Cardano Is A Sleeping Beast
And it’s about to wake up
Cardano is here since 2017 and after ages and ages of waiting, something big is going to happen. We will be entering the Goguen phase, which will be a huge leap forward for this project. But now, we should slow down a bit and look at what exactly does this mean.
Cardano is the eight biggest cryptocurrency and aims to create a platform for „changemakers, innovators, and visionaries”. It was founded by Charles Hoskinson, co-founder of Ethereum. Cardano’s development goes through a peer-reviewed research, which is not usual in cryptocurrency space. The native token of Cardano is ADA and it has limited supply of 45 billion.
The roadmap of Cardano is divided into 5 phases-Byron, Shelley, Goguen, Basho and Voltaire. Each phase comes with new functionalities.
Firstly, the Byron phase. Byron was the first and the longest phase and as a user, you really couldn’t do much with Cardano. You could only send and receive ADA tokens. That’s basically all.
This summer, we entered Shelley phase. In this phase, Cardano became truly decentralized thanks to proof of stake. Now, you can delegate your ADA in order to secure the network and receive rewards. The rewards vary between 5–7% p.a. depending on which pool you choose.
Next year, we are going to enter the Goguen phase. This will start a whole new era of Cardano. With Goguen, you will be able to build and use smart contracts. With this improvement, Cardano will become a competitor of Ethereum.
Please, don’t get me wrong here. I’m not saying that Cardano wants to replace Ethereum. They rather want to learn from the mistakes of Ethereum and other cryptocurrencies to build something what they call a „third generation blockchain”.
In the further future, we will see Basho with interoperability and scaling improvements and Voltaire phase which will give us governance so the users will be able to influence the development of Cardano.
So now, I assume you have some background of this project and I can go to the main idea of this article. As I said, the Goguen phase will be a huge change for Cardano. With smart contracts, there will be many opportunities to grow. New projects will come with innovative and promising ideas. This is a key to the success of Cardano (I will get to this later in the article).
In fact, we already know the first project-Bondly. Bondly is a DeFi project which works on multiple blockchains-on Ethereum, Tron, Polkadot, Cardano and some others. And what does Bondly do? Well, on their website, they say that they want to build „a portable peer to peer exchange that enables trading across any chain, through any medium”.
And this is just the beginning. With more and more projects like this, Cardano will grow and draw attention on itself. The media will be reporting and writing about all of this and we might see some significant price moves. The ATH (all time high) of Cardano is 1,33 USD and now we are at 0,15 USD per coin, so there is a lot of space to grow.
However, there are some threats that might show up on the way. The biggest problem can be that there simply won’t be project building on Cardano. Maybe the developers and programmers will prefer other platforms like Ethereum or Tron. This can happen and even though I think it’s unlikely, we should prepare for this scenario.
Another problem is time. Cardano is notoriously known for its delays. Because of their precise development, some things go slower than expected. But this may cause that other projects will find solutions faster than Cardano and overtake it.
Overall, I think that Cardano has a huge potential. With Goguen and smart contracts, we will start a next era which might change everything. There may be some obstacles on the road but I think we will overcome them and achieve all the goals we have set. Cardano is a sleeping beast and we shouldn’t underestimate it.
Thank you for reading. At the end, I should add that I’m not a financial advisor and this article is not a financial advice. If you like my articles, you can support me here:
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