Cardano said recently that due to the fact that they started their own technology from scratch, they will soon be ahead of cryptocurrency’s like Bitcoin and Ethereum.
Currently, Cardano is the 7th in the global cryptocurrency market with a capitalization of almost US $ 8 billion, far from its targets. Where Bitcoin has almost US $ 181 billion and Ethereum has US $ 85 billion, which is absolute in first and second place. Before even craving these levels, Cardano must first gain value on NEO, Litecoin, Bitcoin Cash and Ripple.
They will also have to address several issues that have affected other cryptocurrencies, such as lack of flexibility, slow and expensive transactions, limitations due to protocol, evidence of participation and demand that overload systems. However, they say they can solve these issues thanks to their new system that is democratic, flexible and revolutionary.
The developers used a generational analogy to explain how the improvements will be made. According to them, Bitcoin is the first generation of digital coins. It was created only for peer-to-peer transactions through blockchain technology. Ethereum, in turn, would be the second generation, which added smart contracts so you can have rules and protocols programmed during the transaction. The problem with this model is scalability. Cardano was created to correct these and other problems of the first two generations. It can scale currency and technology because the community can vote for systemic improvements.
They also claim that knowing Bitcoin’s development history will allow them to learn from past mistakes and create a new cryptocurrency “from scratch,” rather than building on top of another platform.
The Cardano project has existed since 2015 but has only recently caught the attention of investors. It was created by Charles Hoskinson, co-founder of Ethereum, in partnership with the Cardano Foundation. Having as one of its proposals the creation of an advanced platform of intelligent contracts, it entered the popular taste when portals like Forbes began talking about its strong highs in few days.
Do you believe that Cardano has enough potential to beat Bitcoin and Ethereum? Leave your opinion in the comments below.
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