Cardano: ADA Run Could Just Be BEGINNING!!
Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson. Like Ethereum, Cardano is a cryptocurrency network which allows for the creation of new assets and decentralized applications ADA is used for staking by validators and delegators, to pay for network fees, and will eventually be used to vote on any changes to Cardano Despite being released in 2017, Cardano is only about halfway through its roadmap. This is because every that is implemented on its network is peer reviewed by academics before being implemented.
💱Mary Hard Fork💱
The Mary Hard Fork is a part of the Goguen era. It introduced native assets to the Cardano blockchain. Native assets on Cardano are analogous to ERC-20 tokens on Ethereum with a few key differences The first difference is that native assets on Cardano are not built using smart contracts, nor do they require smart contracts to operate The second difference between native assets and ERC-20 tokens is that you can send multiple native assets within the same transaction The biggest difference between native assets and ERC-20 tokens is that you can actually use native assets to pay for transaction fees thanks to the Babel Fees mechanism
In addition to Goguen, Cardano has been working away at Voltaire, the governance stage of the Cardano roadmap. Voltaire officially began in September 2020 with the launch of Project Catalyst. Project Catalyst involves a series of community driven funding rounds to expand the Cardano ecosystem The first round took place in September 2020. 250 thousand dollars’ worth of ADA was allocated to 11 projects building on Cardano The second round of Project Catalyst began just before the winners of the first round were announced in January. This time the pot was 500 thousand dollars’ worth of ADA The third Project Catalyst round made the crypto news in mid-February because of its 1-million-dollar price tag. 20% of these funds have been earmarked for those participating as voters in the project
Cardano announced the KEVM platform making it possible for Ethereum developers to write Cardano smart contracts using Solidity, Ethereum’s smart contract coding language Cardano also revealed that they had partnered with Wolfram Blockchain Labs to build oracles for Cardano In early February, it was revealed that Grayscale had formed LLCs for a slew of new cryptocurrency trusts, including a cryptocurrency trust for Cardano
📉ADA Price Analysis📈
ADA has seen a 7x increase in price since the start of the year, which is damn impressive for an altcoin with such a large market cap This seems to have been driven by the successive news stories about Cardano, as well as demand from Turkish traders who seem to have taken a liking towards Cardano
🤑ADA Price Potential🤑
ADA has made some pretty significant gains against ETH, but is still only about halfway from its previous all time high. This makes sense when you consider that Bitcoin has more than doubled in price compared to its previous all time high, whereas Cardano only recently surpassed its previous all time high. How well Cardano does seems to depend on Ethereum, which has seen stunted growth due to high network fees.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.