Cardano, a coin we recently wrote about, had a pretty decent start of the Q2 of 2018. It followed a trend of some very good coins enjoying a period of sideways movement from Bitcoin. Such a period usually leads to some good alts experiencing a rise in demand from smart investors, which causes some pretty nice price spikes. Coming into April with a price of $0.17 (something about 2000 satoshis at the time), it managed to more than double in value and reach $0.37 (4k sats) on May 3rd. Still some way off its January $1.30 all-time high levels, the coin still looks like a pretty cheap investment right now.
The chart shows a coin getting primed for another period of growth
Cardano offers an innovative platform focused on using scientific approach to introduce revolutionary technological advances into the world of crypto. From CSL and Ouroboros over Daedalus to open-source development of the platform, the IOHK team behind the coin always looked to push the boundaries of innovation. Cardano is currently running one of the most impressive cryptocurrency platforms out there and investors have clearly picked up on that. This so-called “Ethereum killer” is currently 7th biggest coin on the market (if looked through the prism of total market cap), after just losing the spot to a surging Litecoin.
The Input Output Hong Kong team has a lot of things planned for the future. Besides some reverse engineering support options and short-term performance improvements in the block storage layer, there is a lot of work being done on a paper wallet generator. Phi Chang, an ADA holder tweeted:
“Paper wallet coming soon! Could I be more excited? Charles, you are a real inspiration and a true leader. You make everything worthy and your teams visions and efforts are totally commendable. I must say, there is no denying that your projects are all on a different level and non-comparable to the others. Excellent work team.”
However, the most important development could be their plan to run two new testnets on the Cardano platform, one powered by the Ethereum Virtual Machine and named K-EVM and another built in-house on the Cardano platform named IELE. Charles Hoskinson, the CEO of Cardano, recently updated the public on the team’s desire to quickly finish up the release of Cardano 1.2.0 which will be followed up with previously mentioned testnet and paper wallet generator launches.
The first testnet to come will be K-EVM and its set to launch on May 28th, with IELE set to come sometime later. Both of them are a part of the Project Goguen, a Cardano roadmap initiative to design a next-generation virtual machine and a universal language framework to be used as core infrastructure for future blockchain technologies.
Goguen is set to deliver side chains and allow users to transfer their digital assets between two blockchains without the need of third party interference.
Another important update was announced in late April, when Cardano team confirmed that a new provably secure proof of stake protocol named Ouroboros Genesis is in late stages of its development. This latest version of Ouroboros, the algorithm powering Cardano, is a step forward in the cryptography that powers cryptocurrency systems. Check out this presentation for more details on the update.
Cardano is definitely putting in work to justify its current market cap position. This innovative platform is being carefully constructed in layers; when completed, it will be a technological marvel capable of running financial applications currently used every day by individuals, organizations and governments all around the world. With some important updates coming up, the Q2 looks to be very promising for this cryptocurrency and it’s price.