Cardano ADA – Charles Hoskinson yesterday tweeted that the IOHK team had solved the most teething problems of prove-of-stake algorithm, and that’s security. In the video that was embedded in Charles’s tweet, we see Professor Kiayias explain this breakthrough at the IOHK blockchain technology lab.
According to Professor Kiayias, new users coming into the blockchain do not need any previous knowledge on the number of active users in the system. This was always the problem of prove-of-stake because it made it vulnerable to security issues. Given that prove-of-stake is way better than proof-of-work in terms of scalability, this advancement is a big breakthrough for Cardano ADA. It essentially makes Cardano one of the most scalable and secure smart contract blockchains in the market, one that is at par with Bitcoin in terms of security.
From Professor Kiayias lecture, you can tell that the Cardano team is way beyond they hype. They are focused on making Cardano the best platform available, not on just making headlines. This reflects in the manner in which, the IOHK team is working on creating a light wallet. That’s after complaints amongst Cardano users regarding the user-friendliness of the Cardano wallet. The team is aware that cryptography needs to advance, for there to be a truly light-wallet that requires a partial chain for it run effectively. That’s the hallmark of a team that runs on the science philosophy.
With all these awesome developments, Cardano is getting renewed interest from crypto investors. Recent Google trends on Cardano show that interest in this crypto is going up. Google trends are usually a good indicator on the level of interest that investors have in a crypto. That’s why in quarter one of 2018, bitcoin was down on Google trends, and in that period, we saw a serious decline in the value of bitcoin, and in the crypto market in general. In essence, the recent surge in search engine searches for Cardano is an indicator that investors are taking note of the developments that the IOHK team is making.
Therefore, we can expect some major price moves on Cardano in coming days. After weeks of price drops, Cardano is now edging close to $0.30, and is up over 5% in intra-day trading. If the current momentum continues, Cardano could close Q2 of 2018 above $1. Long term, Cardano could easily hit $10, and that’s not an ambitious target if these latest developments are anything to go by. The latest breakthrough on the prove-of-stake algorithm is in itself a huge achievement, considering that it is a major reap towards solving the scalability problem that is facing major blockchain projects at the moment. We are likely to see to see large-scale decentralized applications run on the Cardano blockchain going forward, and this will increase the intrinsic value of Cardano (ADA).
Chances of Cardano getting bigger than the likes of Ethereum and NEO, are quite high. It dwarfs them on scalability, which is the most important feature to the future growth of the smart contracts space. Cardano is clearly the future!