Connect with us

Blogs

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

Published

on

Cardano
READ LATER - DOWNLOAD THIS POST AS PDF

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.

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