The IOHK team has done an amazing job so far, with regards to Cardano (ADA). They have anchored the project on scientific research, hence its massive breakthroughs such as Ouroboros. Ouroboros is the first proven and peer reviewed proof-of-stake algorithm. In a recent interview, Charles summarized Cardano’s capabilities relative to the rest of the market as follows.
If we succeed, the only way to compete with Cardano will be to emulate our engineering, which means that the software quality will dramatically increase in the entire space. If that’s our only accomplishment and Cardano doesn’t become a commercial success, that’s still great because it makes the world a better place for everybody.
Essentially, this means that Cardano (ADA)’s tech is the best and the rest can only emulate. Knowing what Charles and the IOHK team have done so far, there is no doubt that they are indeed setting the standards.
The IOHK has taken a multi-faceted approach towards Cardano, which places the project a notch higher than other blockchain projects. Cardano is more than just the tech. It has a social element to it, and this will drive up its adoption. For instance, Charles has been crisscrossing the developing world looking to foster relationships with governments. So far, they have developed relationships with several African governments, key among them being Rwanda and Ethiopia. They have also established relationships with the Mongolian government. These relationships may not mean much in the short-term, but they place Cardano in a better place for adoption in the long-run, and gives it an edge over most platform blockchains. That’s because there is more to tech success than just the technical capabilities alone. The social aspect to it is equally important.
Besides, even from a tech perspective, Cardano is miles ahead, and as Charles put it, others can only emulate. Scalability is the biggest problem facing blockchain projects at this point. In fact, it is issue that Ethereum (ETH), the largest Dapps platform in the ecosystem, is consistently trying to resolve. There are lots of new projects that are also trying to solve this problem, but most of them are centralized, defeating the whole essence of blockchain in the first place. Cardano is the only one that has solved the issue of scalability while combining it with top notch security and decentralization. This makes it one of the most powerful blockchains in the market, since a combination of scalability, security and decentralization will play a role in the success of blockchain technology.
With such superiority in its tech, and its social successes, Cardano (ADA) is indeed a trendsetter. This makes it one of the most valuable projects in the market, and one with the potential to make it big in the long-run. If it succeeds, which is a high likelihood, Cardano (ADA) could easily grow to become a trillion dollar cryptocurrency. It is superior, and with time, development will lean more towards it, for its efficiency, security and low costs. In future, world changing decentralized applications will be running on the Cardano blockchain.