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Will Cardano (ADA) live up to the hype around it?

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Cardano ADA

Cardano (ADA) is one of the top cryptocurrencies in the crypto sphere. At the time of writing, Cardano is priced at $0.162 and is the 8th largest cryptocurrency by market capitalization. Cardano is a long-term project (has a real-life use and incredible purpose), and there is a big hype around it at the moment, but can it live up to it?

So, Cardano (ADA) is a long-term project that’s not fully completed yet. In the last 48 hours, the cryptocurrency fell short from $0.171 to $0.168. Cardano had an all-time high of about $1.12, but since then, even with other cryptocurrencies market, all we have seen so far is a huge dip (but still it has resisted quite well, and the dip has been because of the continuous fall of the crypto market in recent times).

Reasons why Cardano may or may not live up to the hype

One of the big things to know if a cryptocurrency will work out or not is the team behind it. As we all know, Cardano (ADA) has a futuristic team behind it. It has three organizations backing it and the IOHK – with Charles Hoskinson as the CEO. Hoskinson is an ambitious CEO, and he knows the strings to pull together to make Cardano a great cryptocurrency in the future.

He has also announced some of the things that are going on with Cardano at the moment. Cardano has two aims: to have a real-world use case, and also to do multiple things. Cardano (ADA) doesn’t want to be monotonous – instead, they are trying to get their hands on various things into their cryptocurrency that investors will need like the Smart Contracts, decentralized applications, and a platform that builds great apps that will be used in real life.

Moving forward, it is necessary to know that Cardano was built in layers to ensure scalability and upgrading. We do know that scalability is one thing that needs to be ensured by a cryptocurrency network. If scalability is not ensured, there may be a fall-off in the system as a result of a high rise in demand on the network. Admittedly, Cardano has made sure their platform is scalable enough.

Cardano’s completed and upcoming projects

Cardano’s roadmap is forthcoming in the next seven days – in one week, we should see more upcoming and completed projects. Here are some of the recent accomplishments by Cardano (ADA).

  • Cardano’s SL MainNet has been Launched
  • Enhancements are constantly made to increase the performance rate of its exchange partners
  • Paper wallets
  • Faster wallet restoration and synchronization
  • TestNet Launched

There are other things Cardano is still working on – throughout the Q2 and Q3, the future of Shelley will be released, starting with delegation and a stake pool TestNests, and Duncan Counts; the open Ouroboros delegation implementation; Multisignature transactions; wallet backend; consensus incentives and fees; light client support; human friendly addresses.

Some ending words

Cardano is also working on Sidechains, which will help its platform to be more scalable. There also are lots of other projects coming up as far as Cardano (ADA) is concerned.

If all these projects get implemented on their platform successfully, then, it indeed can live up to the hype around it. The team behind it is excellent, and we shouldn’t be surprised if Cardano becomes one of the top 3 cryptocurrencies in the crypto sphere soon.

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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.

Image courtesy of Maxpixel.net

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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