Unstoppable Cardano: the cryptocurrency does not stop growing and begins to “worry” Ethereum and Bitcoin

The price of cardano soared 2,500% in the last year, including a revaluation of 280% in the month of February of this year

Cryptocurrencies are going through a boom time. The boom that shot a Bitcoin (BTC) to new all-time highs dragged the entire industry behind and both new tools in the style of the NFT as new currencies among which it draws a lot of attention ‘Dogecoin‘They live their best days since their appearance.

More and more companies and individuals are interested in everything that surrounds the blockchain universe, investing large amounts of money in their environments, and causing names that were not known outside to begin to stand out, as is the case of Cardano.

What is there to understand?

This blockchain that maintains a cryptocurrency called ADA, although it is usually known by the name of the parent company, in recent days it became the third largest digital currency in the world by market capitalization, reaching close to u $ s40,000 million. And its success does not stop there, since its growth rate is higher even than that of Bitcoin.

The price of Cardano it shot itself 2.500% in the last year, including a revaluation of the 280% in February. Anyway, it continues very far from the big rivals in the market, right now you can get an ADA for $ 1.13 per unit. But how did this new digital asset get so far? As in everything that surrounds this new industry there is a simple explanation.

Last week the release of an update called Mary was announced, which promises to be a before and after for Cardano.

As explained in specialized media, Cardano is a natural competitor, and perhaps the biggest rival today, of Ethereum.

With its own blockchain, this project was launched in 2017 and it was not done by just anyone, but is mainly supported by the commercial company Input Output Hong Kong (IOHK).

But the person in charge of managing that company, Charles Hoskinson, it was co-founder of Ethereum And now it’s IOHK CEO. This made Cardano in one of the most followed projects in recent years, but it is not the only reason, far from it.

The main change that led many to have definitely opted for be active is that last week the launch of an update was announced, called Mary, by the author of Frankenstein, which promises to be a before and after for Cardano.

Mary is a change in your systems that will allow issue ‘tokens’ and the famous NFTs from your blockchain. That is, it completes its path to decentralization. Anyone who wants to, and following only a series of processes marked by Cardano, will be able to use its ‘blockchain’ just like it is done with Ethereum, without intermediaries. Although with certain improvements, at least in theory.

The idea of ​​Hoskinson and his is to improve all the points where Ethereum fails and that made many rethink the use of these tools or the extension of them.

Usually accused Ethereum of having very expensive transactions, overly complex processes and a great lack of security both for those who make movements in their system and for regulators, torpedoing scalability.

In addition, Cardano seeks to improve this than simpler processes, which need less energy and therefore are much cheaper, and, finally, that are safer by recording more information, helping regulators feel safer when taking the step towards the ‘crypto’ world.

Is Ethereum in danger?

According to the CardanoAssets website, there are already more than 379 assets in the Cardano chain, and such is the security of its creators that they are better than Ethereum than itself. Hoskinson came to call the project ‘Ethereum killer‘.

In other words, we have beaten them up. So it’s really a matter of growth. Can we grow this year? And that is what we are doing this year. We are fighting hard“he assured Hoskinson In an interview.

The growth point seems the biggest barrier that still separates both environments, since Cardano seek to attract about 22 million software developers from around the world in the coming years, emphasizing the potential that Africa has, but still the difference with Ethereum is great. In the price of its currency the distance is more than u $ s1,000 per unit and the data does not stop there.

Among open source software developers, Ethereum attracts much more attention

Among open source software developers, Ethereum attracts much more attention.

Currently, 19 of the top 20 ‘dapps’ (applications that work with ‘blockchain’ like the well-known game CryptoKitties) by volume are using the red Ethereum, and the remainder is on the Lightning Network, which is associated with the Bitcoin blockchain.

Among open source software developers, Ethereum attracts much more attention. About 28 people are active on IOHK GitHub, where Cardano’s software is hosted, compared to 61 who work on open source Ethereum repositories.. Furthermore, in the digital asset markets, Cardano is still of little importance compared to the Ethereum network, which is already used as a backbone for dollar-pegged stablecoins such as tether and USDC, as well as decentralized exchange and lending platforms from first generation.

For all this it seems difficult that Cardano can annihilate Ethereum in no time, but some experts already point out that this fight may define the future of Blockchain environments. What is certain is that currently the name of Cardano it already resonates everywhere.

We wish to give thanks to the writer of this post for this remarkable content

Unstoppable Cardano: the cryptocurrency does not stop growing and begins to “worry” Ethereum and Bitcoin

Dispensary Business News