Logo
Cardano Ecosystem

Crypto Breaking

12/20/2023

·

67 views


Cardano Founder: We Are Growing Organically Like Bitcoin, Will ADA Prices Boom? | Crypto Breaking News

Taking to X on December 18, Charles Hoskinson, the founder of Cardano, celebrated the network’s recent growth, noting that it’s mirroring the organic development of Bitcoin (BTC). While some have expressed...

Cardano Founder: We Are Growing Organically Like Bitcoin, Will ADA Prices Boom? | Crypto Breaking News

Taking to X on December 18, Charles Hoskinson, the founder of Cardanocelebrated the network’s recent growth, noting that it’s mirroring the organic development of Bitcoin (BTC). While some have expressed concerns about network congestion, Hoskinson affirmed that Cardano is designed to handle such loads and has ample room for future scalability.

Demand Increasing, Cardano Moving Away From “Ghost Chain” Status

In a post garnering significant attention on X, the founder said he has been watching with ” glee as some people worry about Cardano’s blocks filling up.” The founder reminded the community that it was only a few months earlier that the network had been slammed for being a “ghost chain” with no utility. 

However, as the network “gets busy” and blocks fill up, Hoskinson assured the community that the platform is designed to handle rising demand with more room to grow in the future. While Cardano aims to compete with Ethereum as a smart contract platform of choice, its development is anchored on peer research, and progress has been systematic.

Looking at block explorer data from Cexplorer, the average block saturation of Cardano stands at 56.98% as of December 18. This figure is higher than the monthly average of 44.5%. However, what’s clear is that block size has been gradually rising over the past two years. As of early 2021, the average block usage, measuring capacity, was 64kb. 

Cardano network capacity | Source: Cexplorer
Cardano network capacity | Source: Cexplorer

This figure now stands at 88kb, signaling growth and more adoption from app developers. However, it should be noted that the maximum capacity in Cardano is an adjustable parameter. Accordingly, it can be changed in light of transactional demand.

Cardano is in the Basho stage after graduating from Goguen when the network activated smart contracts. With more dapps launching, the platform is optimizing to enhance performance and boost scalability. Scalability is a big concern in blockchains since it can directly determine how fast transactions are processed, a factor that also plays a big role in determining fees. Even so, unlike Ethereum, fees are stable in Cardano, regardless of network load.

Hoskinson also highlighted Cardano’s organic growth in the post on X, attributing its success to the community’s involvement and engagement. The founder emphasized that venture capitalists, the crypto media, or influencers are not driving the platform, just like how Bitcoin grows. 

Cardano price trending higher on the daily chart | Source: ADAUSDT on Binance, TradingView
Cardano price trending higher on the daily chart | Source: ADAUSDT on Binance, TradingView

This comparison could aim salvo at other smart contract competitors, including Solana. The FTX estate controlled a significant portion of SOL’s circulating supply. The defunct exchange will gradually sell SOL to repay creditors. Even so, whether ADA will follow the same trajectory as BTC in the long run remains to be seen.

Feature image from Canva, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

Crypto Investing Risk Warning

Crypto assets are highly volatile. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Read the full disclaimer

AD

TapTax - Cardano Crypto Taxes Made Simple. Available Now!

Simplify your Crypto Tax experience! From a passive holder, to day trader, to NFT project, we have your taxes covered.BUY NOW!


Read Original Article on Crypto Breaking

ORIGINAL SOURCE

https://www.cryptobreaking.com/cardano-f...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Crypto Breaking

See more
ADA Price Reaches Key Juncture – Can Cardano Start A Fresh Surge? | Crypto Breaking News
Crypto Breaking
ADA Price Reaches Key Juncture – Can Cardano Start A Fresh Surge? | Crypto Breaking News

last Friday at 4:28 AM

·

8 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)