Connect with us

Altcoins

The Future of Cardano (ADA) is Similar to XRP

Published

on

future of Cardano
READ LATER - DOWNLOAD THIS POST AS PDF

Global Coin Report had earlier anticipated the XRP mega breakout that happened on Friday, 21st of September. All our team had to do, was observe the charts and recognize there was a massive spike in the trade volume of the digital asset right after the announcement that xRapid might go live in the next month or so. There was also the additional interest of the digital asset via social media platforms. The discussions are still evident and include how Ripple solutions in the financial industry, will bring the much-needed blockchain revolution to the banking industry. After seeing the recent success, we decided to take a look at the future of Cardano (ADA).

Cardano (ADA) Plans on Doing the Same Thing

One of the core missions of the Cardano project is to develop a decentralized blockchain and cryptocurrency with smart contract capability, as well as delivering more advanced features than any protocol out there. Cardano has made financial smart contracts simpler through the Marlowe Project.

Marlowe does this by allowing the user to write financial smart contracts by simply visually composing known building blocks. The existing building block toolbox has three categories: observations, contract and the money to be transferred in ADA.

Perhaps Marlow can be used to design very simple smart contracts to power cross-border payments or even peer-to-peer automated payments. Looking at the future of Cardano, the smart contract capability on the Cardano platform could create something similar or better than Ripple’s xRapid.

Catering for the 3 Billion Unbanked Globally

One of the organizations that contribute to the development of Cardano, is IOHK. According to the Cardano website, IOHK is committed to using peer-to-peer innovations to provide financial services to three billion people that don’t have them. Majority of the unbanked reside in emerging countries that are in Africa and Asia. Once Cardano spearheads financial inclusion in these regions, it would have done something far much greater than Ripple is doing by courting the global banks through RippleNet.

One thing that has helped increase the financial development of these emerging markets, is mobile banking that has been spearheaded by services such as MPesa in Kenya. Such services allow anyone with a registered mobile SIM card, to use it as a mobile bank. The owner of the SIM can then proceed to transfer funds through MPesa, as well as securely storing it on the network. The parent company of the service –  Safaricom Limited –  has seen its revenue increase exponentially by simply charging a small convenience fee with each transaction.

If Cardano were to come up with such a service that directly uses ADA, then the sky is the limit for the digital asset. Such a feat would be greater than xRapid and xCurrent combined.

Future of Cardano

It is with the above brief future possibilities of the Cardano project, that we can compare its current value in the markets of $0.09, to that of XRP mid last year. This was when Ripple was finalizing the development of its software solutions of xVia, xRapid and xCurrent. As a matter of fact, the team at Cardano are also finalizing a lot of the back-end functions such as the earlier stated smart contracts.

Observing the circulating supply of both XRP and ADA, the coins in are 39.8 Billion and 25.927 Billion respectively. With a difference in supply of 13.873 Billion, it is clear that once ADA starts to blossom in the market, it could even outperform XRP’s peak value of $3.82 seen back in January.

However, if we consider the Cardano project to being where Ripple was in May 2017, then the project and coin have another 1.5 years to come up with a working product and to propel its adoption in solving real-life problems. Therefore it would be prudent to consider slowly accumulating some ADA religiously on a monthly basis for the next 1 year or so.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

Continue Reading

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

Elite