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.
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