Cardano (ADA) is one of the top cryptocurrencies in the crypto sphere. At the time of writing, Cardano is priced at $0.162 and is the 8th largest cryptocurrency by market capitalization. Cardano is a long-term project (has a real-life use and incredible purpose), and there is a big hype around it at the moment, but can it live up to it?
So, Cardano (ADA) is a long-term project that’s not fully completed yet. In the last 48 hours, the cryptocurrency fell short from $0.171 to $0.168. Cardano had an all-time high of about $1.12, but since then, even with other cryptocurrencies market, all we have seen so far is a huge dip (but still it has resisted quite well, and the dip has been because of the continuous fall of the crypto market in recent times).
Reasons why Cardano may or may not live up to the hype
One of the big things to know if a cryptocurrency will work out or not is the team behind it. As we all know, Cardano (ADA) has a futuristic team behind it. It has three organizations backing it and the IOHK – with Charles Hoskinson as the CEO. Hoskinson is an ambitious CEO, and he knows the strings to pull together to make Cardano a great cryptocurrency in the future.
He has also announced some of the things that are going on with Cardano at the moment. Cardano has two aims: to have a real-world use case, and also to do multiple things. Cardano (ADA) doesn’t want to be monotonous – instead, they are trying to get their hands on various things into their cryptocurrency that investors will need like the Smart Contracts, decentralized applications, and a platform that builds great apps that will be used in real life.
Moving forward, it is necessary to know that Cardano was built in layers to ensure scalability and upgrading. We do know that scalability is one thing that needs to be ensured by a cryptocurrency network. If scalability is not ensured, there may be a fall-off in the system as a result of a high rise in demand on the network. Admittedly, Cardano has made sure their platform is scalable enough.
Cardano’s completed and upcoming projects
Cardano’s roadmap is forthcoming in the next seven days – in one week, we should see more upcoming and completed projects. Here are some of the recent accomplishments by Cardano (ADA).
- Cardano’s SL MainNet has been Launched
- Enhancements are constantly made to increase the performance rate of its exchange partners
- Paper wallets
- Faster wallet restoration and synchronization
- TestNet Launched
There are other things Cardano is still working on – throughout the Q2 and Q3, the future of Shelley will be released, starting with delegation and a stake pool TestNests, and Duncan Counts; the open Ouroboros delegation implementation; Multisignature transactions; wallet backend; consensus incentives and fees; light client support; human friendly addresses.
Some ending words
Cardano is also working on Sidechains, which will help its platform to be more scalable. There also are lots of other projects coming up as far as Cardano (ADA) is concerned.
If all these projects get implemented on their platform successfully, then, it indeed can live up to the hype around it. The team behind it is excellent, and we shouldn’t be surprised if Cardano becomes one of the top 3 cryptocurrencies in the crypto sphere soon.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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