Why is CARDANO ranked no 5 on coinmarketcap and is it really worth $22billion dollars? Should you invest?
Cardano is ranked no 5 on coinmarketcap.com as of 13th January 2017. But why? Why does it have a market capitalization of $22 billion? why is 1 ADA worth $0.84? should it be worth more than this?
Are you contemplating on investing?
I have summarised what Cardano is all about and hopefully after reading this you will be making a more informed decision rather than investing because the price may go up or because a friend suggested it to you.
Cardano (ADA)
• Cardano is an open source
• It’s a contract platform designed to provide more advanced feature
• It’s a platform for running financial applications
• It is based on smart contracts
• Its basically a Japanese Ethereum
• It uses a new proof of stake algorithm called Ouroboros, which determines how individual nodes reach a consensus about the network.
• Ouroboros eliminates the need for an energy-hungry proof of work protocol
• Ouroboros is highly secure and compares to that of bitcoin blockchain which has never been compromised.
• Ouroboros is a provably secure proof of stake blockchain protocol
• Ouroboros seek to maintain a more robust ledger which will be faster in processing transactions than Bitcoin.
• You will be able to shop with ADA using the Cardano debit card. ( see below image from https://www.cardanohub.org/en/shop-with-cardano/)
My Opinion
For the purpose of full disclosure, I own Cardano coins and after doing my research, I intend to buy more ADA.
In my opinion, this platform is highly sophisticated and has a credible technological backing. It’s likely to compete with Bitcoin and Ethereum soon. And the reason is because Bitcoin is currently struggling with huge volume of transactions and when the market becomes fully adopted, we are likely to see it get even slower unless a new technology such as SegWit2x is introduced.
Also, the current level of financial transactions that occur world wide will ideally require different platforms to process various transaction as bitcoin is unlikely to handle all financial transactions worldwide. Platforms like Cardano will always have a market share as long as it delivers on its promises.
Credit to https://coinmarketcap.com/currencies/cardano/
Credit to- https://www.cardanohub.org/en/shop-with-cardano/
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