Cardano (ADA) currently ranks seventh on Coinmarketcap with a total market capitalization of $6.5 billion USD after its price rose by a slight 5% on Thursday to $0.25 USD. This was shortly after ADA was ranked seventh on the global public blockchain evaluation index by China’s CCID Research Institute of the Ministry of Industry and Information on Wednesday. The evaluation ranking totaled 28 cryptocurrencies based on their technology, application in the real world and creativity. Ethereum was first, with Bitcoin ranking 13th in the evaluation list.
Three factors pushing Cardano to be the top public blockchain
- Time is on Cardano’s side
One big accusation that blockchains and their associated cryptocurrencies are facing is the daunting question of what real problem the technologies are solving at the moment after almost a decade in existence. This is a valid argument but given the harsh legal conditions and general uncertainty amongst sections of the public has stifled adoption and growth of the industry. The environment is however getting fairer by the day with governments, regulatory bodies and the crypto communities moving towards sensitizing the public on the blockchains. Corporations and other big money market movers are also moving towards adopting the technology.
Cardano (ADA) on its part is only a couple of months old and has already launched its main net moving from the Ethereum smart contract system to Cardano. The open source system is yet to launch its own smart contract which is to be released later in the year. This will yet be a big price mover in the future as overall real world application of Cardano gains adoption as the general public start using blockchains widely.
- Cardano’s application is being tested
The Cardano blockchain comes with its own unique features, team and has formed a strong community with matched project ambitions and goals. Most of these coins promise to provide a unique feature different from the already built blockchains. However, most of the projects never realize their promises as they are more theoretical than crypto-practical, a state of integrating the blockchain project to solve real world problems.
Cardano, through its roadmap and recent crypto-practical developments, has continuously showed the need for integration of the blockchain to solve real world problems as a key to mass adoption. The IOHK development team, the creators of Cardano project, led by Charles Hoskinson, recently signed an MOU to integrate the blockchain in the agricultural industry in Ethiopia. This allows easy access to international markets for products such as coffee while simplifying the data storage and financial accounting services in the agricultural sector in the East African country.
Negative comments arising from the recently signed MOU by Cardano and Ethiopia regarding the legibility of the technology in transforming the economy of a developing country are baseless and shows lack of understanding of the overall use and revolution of blockchain technology.
- Africa and other developing economies is Cardano’s marketplace
As mentioned at the end of point , some of the investors in the cryptocurrency world are ignorant on the impact essential blockchains such as Cardano, IOTA and other blockchain 3.0 technologies will have in developing economies. The inefficiencies in the election processes, data entry, and corrupt payment systems are heavily crippling the developing economies and blockchains offer a solution to these real problems.
The recent tour Charles Hokinson had in Africa to Tunisia and Ethiopia coupled with Changpeng Zhao (Binance, CEO) recent trip to Uganda to discuss the application of blockchain on the economies of Africa shows the future the market holds for blockchains. Cardano aims at forming a greater partnership with other African countries with Kenya being the next most likely destination in developing economies.
Crypto-practical is a term coined by Lujan Odera, meaning the application of cryptocurrencies to real world situations and practices. Use is sparingly and enjoy the term.