, 2 years ago
In the last few weeks, Cardano had a bull run, which found its temporary climax in an all-time high of 1.34 US dollars. Now it is up for debate whether the ADA price can now continue to rise or whether the price rally will cool down for the time being. More important than the development on the market in this context is the development of Cardano's blockchain.
In today's article, we address the question of how Cardano is developing and how the competition is positioning itself.
The reason why Cardano was able to celebrate such a great success in 2021 was due to important advances in its development. The last 4 years have been busy keeping up with a lot of big promises and finally the developers can deliver.
The context in which Cardano wants to put its technology to work is particularly interesting. After all, the topic of decentralized finance is more than just DEX and trading NFTs. Admittedly, both application fields are trend-setting and Cardano wants to be able to successfully serve these sectors as well.
However, digital identities, which serve as a kind of ID with which enables users to control their personal data, are likely to be more interesting. An individual can immediately identify himself on the blockchain and make use of financial services of all kinds. These include loans, but also completely new ones such as health insurance. New business sectors could emerge in a completely decentralized and global manner.
To achieve all of its goals, Cardano must be able to execute smart contracts, because whether it's insurance, lending, or trading non-fungible tokens, each of these subsectors relies on smart contracts. The next stage of Cardano's development is codenamed Goguen and will deliver just that. Cardano is also said to offer sensitive fee advantages in transaction costs.
This has been the biggest shortcoming of the Ethereum blockchain so far, making it largely uninteresting for small investors. But the competition does not sleep and so Cardano is fighting a duel in the top 4 cryptocurrencies below Bitcoin.
The Binance Coin (BNB) has gained significantly in importance with the launch of the Binance Smart Chain and at times ranks third among the largest cryptocurrencies by market capitalization behind Bitcoin and Ethereum. Cardano follows behind, but also has to deal with competition from Polkadot. This puts ADA, BNB and DOT in a direct competitive relationship as to who can present decent solutions in the field of decentralized finance before Ethereum 2.0 is completed and possibly overcomes the old weaknesses.
Jan 27, 2023
Cardano has no viable stablecoin solution and that’s not a good thing if you like to see your DeFi ecosystem grow. But there is light at the end of the tunnel! Coti is implying that Djed could launch next week and this would boost Cardano’s ecosystem and add a lot of valuable options for traders and long-term investors.
Nov 22, 2022
Last weekend in Edinburgh, Cardano's parent company announced its new sidechain Midnight. It will be a smart contract blockchain that allows users to exchange data without revealing more than they want to. Cardano expects businesses to be interested in Midnight. One of the reasons business shy away from public blockchains, is precisely their lack of privacy.
Nov 18, 2022
Cardano is developing its second-layer protocol dubbed Hydra that is meant to improve its scalability similarly like the Lightning Network is doing with Bitcoin. Recently, Hydra made some progress with a specific development that could boost Cardano and bring micropayments to the masses.
Nov 11, 2022
Cardano has been late to the NFT party and one of the reasons was the fact that its technical development took longer than expected. Many critics called Cardano a “ghost chain” for its lack of a DeFi and NFT economy. It seems that this assessment is far from being correct and while we are still facing a brutal bear market, Cardano NFT ecosystem is doing great.