There is no doubting the fact that ever since Cardano got released in 2015, it has been making lots of headlines in the world of cryptocurrency. According to experts, it is growing slowly to become one of the most demanded cryptocurrencies. It is true that Bitcoin, Ethereum, and others are making more headlines at the moment. However, Cardano (also known as Ada) isn’t far away given the progress it has made after being introduced a few years back.
This post is going to be revealing everything you need to know about the Cardano cryptocurrency. There is no doubting the fact that after reading the details below, you will be in a better position to decide whether this cryptocurrency is worth investing in or not.
History & performance of Cardano
The brain behind the emergence of Cardano is Charles Hoskinson. It is a smart-contract blockchain which has been created to compete with some of the heavyweights in the cryptocurrency industry like Bitcoin, Ethereum and many others. According to most experts, ADA has been created as a solution people can look up to when cryptocurrencies will take over the financial systems of countries all over the world in the future. In other words, it isn’t a short term investment as its developers seem to be looking at the bigger picture.
Many people are yet to know that most cryptocurrencies don’t align with government policies and regulations. However, Cardano happens to be one of the few that has proven to be very compatible with such policies. Also, it has a highly sophisticated and advanced technology in place. This “3rd generation technology” according to experts, seems to be more superior as compared to what other cryptocurrencies have at the moment for their investors. Its blockchain is fully secured and can’t be hacked. This is because the Haskell mathematical algorithm is what its creation has been based on.
The rise of Cardano hasn’t been fast as compared to what Bitcoin experienced a few years back though. However, its progress has been slow and steady and investors are very optimistic that the future definitely looks bright. For instance, it is presently considered as one of the major rivals of Ethereum.
Is Cardano unvervalued?
Just as explained by Weiss Crypto Ratings, Cardano seems to be one of the most undervalued cryptocurrencies as compared to others despite all the benefits that it tends to offer. At the moment, it is used by educational platforms, agricultural companies and merchants but can still have a much broader audience. For instance, it owns one of the safest wallets in the world of cryptocurrencies (Daedaelus wallet). This has been discovered to be super-safe and will give potential and existing investors rest of mind.
When coins are being measured based on factors like security, cost, versatility, scalability and interoperability, there is no doubting the fact that ADA will prove to be steps ahead. This is because its features have managed to exceed expectations since hitting the world of cryptocurrencies.
Cardano decentralization plans through shelley
As a proof that Cardano has got vision to become a leader, it has come up with plans of having a decentralized network. Don’t forget that it is the first blockchain to be 100% open source. The release of Shelley is something that promises to deliver better and more advanced features as compared to what investors have experienced with other protocols in the past. According to experts, Shelley is going to enable Cardano compete favorably with Bitcoin.
Of course, one of its major strengths has been the full decentralization. It is more like moving to a decentralized ledger from a centralized ledger. For centuries, ledgers have been existing. However, these are in centralized forms instead of being decentralized. The importance of ledgers is very important in businesses and such can hardly be overemphasized. For instance, they are used in recording everyday transactions. However, a decentralized ledger tends to offer much more. For instance, it ensures that transactions between two or more parties will not need any verification from authorities. With a decentralized blockchain such as this, no permission is required for value to be exchanged.
The features of this decentralized system of Cardano are also worth mentioning. For instance, Ouroboros is the foundation of its decentralized system. It has been built to offer users maximum security with some advanced features. Through this, experts have been quick to conclude that Cardano represents the future of the cryptocurrency industry. It just seems to be getting better and better with each year. Ouroboros is the means through which the decentralized ledger is expected to function. In other words, it is the major key through which such decentralized ledger can be updated as well as maintained. It ensures the easy and effective capture of every transaction on the blockchain of Cardano.
The opportunities which shelley tends to offer businesses are quite massive. For instance, businesses which run a stake pool that is profitable have the rare chance of setting up their own servers. This means they can process their transactions. Business managers can take active part in maintenance of the Cardano ledger. Also, there is freedom for blocks to be added to blockchain. Based on these, one fact is quite certain about the shelley system being introduced by Cardano. This has to do with the amount of freedom that business managers have been given when it comes to owning and managing their own pools. Simply put, Shelley allows ledger transactions without any permission from third parties.
Despite all the applause Cardano got from its shell innovation, it doesn’t seem to be taking its foot off the pedal. For instance, there was the introduction of “proof-of-stake”, which according to most cryptocurrency experts, is aimed at giving mining powers to holders of ADA. This has been a step in the right direction given that it even makes the system to be more centralized by offering power to miners.
Is Cardano a good investment?
There have been a series of arguments amongst experts and investors about Cardano. For instance, while some groups of people believe that it is an investment worth all the hassle, others have the opposite opinion. In other words, they don’t believe that investing in Cardano is worth it. This section will be explaining some details about this cryptocurrency to enable you reach an objective decision.
The answer to this question is yes, it is a good investment. As a matter of fact, statistics are showing that Cardano is amongst the top 8 cryptocurrencies in the world at the moment. It may not be the most attractive option for crypto investors right now. However, the future looks bright given all the features and functionalities that are in place. This is why experts are predicting that it is only a matter of time before this cryptocurrency takes its place as the best.
Another reason why it is a good investment is that experts have made lots of favorable predictions in the past about its price. For instance, there are predictions that it can hit $3 by the end of 2025. It is already proving to be the solution to problems which other cryptocurrencies have been experiencing in the past years. This will give it a fair chance of dominating the cryptocurrency industry. It has been developed to ensure scalability, high level of security and flexibility.
Another aspect that is worth mentioning is that it helps in facilitating fast transactions between people and companies. There are crypto investors who believe that Cardano may even hit $2 by the end of 2023. This is possible given that it seems to be gaining more trust by the day.
Will Cardano ever hit $10?
At the moment, this may seem like an impossible task. However, looking at how Bitcoin started, there is no doubting the fact that Cardano has a fair chance of hitting something much higher. Of course, Bitcoin started with $0.1 and today, it is worth thousands of dollars. Such is due to the rate investors are using it for transactions. There is this high level of trust that it has gained over the years. Cardano can also hit $10. The only factors that can make such happen is when plans begin to materialize. The future looks very bright at the moment given how this cryptocurrency has been set up to outperform others in the market.
What makes Cardano so special?
Just as said above in the beginning of this post, Cardano is very much different from most regular cryptocurrencies. This is why investors and experts are making favorable predictions about its future. Apart from its state-of-the-art technologies in place to aid transactions within the blockchain network, its activities are in full compliance with government regulations.
It is no secret that cryptocurrencies were not fully supported initially by most governments around the world. However, all of these are beginning to change, a development which is expected to favor Cardano in the next few years. It has definitely succeeded in bringing the future of cryptocurrency to reality with some breathtaking features.
Be sure to stay educated and always do your own research before investing! Interested in more news and articles? Have a look at our stock market guides or cryptocurrencies guides. We cover topics such as choosing a crypto wallet and many more.