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Why Cardano (ADA) might be a Better Deal than Ripple (XRP) and Ethereum (ETH)

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Cardano

Cryptocurrency investors that are trying to deduce which crypto is worthy of their investment often only consider the top coins. The likes of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) gather the majority of their attention, while the lower-ranked coins have to keep struggling in order to get their share of attention. However, Cardano (ADA), which is ranked as 7th on CoinMarketCap, is different, and it might be offering much more than what its rank would suggest.

Cardano (ADA) holds the 7th place on CoinMarketCap, which is a pretty good position for a cryptocurrency. However, despite its high rank (being within the top 10), a lot of investors still aren’t sure if this coin truly has enough potential to make it worthy of their money. However, ADA’s very nature makes it more than worthy of consideration, and it might even be a future star of the crypto world. In fact, many believe that it can rival Ripple (XRP), and even Ethereum (ETH).

Cardano (ADA): The third generation of cryptocurrency

What makes Cardano so different is the way it views itself. This is something that is carrying quite a hint in itself, for those who are capable of seeing it. Cardano identifies itself as the third generation of blockchain, which might not mean much at first. However, for this coin, it means that it had the opportunity to investigate its predecessors, study their mistakes, and make up for what they are lacking. Issues like security, scalability, and alike are all being solved within this crypto with each new improvement.

Cardano has yet to complete its development, and it still promises great potential, and the fact that the unfinished coin holds the rank of 7 on the cryptocurrency list speaks volumes in itself. Just like Ethereum, Cardano is completely public, and open-source blockchain that allows the creation of dApps and smart contracts.

It appeared as a concept in 2014, mostly because the things like security, scalability, interoperability with traditional systems of payment, and governance are large issues for other cryptos. A new one was needed, one that would be able to ascend above such problems, and solve them, instead of suffering from them. Its team started to develop the coin, and it was finally launched in September of last year, while its trading started on October 1.

Its aim was, and is, to find and maintain a balance between the regulators and the crypto users, and so far, it managed to do just that.

Cardano vs Ethereum

When it comes to Ethereum, it shares a lot of similarities with Carano, which is not surprising, since Cardano’s team studied Ethereum in order to determine what this crypto did right, and where did things go wrong. Ethereum has a powerful blockchain and an open-source platform that allows developers to create smart contracts and dApps, which is what we have already mentioned that ADA picked up on.

Ethereum wishes to make the internet more trustworthy, with more freedom, and a larger global accessibility. It is also largely used for the creation of new cryptocurrencies, one of which is also today’s superstar, TRON (TRX).

However, the reason why Cardano might be a better option than Ethereum involves its smart contracts, which seem to be a lot more efficient.

Cardano vs Ripple

Then, there is Ripple (XRP). Cardano has learned a lot from this crypto as well and has also made it one of its prime targets. Ripple’s goal is to create more practical, safer, and cheaper payment solutions. It is also known for being in league with various banks and financial institutions, which are making its assignment easier to achieve. These banks are accepting this crypto for several reasons, like its reputation, as well as the reputation of the company that backs Ripple up, Ripple Labs.

Additionally, XRP is a very centralized crypto, with a lot of outstanding products that the banks would like to make use of themselves. Thanks to its achievements, Ripple has become incredibly fast, which makes it perfect for everyday use, whether the transactions are meant to be local, or cross-border. However, one of the things that Cardano might beat Ripple at is the issue of scalability.

Cardano has been known for having around 20-second periods in implementation. Additionally, it has proven to be capable of processing around 257 transactions per second. Ripple is not that bad when it comes to scalability either, but Cardano’s layer-based architecture and an alternative approach to the issue might make it a serious competitor for Ripple. One of Ripple’s potential plans is to also delve in the sphere of smart contracts, which might make it a competitor of Cardano in this field, but it will definitely make it a threat to Ethereum.

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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.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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