Cardano - Why the Hype?

in LeoFinance2 months ago

At the time of writing this article, ADA is sitting at the $3 mark and number 3 position on Coinmarketcap with a total market cap of $97 billion. On January first, it started with a mere $0.17. That's a long jump since the start of the year for a blockchain that has no smart contract functionality out yet. Just imagine if you had bought some ADAs at that time and staked them.

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What Is Cardano?

Cardano is a third-generation blockchain and smart contract platform that was created to facilitate peer-to-peer transactions. It was co-founded by Charles Hoskinson who was also the co-founder of Ethereum. Cardano works on a Proof of Stake (POS) consensus protocol called Ouroboros. Even though, Ethereum was the first blockchain platform to introduce & process smart contracts, while Cardano can do that with governance and compliance. Cardano could operate with metadata and also with automated regulation. On top of this, it can bring identity to the blockchain system. If you want to know how Cardano works, how ADA staking works, and why it is different from Bitcoin, Ethereum, and other blockchains, please check out the linked basic guide by @crypto-guides to get started.


Smart Contracts Are Coming - Alonzo Hard Fork

Ethereum is currently winning the smart contract race since there are thousands of DApps running successfully on the network with hundreds of other projects related to its ecosystem. Input Output (IOHK), the company which handles the development of Cardano Blockchain has recently announced that on Wed 1 Sept., 2021 the Alonzo Hardfork has happened which added the smart contracts capability on their TESTNET.

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Once enough testing is done, it will get released on the Cardano MAINNET very soon, possibly by mid of September. It's an exciting news for ADA Holders who have been staking their ADA all this while.


Why The Hype?

In anticipation of the upcoming Alonzo Hardfork, investors are buying Cardano (ADA) which is contributing to the price spike. As we all know that DeFi and NFT markets are booming right now. This is perfect timing for Cardano to establish itself as one of the market leaders among other Smart Contracts enabled blockchains.

Cardano is the first blockchain that has followed the strategy of Peer Reveiwing each stage of the development by the industry experts and academicians. It applies mathematical concepts in its consensus algo and have a distinct multi-layer design which that is highly scalable. It's possible that they would come up with a better technology.

Earlier this year, IOHK also announced a collaboration deal with the Ethiopian government to develop a blockchain-based system to track student performance local schools. This could revolutionize their education system and provide better insights to students and faculty. This will also resolve the issue of fake certifications, which is a major problem in country as per their government officials. It is considered to be one of the biggest blockchain deals in history.

This is Cardano's dream project and perfectly suits their mission to provide digital solutions to everyone in the world especially people from developing countries who are stuck in their traditional inefficient systems. As Cardano's system develops, it will continue to collaborate with other governments which can help them leave a huge mark in crypto space.

This hype will continue until we see Alonzo going live. The question is, will it continue once that happens? I guess, we will find out in a few days. Do you think it is the best time to buy ADA and start staking it? Please comment below and let me know your thoughts.




https://leofinance.io/@finguru

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https://twitter.com/finguru6


finguru#4062

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I would not buy ADA @finguru, or any other crypto, while it is setting new ATHs. Better to buy the dips and HODL through times like this.

FOMO in anyway, based upon hopes for this upcoming introduction of smart contracts? I still wouldn't do it ...

Easy to say, since I bought a stake in ADA back in 2018 ... Very happy with how it is doing in 2021! 🙂

With so much competition for everyone's finite resources, it will be very interesting to see who / what takes advantage of this new smart contract feature and how well it performs to all of the alternatives out there these days.

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I would not buy ...any ... crypto, while it is setting new ATHs.

100% correct @roleerob. Right now it doesn't make sense to buy any crypto. The market is at a peak right now and it doesn't seem to stop. We need to wait for the red days for any buying opportunity.

..how well it performs to all of the alternatives out there these days.

Cardano is a bit late to the party. There are quite reliable and working alternatives out there already. We will get to know if their smart contract feature is going to be a hero or zero once Alonzo Hard Fork goes live on their Mainnet. Looking forward to it.

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fake certifications

Sounds like people found ways to exploit the system. I am glad to see solutions being created.

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Yeah. It could be a great use case for Cardano if they do it successfully.

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Cardano seems like it took a full-on corporate approach. They hired a marketing agency and openly falsely advertised some old tech as revolutionary and new.

A short but sweet rant I found on Twitter today illustrates that perfectly.

I love that we have so much competition in the space but I just can't start loving Cardano for some reason.

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Cool thread. Thanks for sharing Jerry. Not sure about the technical details but he is talking straight when it comes to marketing. Too many promises and yet we see no concrete solution being produced so far. They are quite late to the party and yes, their narrative has been very strong in dissing Ethereum and other blockchains.

I love that we have so much competition in the space but I just can't start loving Cardano for some reason.

Maybe it's because of the hype and no meat.

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Now is not the Best time to buy ADA coin.We need to allow it to go for correction by selling down and take a strong support up, before we buy it again

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That's right buddy. A correction is coming soon and you have to always buy the dip. Great strategy!

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Thank you bro

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You are most welcome bro! Cheers.

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Ok

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Thank you so much, guys. Appreciate it!

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When i wrote about ADA i got 1$ that i my self boosted and no likes. I know the blog was well written but still your upvotes are a result on compound effect. You really worked hard for years!

Not for years bro. I have been here for 6 months. But I have worked hard before that as well. 😬

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By hearing this, there is hope. See u in one year. Biggest whale on hive will be me. Dont forget me when we both become whales