Cardano is ranked no 5 on coinmarketcap.com as of 13th January 2017. But why? Why does it have a market capitalization of $22 billion? why is 1 ADA worth $0.84? should it be worth more than this?
Are you contemplating on investing?
I have summarised what Cardano is all about and hopefully after reading this you will be making a more informed decision rather than investing because the price may go up or because a friend suggested it to you.
Cardano (ADA)
• Cardano is an open source
• It’s a contract platform designed to provide more advanced feature
• It’s a platform for running financial applications
• It is based on smart contracts
• Its basically a Japanese Ethereum
• It uses a new proof of stake algorithm called Ouroboros, which determines how individual nodes reach a consensus about the network.
• Ouroboros eliminates the need for an energy-hungry proof of work protocol
• Ouroboros is highly secure and compares to that of bitcoin blockchain which has never been compromised.
• Ouroboros is a provably secure proof of stake blockchain protocol
• Ouroboros seek to maintain a more robust ledger which will be faster in processing transactions than Bitcoin.
• You will be able to shop with ADA using the Cardano debit card. ( see below image from https://www.cardanohub.org/en/shop-with-cardano/)
My Opinion
For the purpose of full disclosure, I own Cardano coins and after doing my research, I intend to buy more ADA.
In my opinion, this platform is highly sophisticated and has a credible technological backing. It’s likely to compete with Bitcoin and Ethereum soon. And the reason is because Bitcoin is currently struggling with huge volume of transactions and when the market becomes fully adopted, we are likely to see it get even slower unless a new technology such as SegWit2x is introduced.
Also, the current level of financial transactions that occur world wide will ideally require different platforms to process various transaction as bitcoin is unlikely to handle all financial transactions worldwide. Platforms like Cardano will always have a market share as long as it delivers on its promises.
Credit to https://coinmarketcap.com/currencies/cardano/
Credit to- https://www.cardanohub.org/en/shop-with-cardano/
DISCLAIMER
Your investments are your responsibility
I do not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of reading my blog. You acknowledge that you use the information I provide at your own risk.
Information, not advice or recommendations
My publications do not offer investment advice and nothing in them should be construed as investment advice. My publications provide information and education for investors who can make their investment decisions without advice.
The information contained in my publications are not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any securities. My publications are not, and should not be seen as, a recommendation to use any particular investment strategy.
Carry out your own independent research
You should carry out your own independent research before making any investment decision. My publications do not take the specific needs, investment objectives and financial situation of any individual into consideration and any investments mentioned may not be suitable for you. You should not base any investment decision solely on the basis of the information that I publish.
Carry out your own independent verification of facts and data
The information I publish has been obtained from or is based on sources that I believe to be accurate and complete. Although reasonable care has been taken, I cannot guarantee the accuracy or completeness of any information I publish. Any opinions that I publish may be wrong and may change at any time. You should always carry out your own independent verification of facts and data before making any investment decisions.
Seek professional advice if required
If you are unsure of any investment decision you should seek a professional financial advisor. I am not a registered investment adviser and I do not provide investment advice or recommendations. I am not regulated by the Financial Conduct Authority.
Investment risks
The value of shares and crypto currencies can fall as well as rise. Dividend payments can fall as well as rise. Any information relating the to past performance of an investment or investment service is not a guide to future performance. Share prices and crypto currency prices may go down as well as up and you may not get back the original amount invested. You should not buy shares or crypto currency with money you cannot afford to lose.