What is Cardano used for?
Cardano is home to the ADA cryptocurrency where we can send and receive digital funds. Cardano (ada) is the first ever blockchain built and developed from leading academics and engineers. More than 30 academic papers about the strength and reliability of the Cardano ecosystem have been published. What could the Cardano price be?
Contention about Cardano
Cardano has often split opinion within the cryptocurrency space. Many are enthused by the level of academics and engineers involved in the project. There are also a number of detractors who are very frustrated by the pace of the project. Many are finding the lengthy road map a frustration. We at Lock In The Value do not. We find it refreshing that a project is so careful about releasing a test net only upon certainty that it will work. As many of us have seen, projects like Ethereum have been too keen to release products that have cause massive problems. Cryptokitties anyone?
The Cardano Roadmap
There is an exceptionally detailed road map and it is split into 5 eras: Byron, Shelley, Goguen, Basho and Voltaire. The Cardano Road map is a multi year plan. So far they have released the Byron Network. Recently, Cardano tested the Shelley network as a future upgrade from their previous Byron network.
The Cardano Shelley Network
Cardano’s goal is to make the Shelley Network fully decentralized. According to Cardano, it’s one of the most active blockchain networks in the world today.
Charles Hoskinson, the founder of Cardano, has recently spoken about the need to focus on the purpose of Cardano moving forward. He states that he wishes to not only focus on marketing, but that the marketing will focus on the technologies long term potential to help reinvent society. This is obviously a lofty goal. They have been extraordinarily careful to only release applications when they are confident they will work. This is obviously a refreshing change from blockchains like Ethereum. They often release developments which cause massive problems and then fix them after.
Cardano is also building up to a hydra system. This aims to complete 1,000,000 transactions per second. This is an incredible aspiration. If they can achieve this, it is certainly conceivable that it will be become the method of transaction worldwide. This would be approximately 50 times the current speed of Visa!
Is Cardano a Good Investment?
Soon, it will be possible to stake once the Cardano Shelley Network is fully functioning and running. Cardano has truly focused on developing their Proof of Stake algorithm. The Shelley Network is an integral part of that future. The return percentage on staking ADA will be roughly 3.5%. This is lower than a lot of cryptocurrency staking returns. However, the potential growth factor of ADA opens up the possibility of great gains from small a 3.5%. Obviously, this percentage return still dwarves any interest from a bank. So when it is up and running, it is well worth considering.
Cardano’s wallet Daedalus has been released. It holds a number of different cryptocurrencies, security tokens, tokens. The wallet will also be the tool where you can stake ADA by holding it and participating in the Shelley ecosystem. There continues to be a great deal of excitement about this fully developed ecosystem. The next step within the Cardano Roadmap is the commercialisation and the building of partnerships.
Cardano Price Prediction 2020… What could be it’s all time high?
The current price of Cardano (ADA) at the time of writing is $0.047710 with a market cap of over $1.2 billion. The question is how high could this price go? Could Cardano hit $1? Could Cardano hit $10?
Simply put, it is exceptionally unlikely to hit $10 as this would give it an overall market cap of $250 billion. It is certainly possible that it will exceed $1 as this would give it a market cap of only $25 billion.
Thinking about it’s potential reach, current functionality and goal to complete over a million transactions per second. We believe that it can reach $4.20 within the next 2 years. Cardano is an exciting and frustrating project. Exciting because of their targets but frustrating they are so careful not to release anything until it is perfect. This has slowed the project down and removed the excitement for many. Our price prediction is that by the end of 2020, it will hit $0.75 with an explosion the following year.
When we look at the current cryptocurrency market, we can see that Cardano could be a project deserving of breaking into the Top 5. This means it will displace Tether or Bitcoin Cash. Realistically, Tether will inevitably slip out of that top 5 when the market gains value. The other project deserving of top 5 status is Chainlink.
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