Cardano: Is it a threat to Cryptocurrency traders?
BTC Wires: Cardano, according to their official website, is a decentralised public blockchain and cryptocurrency project and which is fully open source. It is in the process of developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. The fact that remains is that it is still a project that is currently being developed by a team of expert engineers and researchers. Then how is it a threat to other big cryptos?
The big news for Cardano at the moment is their possible partnership with Google which has the market abuzz. Charles Hoskinson, founder of IOHK, who is responsible for introducing Cardano [ADA] digital token and Duncan Coutts, director of engineering in the company, went to London to Google’s headquarters for a meeting. If this meeting bears fruit and this partnership actually happens then Ethereum will have a serious challenge maintaining its top position in the crypto market.
Cardano is a threat to the big cryptos due to its security levels. It can allow DApps and smart contracts and this keeps Ethereum worried. The coin used research based technology which sets it apart from other coins. Many investors are coming onboard the platform because it is purpose oriented.
Ethereum has already been hit and has undergone a slump in prices since yesterday. The highest ETH has reached in three days is $476 which appears to be the current key resistance level. On the other hand Cardano continues to make its presence felt in various markets. The ADA coin listing on Bitkub in Thailand has a huge fan base and demonstrates Cardano’s interest in spreading far and wide.
Cardano’s infrastructure keeps updating and improving. The Plutus Core, which is a language seems like a perfect fit for Cardano. Hoskinson told Google executives, “So many Java, C++ or Go developers are writing codes on Ethereum? You can’t, Ethereum doesn’t support any of these languages. They can’t even run a single viral app on the platform. If you look at the top 10 languages, none of them works on the system, so, by definition, all those developers aren’t developing for the system, they have to go and learn new tools and new stuff. With Cardano, first off, we’re 100% backend-compatible, we’re running an EVM”, thereby demonstrating the superiority of Cardano over Ethereum.
Experts believe that although Cardano investors might be under some pressure now to sell due to recent price swings, it is still a better asset in the long term due to its technical superiority.
It is also challenging bitcoin with its numerous listings like the Thai exchange BitKub, Korean Bithumb and CoinRoom. Bitcoin’s recent price surge will make these listings even more important.