It is possible that Cardano will become the most valuable platform in cyberspace. After increasing its value by 1000% during 2021, its virtual currency (ADA) even surpasses current market leaders such as Bitcoin and Ether.
According to Sebastian Sinclair at Coindesk, Cardano’s price rose 19% on Thursday, August 26 and surpassed Binance coin, putting it in third place among the most valuable cryptocurrencies. The “sustainable” properties of the currency could allow it to rise even higher.
In addition to being environmentally friendly, the currency also has other benefits.
Almost a quarter of a trillion dollars in cryptocurrency market value in the world was lost when Elon Musk announced that Tesla would no longer accept Bitcoin payments. The ADA protocol survives, however, because it uses a proof of stake rather than a proof of work system.
In the technology of the platform, new ADA units aren’t generated from “super” computers, but rather the percentage of coins each miner holds, rather than the amount of processing power available.
Cardano founder Charles Hoskinson estimates that his network is more energy-efficient than Bitcoin’s network by more than four times. This could help improve the efficiency of proof-of-work systems like today’s.
The platform isn’t based on supercomputers, but rather on the percent of coins each miner has, rather than processing power.
In Hoskinson’s estimations, the Cardano network is four times more energy-efficient than the Bitcoin network. Proof-of-work systems like those currently in use could be made more efficient by this.
“What could the price of ADA be in a few years? Cardano could have a similar capitalization to that of the technological giants,” says the platform.
As of today, it ranks second only to Baidu and has already surpassed Dropbox, McAfee antivirus, Slack, and LG Electronics.
Cardano currently has a market capitalization of $86 billion. Ethereum, which has a capitalization of $367 billion, and Bitcoin, which has a capitalization of $893 million, are still far behind the blockchain as the new favorite of experts.