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Cardano [ADA]: Leading the charge in Blockchain 3.0, says eToro’s market research

Priyamvada Singh



Cardano [ADA]: Leading the charge in Blockchain 3.0, says eToro's market research
Source: Pixabay

On 17th July, eToro published a detailed market research report about the thriving blockchain ecosystem, Cardano. eToro is a leading social trading and investing network. Some of the subjects discussed in Mati Greenspan’s [Senior Market Analyst at eToro] report are Cardano’s history and development, use-cases, technical framework, future developments and ADA token valuation analysis.

In the report, Cardano is stated as a major player in the 3rd generation of blockchain technology, often called Blockchain 3.0. The first two generations, Blockchain 1.0 and 2.0 had their focus on Bitcoin and Ethereum respectively. Greenspan, in his report, stated:

“Cardano is developing a smart contract platform and leading the charge in what some are calling “Blockchain 3.0”. With a more scalable and fexible network than some of the older projects like Bitcoin and Ethereum.”

It was also mentioned that Cardano is specifically designed to serve the global financial system for better accessibility and is preferred over Ethereum for secure transactions. The report notified that a number of pharma companies have begun to switch to Cardano from Ethereum.

Cardano is a complete package of blockchain-backed advancements that includes smart contracts, decentralized applications [dApps] and secured payments. Thus, it can be utilized to level up the efficiency and security across several fields, such as financial services, official records, supply chain, accounting and dApps. The report explained Cardano’s use-case in each of these sectors.

Financial services: Banking activities can be integrated with blockchain via smart contracts to increase speed and automation in lending, investing or transferring money. This also eliminates the role of a middleman.

Official records: Cardano’s blockchain can provide security and transparency to official records. Moreover, Cardano has already been assisting in cryptographic verification of student diplomas for several universities. A similar implementation of its blockchain can also be utilized in elections or a country’s property records.

Supply chain: This is a well-known use-case of blockchain technology that involves the tracking of shipments across various industries. For instance, blockchain can be used to record all information on jewelry shipments, from the miners to the retailers. It will bring much integrity to the market by tracking down any fraudulent activities along the journey.

dApps: dApps can be used to add decentralization to the existing applications such as Uber and Airbnb to enhance their performance in terms of speed and security.

Regarding the general performance and role of Cardano in the field of blockchain, Mati Greenspan has pronounced it as a “collection of philosophical principles and computer scientists than a start-up with a product”. The report also conveyed that Cardano’s computing principle is incomparable in the industry.

The report while discussing the future developments of Cardano stated that the team is focusing on building digital wallets [inclusive of multi-signature accounts] as its initial goal. Furthermore, voting, delegation and the reward system are to be implemented, for Cardano to deploy true decentralization – the bigger goal. These features are the part of Cardano’s Shelley version, which is preceded by the Byron version.

ADA Token Analysis

The report implied that an evaluation of Cardano’s token may not be an accurate one. This is for the simple reason that the project is in its early stage. Additionally, several indicators to evaluate the token’s performance are still either unknown or unstable.

The analysis also concluded that the transaction fee of the ADA token is volatile. This is typical of most of the cryptocurrencies in the market at present. It was concluded that the performance of ADA is largely dependent on the performance of the Cardano network and its user behavior.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%




Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.

Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”

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