Charles Hoskinson, the founder and CEO of the Cardano cryptocurrency (ADA) is making some big claims saying that his digital currency will be replacing the two most formidable players of the cryptocurrency market – Bitcoin and Ethereum. This claims from the Cardano founder comes soon after the cryptocurrency featured in the top-ten list as the seventh largest cryptocurrency in terms of market capitalization.
Mr. Hoskinson and his team at Cardano is betting on the robustness of the infrastructure and technology supporting the Cardano coin. However, the recent turbulence caused in the crypto market is a party to the fact that all digital currencies are prone to major corrections.
Mr. Hoskinson said:
“Why is anybody worthy of their positions in the market cap? Bitcoin is advertised as a payment system and a means of exchange, and then everybody who’s ever tried to use it for that, it’s been a miserable failure. They usually stop taking it, or they find ways to take cash, and through a creative structure like what Bitpay has done. Ethereum claims to be a world computer, but then CryptoKitties breaks it.”
It has to be noted that Bitcoin and Ethereum have managed to successfully sail through all the good as well as bad times of the crypto market and on the other hand, Cardano is pretty much in its nascent stage of development. Cardano is basically an open-source decentralized platform that is backed by three entities including the Cardano Foundation, Emurgo from Japan and a Hong Kong Based company, Input Output Hong Kong (IOHK).
Cardano is paying some serious attention to the two major issues concerning the cryptocurrency industry at the moment which includes scalability and privacy regulation. Cardano works on the proof-of-stake model of data transactions wherein the users are rewarded based on the proportinality of their holding. Additionally, the Cardano platform is also powered by Ouroboros concept which can deliver unmatched security capabilities.
On the other hand, unlike Bitcoin and Ethereum, Cardano has some multi-player processing outfit which makes it possible for the ADA tokens to be used either as a currency or a storage facility for contact information. These two utilities are however separated by layers that allow the platform to quickly and easily process all the transaction despite its complexity. This can help Cardano to gain an advantage over the top competitors like Bitcoin and Ethereum.
Mr. Hoskinson believes that these characteristics of the Cardano network will be crucial in pulling investors who are looking for important metrics like the team, philosophy and science running the network. He said:
“The way the ecosystem goes about doing its business is what makes it earn the current positive reputation of becoming the market leader and contender.”
Apart from providing investors a seamless experience with transacting their crypto holdings, the Cardano platform has also paid crucial attention to the security aspect. Cardano’s e-Wallet Daedalus provides the benefits of cold storage thereby drastically reducing the issues of security breaches.