Cardano (ADA) established its all-time high at $2.46. The cryptocurrency fell towards $1.06 – succumbing to the bearish pressures in the market but it has picked up the momentum once again. At the time of writing, Cardano stands at a price level of $1.67. ADA coin is on an uptrend with the price increasing in the past twenty-four hours. The trading volume has, however, declined by 40%.
What is Cardano and why does it have potential?
Cardano is a proof-of-stake blockchain with the aim to empower leaders to bring a positive change in the world utilizing its smart contract and decentralized app technology. Cardano was founded by Charles Hoskinson who was also one of the co-founders of Ethereum which is why the cryptocurrency is in direct competition with Ethereum – the queen of the market.
Three reasons why Cardano (ADA) is better than Ethereum
Charles Hoskinson, in a recent interview to Yahoo Finance, heavily criticized Ethereum. The Cardano co-founder has listed three reasons why he thinks his network is much better than Ethereum. Per the founder, Ethereum does not have any real capabilities. Hoskinson commented that mere employment of smart contracts is not enough as Ethereum does. Cardano’s smart contracts can be employed with inculcating governance and compliance.
Secondly, Cardano’s aim is to empower the poor people through financial inclusion and the likes. And Lastly, Hoskinson’s think Ethereum’s structure is vague and confusing. The new ETH2.0 upgrade “will kill ETH1.0”.
Cardano (ADA) in Africa
A part of its goal to focus more on the poorer segment, Cardano has been heavily involved in regions like Tanzania, Ethiopia and Georgia. This is also something that sets apart the network from others. Working with the education ministry in Ethiopia, Cardano is developing a blockchain-based ID system for educators and students. In Tanzania, the network has partnered up with World Mobile to create financial acceptance in communities.