The popular pseudonymous host of Coin Bureau, identified as Guy, has recently aired his opinion on the advantages that Cardano has over other rival blockchain projects in the race to beat Ethereum as the number one smart contract platform.
Speaking to his over 650,000 subscribers in a new video on YouTube, Guy disclosed that Cardano (ADA) takes about 8% of his crypto portfolio.
According to Guy, he bought his current ADA holdings last summer when the cryptocurrency was trading at $0.08. And this has meteorically changed as the digital currency has surged over 3,700% since he made the purchase.
He further explained that he purchased Cardano (ADA) as a hedge against Ethereum’s possible loss of hierarchy as the top smart contract platform, a scenario that is likely due to its current issue with high gas fees.
According to the countdown to the Goguen era released, smart contracts will be up and running on the Cardano network by August 2021. Going by Guy’s, this development will bring Cardano closer to Ethereum’s level.
However, Guy noted that tons of developers have not started showcasing their interest in building on the Cardano blockchain, but the fact that the majority of ADA circulating supply is locked up in staking pools is a big boost for the future of the crypto project. He also mentioned the growth in user capacity of the blockchain project as a significant edge over others.
Coin Bureau host:
“Like Polkadot, I see Cardano primarily as a hedge in case anything goes wrong with Ethereum. I am a huge fan of Cardano’s peer review approach to research and development.
“I have a feeling that Cardano will be running smart contracts much sooner than Polkadot which would theoretically make it the next runner up to Ethereum.
“The problem is Cardano doesn’t have nearly as many developers itching to work on its blockchain as Polkadot. More importantly, Cardano isn’t able to test smart contract functionality in a real-world setting the same way Polkadot can with Kusama (KSM).
“One big edge that Cardano has over Polkadot, and most other cryptocurrencies, is the size and engagement of the Cardano community. Some of my most viewed videos are about Cardano, and Charles Hoskinson’s YouTube channel seems to be growing even faster than mine.
“More than 60% of all ADA in circulation is also being staked in nearly 2,500 staking pools. Cardano may not have as many dApps waiting to deploy as Polkakdot, but it probably has millions of people waiting to use them.”