Why Cardano Become The Next Bitcoin? – When you see cryptocurrencies trading for just a few dollars or even cents per coin, it’s hard to imagine them becoming the next Bitcoin. After all, the cryptocurrency star recently surpassed $60,000 per coin. But it is important to remember the origins of Bitcoin. The world’s first cryptocurrency was worth only about 8 cents when it debuted in 2010.
That means it’s entirely possible that new, low-rated players are taking a similar path today. Of course, not everyone will. Therefore, it is very important to carefully examine the characteristics of each individual before making such bets. Now I think there is a good chance that cryptocurrency will be the next Bitcoin. Let’s find out which – and why.
I’m talking about Cardano, the cryptocurrency created by Charles Hoskinson. He is also the co-founder of the bigger player Ethereum. This is definitely a good sign. This is because it implies credibility and experience in the field. We can imagine Hoskinson applying what he learned on the Ethereum project to his work on Cardano.
So what is Cardano? It is a blockchain network with its own token “ADA”. Cardano can handle smart contracts, or contracts that execute themselves when certain conditions are met.
And, importantly, Cardano can securely store information for a variety of purposes. In healthcare, for example, it can trace the origin of medicines—making it harder for counterfeit medicines to get into your medicine cabinet. Or it could be used in agriculture to track the origin and quality of products. In the financial sector, Cardano aims to be a decentralized system that can bring banking to people around the world. This variety of uses could make Cardano a popular platform for many industries in the years to come.
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There are a few other points that make Cardano particularly interesting – and can lead to a significant increase in value later on. The first is transaction speed. Cardano can really win here. One of the downsides of Bitcoin is the number of transactions per second – only around 30. By comparison, Cardano can process 250 transactions per second. And efforts are being made to increase this further.
An environmentally friendly choice
Another plus is Cardano’s eco-friendly profile. This cryptocurrency player uses the equivalent of two power plants each year. That might seem like a lot, but it’s actually insignificant compared to cryptocurrency leader Bitcoin. During the same period, Bitcoin used more energy than the Netherlands to run its operations.
Finally, two other factors can drive Cardano’s success. This has to do with the research and quality behind the platform. Cardano uses peer review throughout its development process. This means academic colleagues must review and agree to any changes to the Cardano platform before applying these changes.
Speaking of the development process, it goes on like this. The platform’s developers have launched a five-phase plan to bring Cardano to the highest level. The ultimate goal? This way Cardano is 100% self-sufficient.
So Cardano may be becoming everything Bitcoin is — but better. Today, Cardano is trading around $1.80. The idea of a $60,000 price tag seems far from such a starting point. But Bitcoin has proven that such a path is possible. Given all the benefits Cardano offers, this nascent cryptocurrency could very well be the next follower.