What is Cardano cryptocurrency, will Cardano surpass Ethereum?
One cryptocrency that intrigues cryptocurrency enthusiasts is Cardano. Currently, Cardano is ranked ninth with a current market capitalization of $ 3,295,949,534. Competing with Litecoin and Polkadot.
Cardano is similar to Ethereum in that it is a smart contract platform that focuses on security through a multi-layered design framework and built on scientific philosophy and academic research.
Cardano's special characteristic is peer-to-peer-academic-centric, it means that all Cardano developments are carried out, tested, and prepared by researchers, lecturers, and programmers from universities with certain levels of roles before the results are applied to the public. All involved are real experts in their fields.
This peer-to-peer spirit is not adopting from the computer program but a research tradition in universities, such as research journals before they are approved and published in journals.
Cardano Cryptocurrency explained
Cardano is a decentralized public blockchain project and one of the cryptocurrencies that are completely Open Source.
Cardano features Smart Contracts that offer to deliver more advanced features than protocols developed by other cryptocurrencies.
Cardano is the first blockchain platform to evolve from a scientific philosophy with a research-based approach.
The development team and researchers consist of a global pool of engineers and researchers.
Cardano is a blockchain platform with more advanced features than the previous crypto-like as Ethereum, Bitcoin, etc.
The team of expert researchers from various countries was deliberately brought in to deconstruct the existing cryptographic concepts, and then create something new within the scope of the Proof-of-Stake algorithm.
The result of this research is Ouroboros, an innovative Proof-of-Stake algorithm, as a form of refinement of existing cryptographic algorithms.
Continued collaborative efforts by expert researchers from around the world have resulted in a decentralized cryptographic project based on the Haskell codebase, namely industrial-strength products that provide the resilience and defense required by Mission-Critical systems. That is, the investment made is guaranteed to be 100% safe by the Cardano system.
Cardano's goal is not to take over the entire financial system, but rather to use Blockchain technology to bring banking systems to places that are not yet accessible - especially in areas that are still developing.
The Cardano concept was created by Charles Hoskinson who was also the co-founder of Ethereum.
Although Ethereum is an excellent smart contract platform, according to Charles Hoskinson Ethereun is a second-generation blockchain that needs a fix.
What makes Cardano great is that it requires a lot of attention in its maintenance. Organizations are working in developing and maintaining Cardano, namely:
The Cardano Foundation
Input-Output Hong Kong (IOHK)
How does Cardano work
Similarly, Ethereum uses a smart contract, but Cardano works differently from Ethereum in terms of the consensus mechanism used as well as the technical design framework.
Cardano uses a Proof of Stake consensus by leveraging the Ouroboros algorithm. This mechanism works as follows:
The leader slot is responsible for verifying transactions and creating blocks
Anyone who has an ADA token is entitled to become a slot leader. It doesn't depend on how much you have.
To become a slot leader, the “Follow the Satoshi” algorithm will select the coins owned by each person.
The network does this process automatically, so no additional work needs to be done.
Cardano uses the Haskell and Plutus programming languages, where Haskell is a functional programming code that has been in use since 1990 with the newest, more stable version released in 2010.
Much like Haskell, Plutus is also a functional programming code created by the Cardano team itself.
Cardano Soft fork
In addition to a solidly designed platform, resistant to any attack, the Cardano developer also continues to adapt to changing needs. Therefore, the developer designed a system that could be improved by using a Soft Fork, not like other cryptographic platforms that always do Hard Forks which in the end create new types of cryptocurrencies.
The Cardano Soft Fork here is guaranteed to be very secure because the developer has also put in place a Treasury system feature that will ensure the sustainability of the protocol.
The Cardano platform is completely Open-Source and can be developed by anyone. Moreover, there are ecosystem features that can be developed and adopted by other platforms, so that Cardano is rated as the most complete and most useful cryptocurrency ever created.
Cardano's Ouroboros system solves this problem by adopting a Proof of Stake (PoS), not a Proof of Work (PoW).
Unlike Bitcoin, which uses the PoW algorithm and allows everyone to validate new transaction blocks and get new bitcoins in return.
The fact is this process is slow and consumes a lot of computing power, and requires a lot of electricity, although some developers have created an additional layer, namely the Lightning Network to make transactions faster. However, the number of network nodes (nodes) supporting this layer is slowly increasing.
Some new blockchain developers are increasingly believing that the future of blockchain is in PoS.
Cardano's ouroboros system is claimed to be much more efficient. PoS use validation instead of miners to create a new block.
Each validator must have a large number of Cardano (ADA) coins to act as a validator.
So, not everyone can create new blocks.
Instead, the network selects multiple nodes to mine the next block called the Leader Slot.
The system period in Cardano is referred to as Epoch.
Each Epoch is divided into several slots. Each slot is short, in which exactly 1 block can be made.
The network then selects a Leader Slot for each Slot and it is the only party that can create a block for that particular slot.
Slot Leader is tasked with checking for new transactions, then verifying them, and placing them in the block.
If the Slot Leader does not complete the task on time or does not show up, then he loses the block and has to wait until he is randomly selected by the network again.
This technique makes Cardano very scalable, as they increase the number of Slots per Epoch and they can run multiple times in parallel.
Where to buy Cardano cryptocurrency
There are Cardano tokens that can be purchased at various well-known exchangers, but of course, you have to find a reliable exchange so that security is guaranteed.
Besides buying Cardano through exchangers it can also be found in brokers who provide ADA instrument services on their platforms. However, not all brokers provide this service.
The following exchanges are places where you can buy Cardano:
How to buy Cardano cryptocurrency
After you have determined which exchange is selected as the place to buy Cardano, the next step is to register an account on the marketplace. Say you chose Binance as the place to buy Cardano, then you have to register via the official website by filling in the form provided.
After you verify your email, then depending on company policy, maybe you have to verify using a country ID, or a driver's license to get account verification before you can fully use the service.
Why do I have to verify? Because this is related to anti-money laundering regulations, companies are required to Know Your Customer or abbreviated as KYC.
If you have received account verification, then is to deposit into the marketplace account. You need to check the payment method used because not all exchangers accept flat money, so you need to buy a cryptocurrency for deposits.
After a successful deposit, you can buy Cardano which in the ticker becomes ADA. This is a native token from Cardano.
Can Cardano Beat Ethereum?
Cardano’s founder is the founder of Ethereum namely Charles Hoskinson described that Cardano will be more developed than Ethereum by noting that the community will soon understand that Cardano is better at offering scalability, progress with the hard work of the team day and night developing the technology.
Cardano can be said to be a unique platform so that developers can work on distributed applications that can benefit society in the future.
One of the flagship programs is the Voucher Program in Ethiopia, through which local farmers can access the financial system and increase profits by 20% more.
The Cardano development team believes that its technology can be superior to Ethereum in many areas.
In terms of scalability, connectivity could beat Ethereum for years to come, this is the opinion of the Cardano development team.
Hoskinson also stated the importance of further adaptation by not forcing companies to use ecosystems.
But by creating an interface so that other ecosystems can connect to Cardano.
What he is stating is to convince large companies in the tech and financial industry to use the Cardano blockchain architecture.
Is Cardano a good investment?
Cardano is a great investment asset, many people predict the price of Cardano will always be bullish and it could reach $ 0.4 in the coming year.
Others predict that the value of ADA could reach $ 2.50 shortly, while others predict that it will reach $ 10 in the next five years.
Several reasons are underlying that Cardano (ADA) is a good asset for the future, it is because the growth of blockchain technology will continue to be updated from time to time.
The three organizations that are part of the development team, Cardano Foundation, IOHK, and Emurgo are very important for Cardano's future growth.
Research teams from various technological scientists and professional academics have extensive experience in their fields.
The three organizations have their respective roles so that they can focus more on their fields.
For the "brand" is handled by the Foundation, while Emurgo handles the market demand and business area, the latter IOHK handles the technical aspects of the startup.
Cardano cryptocurrency predictions
At the time of the press, Cardano was ranked tenth below Litecoin, from day to day competition between cryptocurrencies was getting tighter, positions could change easily in a matter of days, but Cardano's position still had not moved from the top ten on the Coinmarketcap rating site.
From several popular forecasting sites, I will summarize Cardano's (ADA) predictions for future prices.
Whatever the prediction this is not investment advice, because all your own investment decisions are up to it.
Wallet Investor Cardano’s price prediction
Starting with predictions from Wallet investors. In his prediction, Wallet investors predict that Cardano is a good asset for the future. In the next year's price prediction it is estimated to be $ 0.129, and the next five-year price prediction will reach $ 0.228.
With price predictions in the next five years, it is expected to receive revenue of + 114.72% in 2025-10-11.
Short term forecast
The short-term prediction is that ADA/USD will tend to be bullish with the top price area at $ 0.15 and the lowest at $ 0.085. The price forecast is moving in the Elliott wave swing forming a higher low than the previous low.
Source Wallet investor.
Long term forecast
By using historical past price data with certain calculations Wallet Investor estimates that for a long-term prediction of 2021 the value of ADA can reach $ 0.129, with an estimated highest price of around $ 0.3.
Source wallet investor.
Long Forecast Cardano’s price prediction
The long forecast is one of the most popular forecasting sites, according to their prediction, the value of Cardano by the end of 2020 will drop by minus 18% to $ 0.09. December 2021 at $ 010, 2022 December $ 0.05, 2023 December $ 0.03, 2024 December $ 0.03.
Overall, Longforecast predicts that Cardano is likely to be bearish.
Tradingbeast Cardano’s price prediction
Tradingbeast predicted Cardano's price at the end of December 2020 is $ 0.1345942, the average price December 2021 is $ 0.1502312, the average price December 2022 is $ 0.1735326, and the average price December 2023 is $ 0.1986153.
Based on the long-term average price trend Tradingbeast's prediction, it is concluded to be bullish, there is a difference with the prediction of a bearish Longforecast.
Cryptoground Cardano’s price prediction
Cryptoground using the neural network algorithm method predicts Cardano for the next year or 2021 is predicted to drop -34.09% for $ 0.0649. As for the prediction of the next five years or 2025, Cardano will increase 793.09% at $ 0.8792,
Digitalcoin Cardano’s price prediction
Forecast site Digitalcoin also predicts Cardano in 2021 is $ 0.25218303, prediction of 2022 at $ 0.29018394, prediction of 2023 at $ 0.35752140, prediction of 2024 at $ 0.26367408, prediction of 2025 at $ 0.38035755, prediction of 2026 at $ 0.50944714.
Gov capital Cardano’s price prediction
Gov Capital, which is one of the leading forecasting sites that uses a custom algorithm based analysis method on Deep Learning, predicts Cardano's future prices is bad. They predict the price of Cardano in 2021 October 12, is $ 0.
Short term price prediction
The short-term Gov capital forecast for Cardano during October 2020 is expected to reach a high of $ 0.110, and a low of $ 0.080.
Source Gov capital.
Long term prediction
Long term prediction by Gov Capital estimated that the price will be worst in late October 2021 at a low of $ 0.
Source Gov capital.
ADA short term price analysis 12 Oktober 2020
ADA touched its highest level for trading this week on October 10, 2020, at $ 01124. Prices closed within the Bollinger band again at $ 0.1051.
Next, an inside bar pattern appears in which the mother candle is accompanied by a smaller candle, indicating a possible breakout.
Chart by Tradingview.
From the image above we can see that two candlesticks are still in the mother candle, so even though the last candlestick forms a bearish candle, there is still a possibility that the price will continue the trend.
Bollinger bands themselves form a flat which is an indication of price moving in a sideways range. However, it appears that the BB line has started to rise, which might be a signal for a breakout.
Meanwhile, MACD shows that the signal line is below the MACD line which is a bullish signal, and the histogram is above the zero lines, indicating a bullish trend.
However, the RSI indicator signals a trend reversal seen from the RSI line after touching the 65 level which is the overbought zone then the line dives down at the 56 levels.
Cardano news update
Citing from Ambcrypto, which Etoro introduces a new service for staking ADA in their community. The firm states if they become the first regulated broker that offers to stake ADA to their client.
Apart from launching ADA staking, Etoro will also launch TRON staking, and they will also work on staking NEO, Tezos, EOS, along with the staking of ETH 2.0,
Another news about Cardano comes from Bittrex, which is one of the popular exchanges for crypto enthusiasts.
Bittrex stated through Richie Lai, Co-founder, and CIO of Bittrex, that they are again accepting deposits and withdrawals with the ADA wallet.
Cardano is a cryptocurrency that is thought to be able to compete with other cryptocurrencies with all its advantages.
Although there are differences of opinion on how the future price of ADA will be, in general, there are still many who believe that ADA is a safe and profitable asset.
Another advantage is the development team who already have deep experience in their fields.
The current ADA price is still considered cheap so it can be a starting point if future prices are following predictions. However, investors' readiness is very important for possible risks.