While Bitcoin is understandably in the spotlight of crypto investors – after all, the world’s oldest cryptocurrency has risen in price by around 20% in the last four weeks – other cryptos are also rising again in the price of investors and traders, for example Cardano. ADA is up almost 17% in the last seven days and is currently trading at 0.57 USD. On a monthly basis, ADA is up 4.28%. This means that the coin is still a long way from its last all-time high of around 3 USD in September 2021, but who knows, perhaps Cardano will even be able to surpass this at some point.
What kind of crypto project is Cardano?
Cardano is focused on developing a decentralized platform that enables smart contracts, for example. This isn’t anything revolutionary at first, as the industry leader Ethereum is targeting exactly the same target group. Nevertheless, Cardano, like Solana, is considered an “Ethereum killer”. What sets the platform apart from all other crypto projects is the strictly scientific approach with which the project works. Instead of quick solutions and implementations, Cardano relies on thorough research and thorough peer review. To achieve this, the project works with scientists and academics from a wide range of areas, who look at all factors from a variety of perspectives. Literally every feature of the protocol undergoes rigorous testing to achieve the best possible scalability and interoperability. One of the key components of Cardano is the multi-layer architecture, which consists of the Settlement Layer and the Cardano Computation Layer (CCL). This allows for improved scalability compared to some older blockchain platforms. To verify transactions, Cardano uses the proof-stake consensus mechanism, whose protocol has the wonderful name Ourobouros.
Charles Hokinson – the man behind Cardano
The founder behind Cardano is Charles Hoskinson, who is also one of the co-founders of Ethereum. Hoskinson, who looks more like the nice nerd next door, is considered a crypto-rock superstar and, to put it mildly, a little eccentric. In 2013, he first joined Ethereum and became a co-founder of the blockchain project alongside Gavin Wood (Polkadot), Anthony Di Ioro (Decentral Inc.), Joseph Lubin (Consensys) and Vitalik Buterin (also a crypto superstar). In 2014, he left Ethereum again after a major argument with Vitalik Buterin, who could not agree on the direction in which Ethereum should develop. He then founded Cardano. The project officially started in 2017. Charles Hoskinson is considered the brilliant mind behind Cardano, but the founder is also polarizing. He doesn’t believe in other crypto projects like Solana or Bitcoin – and he doesn’t turn his heart into a murder pit. In addition, he has not always been completely honest about his school career in the past.
Start the day pic.twitter.com/isW2lOiSAc
— Charles Hoskinson (@IOHK_Charles) February 14, 2024
The future of Cardano
Due to the high volatility of the crypto space, it is of course extremely difficult to make an accurate forecast of how Cardano and ADA will develop. However, the fact is: Cardano is one of the most popular brands in the crypto universe – and that will probably not change in 2024. One reason why the project is so popular could be the detailed roadmap with which the developers actively let users participate in every step. Cardano is currently in the basho phase. The focus here is primarily on improving scaling. The most fundamental change in the Basho era is Hydra, a Layer 2 scaling solution that aims to enable transactions to be carried out on sidechains before being merged into the main chain. Cardano should also become faster and the transaction throughput should be increased sixfold. The staking costs have already been reduced in 2023, which is an enormous advantage over Ethereum, for example, because the project is known for its sometimes exorbitant fees. When Basho ends, Voltaire, the fifth and currently final phase of the roadmap, will become active. Then Cardano should become completely decentralized and a governance-led project. From a purely technical point of view, the future prospects for Cardano are good. However, it remains to be seen whether this can be reconciled with the volatility of the crypto markets.
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