Cardano is a coin with great potential. It is based on the Ethereum framework. Many consider Cardano to be superior to its predecessor. Many scientists, engineers, and researchers around the world compose its development team. It evolved from a ‘scientific philosophy’ and is considered one of the most advanced blockchain-based coins on the market today.
Cardano uses the “Haskell” code framework, which is the first cryptocurrency to do so. It is designed to promote anonymity and privacy while at the same time catering to regulators who want to establish basic rules and terms of use. It’s a coin with future scalability in mind, and it’s not so much a coin that invites transactions on the dark web.
Its creators set out to build the “most complete and useful cryptocurrency ever constructed” according to the project outline on the IOHK site.
Cardano (ADA) runs on the Daedalus wallet, which is compatible with a majority of operating systems. This software is geared toward maximizing protection against a variety of intrusions, malware, and vulnerabilities through encrypted private keys. The wallet also ensures that the user knows when they’re making a transaction that cannot be reversed. What’s interesting is this aspect of reversible transactions, which is a fairly new aspect in the world of cryptocurrency. Sometimes there needs to be an option to refund coins without paying a second transaction fee. Cardano embraces this.
Cardano’s engineering team is building many, many features that have yet to hit the market. These include a mobile wallet, compatibility with Ethereum (Classic) and Bitcoin, ‘staking’ which is an interactive involvement with the block generation process, and applications that increase support with other digital currencies.
Cardano is not presenting itself as a competitor in the market; it’s posturing itself as a close ally to other cryptocurrency. This is a common theme we’re seeing as more of these coins are released. The development community understands that competition creates division. “A kingdom divided cannot and will not stand.” Therefore a great deal of development goes into ensuring that one coin converts easily into another.
No two coins do exact same thing. Every coin is different. For one coin to say it is “better than” another given coin, this creates friction and division in the community. Cardano (ADA) embraces the support of other digital currencies which proves to be favorable to its near future.
Should You Invest in Cardano?
Much like Ethererum, Cardano is future-based. It builds upon limitations of other cryptocurrencies. As Bitcoin struggles to meet the demands of low transaction fees and swift transaction times, coins like Cardano emerge to solve those problems out of the box. Cardano is definitely worthy of a very moderate investment at least. Whether or not this coin will rival Bitcoin (in price, not purpose) is left to be decided. It’s best to keep your ‘digital eggs in many digital baskets’ and diversify your investment. Cardano is most certainly a worthy pick for your portfolio.
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