Cardano’s ADA token is currently struggling to reach the $1 mark. Many investors holding ADA tokens are in the red right now. Nevertheless, the Cardano community is extremely positive. Is Cardano future really looking bright?
Cardano is designed as a long-term project and its future is indeed looking promising. We give the reasons why Cardano should perform extremely well in the long term.
What is Cardano Crypto project?
Cardano is a blockchain network that started in 2017. Cardano was founded by Ethereum co-founder Charles Hoskinson. The Cardano Foundation is behind Cardano. It employs scientific staff who further develop the blockchain according to evidence-based standards. Cardano’s network token is called ADA.
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Cardano uses the modern Proof-of-Stake consensus mechanism. This makes the blockchain efficient and energy-saving. Cardano has been able to offer smart contract functions since 2021 and can therefore be the basis for decentralized applications. According to scientific standards, Cardano analyzes the weaknesses of other blockchains and improves them for its own blockchain.
What happened to Cardano Price in 2021 to date?
Cardano’s ADA token price has experienced a sharp drop in the last 6 months. In September 2021, the ADA rate was still over 3 dollars. By the end of the year, the price had already fallen more sharply. By the turn of the year, the ADA had already lost half of its value.
In 2022 we saw further difficulties with the ADA price. At the beginning of March, the price fell below $0.80. Since then, the price has struggled to break back above $1. Right now, ADA has lost about 65-70% of its value from its all-time high.
How will Cardano be further developed in the long term?
Cardano has 5 important development phases, each of which aims to achieve a specific development goal. This includes:
- Byron : Basics of Blockchain
- Shelley : Decentralization
- Goguen : Smart contract features
- Basho : Scalability
- Voltaire : Governance Functions
Cardano is currently in stage 4. By increasing scalability, Cardano should be able to process up to 100,000 transactions per second in the future.
This approach often pushes Cardano into the background within the rapidly changing crypto market. Solana had an extremely big hype in Q4 2021 and reached new all-time highs. Cardano, on the other hand, has already lost value.
Why is Cardano future looking so Bright?
Due to the scientific approach and long-term development, the future of Cardano could be extremely positive. With the introduction of smart contracts, Cardano could finally be the basis for decentralized apps after a long wait. The next step was to massively increase scalability.
With an increase in scalability, Cardano should outperform other blockchains in the future. The blockchain is already superior to other blockchains in most areas. This should remain the case with the scientific working methods of Cardano in the future.
How high can Cardano go in the future?
With the further development of the Cardano blockchain, the Cardano (ADA) price should continue to rise massively in the future. How high can the ADA price go? In this article , we discuss whether Cardano can reach $1,000 in the future.
The current Cardano price with a look at the future should be a good entry point. In the next bull market, the ADA price should again reach a new all-time high and clearly exceed the 3 dollars.