dominated by Bitcoin and Ethereum but the recent performance in the 2021 bull run has made investors reconsider the cryptocurrency.
It essentially is a blockchain platform aimed at the development of decentralized application. It facilitates peer-to-peer transactions through its native token ADA. Cardano was designed with the vision to empower changemakers, innovators and visionaries to bring positive change in the world.
Cardano also regards itself as the first third-generation of cryptocurrencies which tackles the problems of scalability, interoperability and sustainability which has crippled many cryptocurrencies.
Cardano claims to be the only cryptocurrency that has a “scientific philosophy and a research-driven approach”. The network has close links with the academia and blockchain undergoes a thorough review by experts and researchers. This also sets apart the network by a large margin because the cryptocurrency world is regarded as purely speculative. Most altcoins do not have a strong underlying technology and reach for the moon just on the basis of speculation – which cannot ever be sustainable. In the uncertain world of crypto, Cardano brings a semblance of order with its research based blockchain – giving it value.
ADA’s performance and future
Cardano is the fourth largest cryptocurrency in the market with a capitalization of $65 billion. The cryptocurrency started off the year with a price level of $0.18 and reached towards its all-time high of $2.46. The phenomenal performance of the cryptocurrency in the bull run helped it come under the spotlight and now being the fourth largest cryptocurrency, it is even harder to ignore Cardano.
At the time of writing, ADA was trading hands at $2.01 – the price being down by 17% from the ATH. The market has recovered from the crash after the 2021 bull run and ADA is surging upwards. The bulls are going strong for the cryptocurrency and the future seems to be bright. The bullish outlook is further fueled by the possibility of smart contract compatibility. Hoskinson recently announced in a live stream that the development team will reveal the date for smart contract compatibility soon. The announcement caused a price rally for ADA which is a testament to what the integration of the technology can do for the network.
