Cardano climbed more than 600% last year. The blockchain launched smart-contract functionality, and projects are multiplying. Now, Cardano is working on another important element: transaction speed. Cardano is the world’s sixth-biggest cryptocurrency by market value. It surged more than 600% last year, and today, it trades for a little more than $1. The Cardano team is working simultaneously on the last two stages of development. The goal is to become a completely self-sustaining decentralized network. Cardano-based smart contracts have nearly reached the milestone of 1,000.
When investors discuss future cryptocurrency leaders, Cardano (ADA) is frequently mentioned. Cardano has several reasons to be thrilled, including the fact that it was established by Ethereum co-founder Charles Hoskinson. Ethereum is the world’s second-largest cryptocurrency, with hundreds of decentralised apps hosted on it (dApps). As a result, Hoskinson contributes essential knowledge to Cardano. It increased by more than 600% last year and now the world’s sixth-largest cryptocurrency by market value. It is worth slightly more than $1.
Investors are now focusing on what lies ahead for this nascent cryptocurrency player. For example, might it reach $3 this year? First, let’s take a look at Cardano’s current state of development. The blockchain has established a five-stage roadmap. It is presently working on the final two stages of development at the same time. The ultimate objective is to create a self-sustaining decentralised network. Cardano even employs a peer-review procedure to approve each version before it is released.
Critics argue that the entire procedure slows things down, and they are correct. But it’s well worth it. This is because it assures the quality of each update and leads to fewer bugs in the future. This past autumn, Cardano introduced smart-contract features. This enables the development and deployment of dApps. DApps are playing an important role in transforming the worlds of banking, gaming, and even art collecting. Users can, for example, purchase insurance or borrow money without the need for a middleman.
Be positive with Cardano
And here’s some positive news for cryptocurrency investors and users: According to Cardano Blockchain Insights statistics, the number of Cardano-based smart contracts has nearly hit 1,000. As a result, the blockchain is recruiting engineers to work on their projects. It is also luring investors. Ada, the blockchain’s native coin, now has over 3 million wallets, up from around 290,000 a year ago. Cardano’s next major item will be a scalability solution. Cardano now handles around 250 transactions per second. However, it is developing the Hydra system, which has the ability to increase speed to 1 million transactions per second. Hydra, which is set to arrive this year, has the potential to be a big stimulus for Cardano.
Key elements for success
Long-term success is dependent on transaction speed and network reliability. And Cardano is concentrating on both. That is why I am bullish on this coin. Can Cardano, however, reach $3 this year? It’s highly likely if network development and Hydra advancement proceed well. This indicates a 186 per cent increase from the current level. This is hardly a significant improvement over the previous year’s performance.
Using today’s coin count, such a change would result in market worth of around $100 billion. Cardano would become the world’s third-largest cryptocurrency as a result. That is also perfectly plausible. Cryptocurrency is still a dangerous business. It’s hard to say how successful blockchains will be in the future. Never put more money into something than you can afford to lose. Cardano, on the other hand, might be one of the winners if cryptocurrency does, at least in part, transform the way commerce is done.