Cardano Surpasses SpaceX – s Market Cap to the Confusion of Cryptocurrency Veterans, BTCMANAGER
A Reddit thread posted on January Four, 2018, began gaining traction after it highlighted that Cardano, a relatively fresh cryptocurrency with little to no utility, is now worth more than SpaceX. Elon Musk’s company, the same individual behind the famous automaker Tesla Motors, is presently valued at around $21-22 billion and responsible for the very first reusable rocket among other endeavors. For a cryptocurrency that has, so far, thrived on unspoiled speculation alone, it may seem undeserving of its current $23 billion market cap.
Fairly obviously, SpaceX is not the only company that is less valuable than Cardano. However, the Reddit thread does pose several significant questions to not just the cryptocurrency te question, but also the digital currency economy prototype spil a entire.
Cardano’s promise for the future involves brainy contract and decentralized app platforms ter addition to its native cryptocurrency. However, the development team at the Cardano Foundation do not even have a public-facing prototype with thesis features. Worse still, they have not set a deadline for the evolution of the verhoging spil described te the cryptocurrency’s technical documentation.
However, it is relevant to note that even if Cardano’s development wasgoed ter utter sway and presently being publicly tested, there is no plausible reason to state that it would indeed be better than several other cryptocurrencies presently ter circulation.
Cardano’s rechtsvordering remains that its settlement layer boasts speed, extensibility, pseudonymity, and security unmatched by regular currencies. Ter a crowded wedstrijd alongside other cryptocurrencies tho’, there may not be a single one of those points that the foundation or its ADA coin can do better than the competition. The only noteworthy difference then is that Cardano has centered its development around the proof-of-stake principle instead of the conventional proof-of-work mechanism that Bitcoin, Litecoin and Ethereum presently employ. Even that is not unique, however, since Ethereum is expected to budge to proof-of-stake within the next few months.
ADA coin’s aim of eliminating bitcoin’s current transactional problems of high fees and wait times have already bot addressed by other digital currencies such spil litecoin and RaiBlocks. Ethereum has also proved that its treatment to decentralized apps is not only ready to be utilized by any interested business but also the den facto implementation spil of late 2018. Furthermore, given that wise contracts were an integral part of Ethereum’s whitepaper, and could also come to bitcoin sometime soon with RSK, the usefulness of Cardano is further diminished.
Te the absence of any revolutionary technology at play ter this circumstance, the question of what fueled Cardano’s explosive growth still stays. The reaction to that may actually be relatively straightforward tho’.
With news of the cryptocurrency market reaching mainstream media ter 2018, it spurred many fresh individuals to invest large amounts of capital te the ecosystem. While one cannot expect well-established digital currencies such spil bitcoin and ether to grow overnight exponentially, the precies opposite is true te the case of fresh ICOs and coins. Therefore, it is reasonable to believe that speculative investors are largely responsible for Cardano’s $23 billion market cap. Whether the cryptocurrency can actually sustain at that level for an extended period, however, is a very valid question.
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