Here’s How Cardano May become the Dominant Cryptocurrency
The Cardano price has been up lately. So much so that many people think the cryptocurrency might overtake others ahead of it.
We are still in the early days of the cryptocurrency space.
And with the sudden interest in Cardano as a cryptocurrency, we might as well consider having Cardano wallets to boot.
Cardano is Going to be Smart Contract Capable Soon
With the upcoming Cardano Alonzo upgrade, we might see the emergence of a new type of smart contract-capable ledger within the cryptocurrency space.
Cardano is a distributed ledger with a difference.
Having two separate layers that separate accounting and computing sets it apart from others in its league.
This particular fact has many people excited.
It is also making the Cardano price go up with renewed interest from cryptocurrency traders.
The emergence of a dual-layered distributed ledger might seem weird to some. It is evolution taking place.
It also will increase the of the Cardano token as we see an increase in utility.
We will see the creation of a new ecosystem that could rival Ethereum and other EVM compatible machines.
The net effect of this will be an exponential increase in the Cardano price.
Many participants will create a new branch of the cryptocurrency space.
Each developer will come with ideas on how best to solve humanity’s problems.
Ouroboros Could Change Transaction Confirmation Forever
The use of Ouroboros as a Cardano staking mechanism has been, so far, one of the most significant contributions of the project team to the cryptocurrency space.
Proof of Stake (PoS) has come with several variations and problems. Ouroboros has been one of those PoS mechanisms that have been stable so far.
And as Cardano staking becoming mainstream in recent times, it has made the process profitable too.
The great thing about Ouroboros as a staking mechanism is the scientific and research-oriented basis that it runs on.
We could see the creation of other distributed ledgers in the future. Ouroboros or its variations could be the key to unlocking future staking models.
We are going to see the creation of new paradigms within the Cardano (ADA) ecosystem as things explode within the cryptocurrency space.
Participants within the ecosystem may see the Cardano staking system as flawed as things become complex.
As with everything within this space, changes will occur with the current model.
The great thing though is that it proves Proof of Stake (PoS) is one of the ways to ensure stable transaction confirmation on distributed ledgers without harming the planet.
The great thing is anyone with a Cardano wallet can participate in the staking process.
The Alonzo Upgrade is Going to Create New Marketplaces
As developer creativity increases within the Cardano space increases, new ideas are going to create new projects.
It is especially true with the rise in Cardano wallet ownership.
A rise in Cardano wallet ownership indicates increased participation within the ADA network.
However, Cardano wallet ownership will increase as ADA’s computational layer comes online.
The first marketplace to be affected will, of course, be the decentralized finance (DeFi) space.
It will become a playground for the developers who think that EVM-capable ledgers are outdated or need an overhaul.
It also creates much-needed diversity within the space.
New programming languages allow for different approaches to solving problems.
In this upgrade, everyone wins!
The Cardano Roadmap Solves Many Cryptocurrency Project Problems
When Charles Hoskinson and Jeremy Wood created Cardano, they sought to solve the problems they saw with the first and second-generation cryptocurrencies.
So far, it seems there were right.
The Cardano roadmap is proof of that.
The Cardano roadmap has provided a basis for creating these solutions in practical ways that provide stability to the ADA ecosystem.
The ADA project appears to be late to the game.
However, the measured approach to solving humanity’s problems shows the project may stand the test of time.
Other project upgrades have been fraught with problems.
Slow but steady, the ADA project is giving itself the space and its participants time to grow with the much-needed patience that most of the cryptocurrency space lacks.
It also creates a scenario where the “Cardano vs Ethereum” reality might just be the case.
Cardano will Beat Ethereum in the Long Term
“The house that Vitalik Buterin built” has proven to us many possibilities.
That proof has come with as many problems as possible.
From high transaction fees to security issues, the problems have shown the cryptocurrency space to be a formidable force in getting the job done.
However, the slow pace of upgrades and inefficiencies would prove to be Ethereum’s undoing in the long run.
Layer-2 solutions can only go so far in solving the many issues that are occurring on the Ethereum network.
These solutions have helped to no small degree.
However, they are at best a method of solving patching fundamental problems that are solved with Cardano.
It brings the “Cardano vs. Ethereum” scenario to the fore.
The near-infinite scalability abilities of the Cardano blockchain are an added plus.
Added to that is the dual-layer solution and projects like Hydra that make Cardano sound like something out of a science fiction novel.
However, these solutions present a well-thought-out approach that sees well into the future without the issues that have faced Ethereum.
While nothing is cast in stone, in a match-up where it’s Cardano vs. Ethereum, ADA wins!
Cardano’s Dominance will Increase
With the rise in utility, ADA will see a net increase of activity on the Cardano explorer.
This rise in activity on the Cardano explorer will provide accurate information on increased transaction volumes.
Though it will take time, it will lead to an increase in the dominance of the Cardano blockchain.
Ethereum will lose dominance as the EVM standard continues to grow.
Developers will migrate to other blockchains and develop their projects there.
However, with the limitations of the EVM model, we are going to see a search for a smart contract-enabled blockchain that can provide the stability, security that everyone needs and be cost-effective as well.
A crystal ball peep into the Cardano explorer indicates far more transactions on the Cardano blockchain, even rivaling Ethereum!
The Cryptocurrency Space will HODL Cardano
As the ADA blockchain continues to go through a series of upgrades, we are going to see an exponential increase in the number of HODLers of the token.
It, of course, will have a net effect on the Cardano Value.
That uptick is already obvious in the current Cardano to USD value.
We shall see a further increase in Cardano value as the updates roll out and new projects come on stream on the network.
As it is with the case of most cryptocurrency projects, cryptocurrency token values always increase when the mass effect comes into play.
We will see this effect in a few months after the Cardano value has gone through the roof in this case.
We may be seeing a Cardano to USD value of up to $100 or even more within a year.
And with the rising exponential nature of the cryptocurrency markets, the Cardano to USD value may even be ten times more than that!
It is always the way HODLers see things.
They, in effect, provide what we see as the “marketplace”.
So What’s Next for Cardano (ADA)?
Cardano (ADA) is going to be the hottest thing on the cryptocurrency markets in a bit.
The only thing the team has to do is to keep doing what they have been doing.
If they prove themselves, Cardano (ADA) may become the dominant cryptocurrency in the markets!