The recently published report by Etoro on the market research done on Cardano (ADA) future prospects has shown the fundamental value ADA holds. This comes at a time the market is facing a mini bullish run as Bitcoin’s price crossed the $7,500 mark. More projects are unveiling new milestones in Q3 and IOHK development team is part of this run to see a fully functional product by 2020.
ADA currently ranks amongst the top 10 cryptocurrencies according to market cap at position 8 on Coinmarketcap. The blockchain 3.0 project development aims to improve the overall scalability within blockchain networks as well as solve the problems regarding fast transactions and feeless transactions. ADA was the 11th coin to be listed on the Etoro social trading platform earlier in Q2 2018 which has since been seen as a success.
Cardano (ADA) technical prospects have earned a place in the crypto arena due to its more advanced consensus protocol. Unlike BTC which uses a proof of work consensus, Cardano has implemented the proof of stake algorithm known as ‘Ouroboros’ which is not necessarily mining related. In doing so, the team has been able to build a platform and token that is less costly to acquire due to the reduced energy costs. ADA’s PoS is ranked among the best within the cryptocurrency markets and has proven to be more engaging since stakeholders generate the blocks.
Cardano’s Real World Application Overview in 2018
- Financial Sector
The link between technology and finance has been strengthened with the invention of blockchain. Financial institutions like banks have started exploring the option of using smart contracts, an area where Cardano has invested heavily in tech development. ADA’s platform has the ability to eliminate middlemen and process transactions faster although still a young project.
- Tracking Goods Delivery
Blockchain has presented to the world a solution to most loopholes in system management. Deliverables are often lost while on transit and often result to other losses within organizations. Cardano’s blockchain can be used to track goods while on the way through the use of smart contracts and an online ledger.
- Storage of Records
Transparency in keeping official records has been a challenge in most jurisdictions to date. Cardano (ADA) and its peers within crypto have introduced new avenues for data storage. The altcoin uses cryptography for verification of documents stored on the ledger hence avoiding conflicts like “double selling” that may arise in property.
- Financial Statements
Cardano’s smart contracts come in handy in accounting practices. The technology allows users to reconcile statements depending on the instructions coded in smart contracts as well as participation from contributing token holders.
On the charts, ADA is currently exchanging at $0.1764 USD per token. This represents a slight 3.51% decrease in price in the past 24 hours with a total market capitalization of $4,633,323,068 USD.
However, Cardano (ADA) has been on a bullish momentum in the past week making the price of one token gain by 37%. Cardano’s all-time high is at $1.28 and has recorded a maximum growth of 180% within a day in the past. This shows that the coin’s potential to break a couple resistance levels in the near future is not a dream given its fundamental value and strategy as of press date.