Friday, February 26, 2021

Fundamental Reasons to Be Bullish On Cardano (ADA)

Cardano (ADA), the third-largest cryptocurrency by market capitalization has been printing an impressive performance in the market since the beginning of the year and there are obvious factors behind this outstanding performance.

IOG team of developers launched the Mary Goguen last week, which represents the pathway to Cardano’s smart contract era.

Read Also: Charles Hoskinson: I Will Never Give Away Free ADA. If You Send ADA You Will Lose It

Currently, user-defined tokens are being tested and monitored to prepare for the mainnet launch. If all goes as planned, the deployment on the mainnet will be conducted by IOG developers at the end of the month.

“The deployment of Goguen ‘Mary’ marks a significant stage in Cardano’s journey. When Mary turns her crypto key within the network, we will unlock the mechanism for users to create their own tokens for a myriad applications: Decentralized Finance (DeFi), and countless other business use cases.”

On 26th December 2021, the D-parameter will reach zero, indicating that the Cardano network has become 100% decentralized. This also implies that IOG will release the control of all block production to the community. Thus, independent stake pool operators will be fully responsible for the task.

Cryptocurrency is often criticized for the lack of real-world application, especially when viewed through a first-world lens where trading or speculation forms the bulk of its use.

But Director of African Operations at IOG, John O’Connor, revealed that the firm is on the verge of sealing a contract with an African government. There are no further details on who or how. But it will certainly welcome millions of users into the Cardano ecosystem for real-world use.

Read Also: Cardano’s Shelley Launch Will Be a Giant Leap for Crypto –Weiss Crypto Ratings

Cardano (ADA) and Ethereum (ETH) About to Go Head to Head

Despite the recent Cardano’s impressive market cap gains, Ethereum, with its $200 billion market cap, still towers over the competition, making it the smart contract platform to beat.

However, analysis of the situation puts Cardano (ADA) in the control. Additionally, Ethereum, especially ETH 2.0, is years away from becoming a finished project. This leaves time for competing chains to make their mark.

Commenting on the recent growth of the ecosystem, IOG CEO Charles Hoskinson said we earned it. He spoke passionately about doing things the hard way and not shying away from the challenges.

“…there’s an inevitability behind Cardano, not only are we here to stay, we’re also going to make a very big impact and put a big f*cking dent in the universe because we earned it.”

Read Also: Cardano (ADA) Smart Contract Environment Plutus Is Now Live In Devnet

Considering the current happenings in the Cardano ecosystem, many are optimistic that bigger things are preparing to play out in 2021. No wonder the community continues to experience vast growth.


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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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