Forecasts are well underway in the cryptosphere about digital currencies to follow in 2019. Should you consider buying Cardano? According to the founder of cryptocurrency, the future of the digital currency Cardano (ADA) is very promising. So, do we believe it?
Cardano time yet to come
Cardano is like the ugly duckling of cryptocurrencies. Little known, misunderstood, the Cardano environment has everything to captivate with high-performance technology and a determination to excel. Ouroboros, Cardano’s secure proof-of-stake algorithm, surprisingly, may well become a benchmark in the future.
Indeed, at the moment, there is still a great deal of confusion. The message conveyed by many is limited to: blockchain technology means technology that is tamper-proof and impossible to manipulate. Nothing could be further from the truth. Many questions have already been raised about the concentration of decision-making power within certain networks.
Cardano is therefore taking its time to offer all the guarantees in terms of decentralization and governance. This commitment to excellence could pay off in the long term if this vision is embraced by the public.
Charles Hoskinson, the enthusiast
The iconic founder of Cardano is more than ever a prophet in his home. After several developments that prompted the President of the Cardano Foundation to resign, the governance of cryptocurrency seems to be in working order with the Charles Hoskinson tandem at IOHK and Ken Kodama at Emurgo.
On December 7, Charles Hoskinson was excited about Cardano’s promising future and the upcoming release of version 1.4 of the mainnet (the main network) which is already in the test phase. This update will be, according to Hoskinson, the most significant to date. The man had indeed answered a series of questions about it on YouTube in November 2018.
1.4 is almost out, testnet has been released, rust cardano is making epic progress, the haskell re-write is underway, plutusfest in a few days, Emurgo is growing and the Foundation will soon re-awaken from its long slumber. Cardano's future is looking very bright!
— Charles Hoskinson (@IOHK_Charles) December 7, 2018
Progress is also being made in the development of the Ouroboros algorithm to ensure protection against so-called adaptive attacks as opposed to static attacks. The main goal remains of course an optimal protection of the algorithm in order to preserve its invulnerability.
Cardano an undervalued digital currency?
On December 13, the Cardano’s price was $0.030. Apart from a brief rebound in early May 2018, the year was marked by a steady decline in the price. Buying Cardano should rather be considered as a long-term investment.
Indeed, even if the market were to recover unexpectedly, Cardano would still have to wait until it was fully operational. According to the timeline provided by the Cardano Foundation, the Byron phase is almost complete and we are now entering the Shelley era, which is only the second phase of a 5-step structured plan. There is still a long way to go, but this is not necessarily a bad sign.
ADA, a good option to diversify your crypto portfolio?
Besides the classics such as BTC and ETH, ADA is certainly an option to consider if you want to buy crypto and build a balanced portfolio. Currently in eleventh place in the crypto market, it was recently pushed out of the top 10 by Tron (TRX), which has some similarities with Cardano.
Even if betting on Cardano would seem very risky, keeping an eye on the altcoin and devoting a reasonable percentage of one’ s portfolio to it seems to us to be an interesting option. Although the Cardano community does not seem to be overly concerned about short-term profitability prospects, it keeps its eyes focused on the future and the ambitious goals it has set for itself.
At the time of writing, PlutusFest 2018 was underway in Edinburgh and will certainly bring good news and new projects. At the heart of this event, Plutus is the programming environment for Cardano and smart contracts. It is difficult to say whether a standard will be required in the coming years for this new type of obligation or whether, as in the current law, different environments will coexist. The outsider Cardano, known for his rigour, could well become a real standard in the future law of self-executing contracts.
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