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Cardano Ecosystem

The Crypto Times

04/16/2024

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Cardano's Key Upgrades Explained: ADA sets for $1

Charles Hoskinson, a key figure behind Cardano (ADA), has expressed his excitement over two pivotal updates: the Chang hard fork and the introduction of the Ouroboros Leios consensus protocol. These updates...

Cardano's Key Upgrades Explained: ADA sets for $1

Charles Hoskinson, a key figure behind Cardano (ADA), has expressed his excitement over two pivotal updates: the Chang hard fork and the introduction of the Ouroboros Leios consensus protocol.

These updates are designed to enhance Cardano’s foundation, aligning with the evolving needs of the blockchain community. Let’s take a look at Cardano’s and ADA’s recent developments and see whether it’s enough to send ADA, Cardano’s native token, upwards, which is something its long-term followers are waiting to see. 

Can Cardano (ADA) Witness a Surge with Its Upcoming Major Updates?

The anticipation surrounding these updates is high, largely due to Cardano’s thought-out strategic direction. The Chang hard fork is particularly significant as it marks a shift towards a governance model that’s driven by its community.

This update aims to give ADA stakeholders more control, pushing the network towards a decentralized and participatory model. It’s a critical step in Cardano’s mission to establish a more open and democratic blockchain ecosystem.

On the other hand, the Ouroboros Leios protocol is expected to enhance transaction processing and network scalability significantly. This is vital for Cardano’s ability to compete in the blockchain space, ensuring it can handle growing transaction volumes without compromising on decentralization.

From a financial viewpoint, the implications for ADA’s market value are noteworthy. Following a 30% decrease in value since mid-March, ADA’s price has been fluctuating within a narrow range.

A breakout above the $0.5963 resistance level could lead to an 8% increase in value to $0.6352. Conversely, failure to surpass this threshold might result in a fallback to the support level of $0.5591. At the moment, ADA is priced at $0.6 on Gate.io, and reaching a $1 mark will literally guarantee further growth.

Hoskinson’s optimism in the face of criticism, notably from crypto influencer Ben Armstrong—who has questioned Cardano’s vitality in comparison to competitors like Solana, citing a lack of dynamism and user engagement—highlights the confidence in Cardano’s strategic direction and future potential.

ADA vs ETH

Additionally, it’s important to contextualize Cardano’s position within the broader blockchain ecosystem, particularly in relation to Ethereum, its main competitor. Ethereum has long been the dominant platform for decentralized applications (dApps) and smart contracts, setting a high benchmark in the blockchain space. However, Cardano was developed with the explicit intention of addressing some of the challenges and limitations faced by Ethereum, particularly around scalability, security, and sustainability.

One of the key differentiators between Cardano and Ethereum is their approach to consensus mechanisms. While Ethereum has transitioned from proof-of-work (PoW) to proof-of-stake (PoS) with its Ethereum 2.0 upgrade, Cardano has been built on a unique PoS algorithm from the start, known as Ouroboros. This consensus mechanism is designed to be more energy-efficient than PoW, addressing one of the major criticisms of blockchain technology’s impact on the environment.

Moreover, Cardano prides itself on a research-driven approach to development, emphasizing peer-reviewed research as the foundation for its upgrades and changes. This methodology contrasts with Ethereum’s more experimental and rapid development cycle. The aim is to ensure that each step in Cardano’s evolution is backed by rigorous scientific methods, potentially making it more secure and reliable in the long term.

Also Read: Cardano’s RATS Pool, Upgraded to Sign Mithril Certificates

Upgrade war

Cardano’s recent and upcoming upgrades, such as the Chang hard fork and the Ouroboros Leios consensus mechanism, signify its efforts to enhance governance and scalability. These improvements are seen as crucial steps for Cardano to compete more effectively with Ethereum by providing a more efficient, democratic, and user-friendly platform.

In summary, while Ethereum remains a formidable force in the blockchain industry, Cardano’s strategic upgrades and distinct approach to blockchain development underline its ambition not just to compete but also to offer alternative solutions to the challenges faced by blockchain platforms today.

How to buy ADA?

For those looking to join the Cardano ecosystem and wondering how to buy ADA, the process is straightforward and accessible through several platforms. ADA, the native cryptocurrency of the Cardano blockchain, can be acquired through cryptocurrency exchanges, both centralized and decentralized, as well as various cryptocurrency wallet apps that offer exchange features.

Firstly, to buy ADA, one needs to set up an account on a cryptocurrency exchange that lists ADA. Popular exchanges are some of the platforms where ADA is readily available for trading. The registration process typically requires an email address, phone number, and identity verification to comply with Know Your Customer (KYC) regulations. This step is crucial for ensuring the security of transactions and preventing fraud.

After setting up and verifying an account, investors can deposit fiat money (such as USD, EUR, or GBP) or other cryptocurrencies into their exchange account. Most exchanges offer multiple deposit methods, including bank transfers, credit/debit cards, and even PayPal on some platforms. Once the funds are deposited, investors can use them to buy ADA by placing a buy order on the exchange. There are usually several order types available, such as market orders (buying at the current market price) or limit orders (setting a price at which you’re willing to buy).

Another option for purchasing ADA is through decentralized exchanges (DEXs), which allow for direct peer-to-peer transactions without the need for a centralized intermediary. However, DEXs require more understanding of blockchain technology and how wallet transactions work, as investors will need to manage their own private keys and understand concepts like gas fees and network congestion.



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