Cardano is one of the most popular blockchains in the entire German-speaking area. The blockchain is one of the most technically mature on the market and is on the way to technically leaving most other blockchains far behind. Could Cardano even become the most popular blockchain in 2030?
In this article we look at what the future of Cardano could look like. We are considering what would have to happen for the blockchain to go to the top of the market in the future.
What is Cardano?
Cardano is a blockchain network that is characterized by its technical excellence and a combination of decentralization, scalability and security. The Cardanom Foundation uses scientists to continuously and long-term develop the blockchain. The developers use evidence-based methods in the technical development.
Cardano used the modern proof-of-stake consensus mechanism early on. This ensures that the transactions in the network work quickly and efficiently. The scalability is to be massively improved in the future. This step is carried out at a stage of the long-term development plan. The internal token of Cardano is called ADA.
What is so special about Cardano?
Cardano is one of the most efficient and technically mature blockchains on the market. The Cardano Foundation behind the blockchain has dedicated itself to the task of solving the so-called blockchain trilemma. This term was coined by Ethereum founder Vitalik Buterin. He says that it is extremely difficult to reconcile the areas of scalability, decentralization and security.
Cardano has been around since 2017 and already experienced its first big hype in the bull market at that time. The project was also able to assert itself in the bear market at that time. The nickname quickly developed “Ethereum Killer”. Because Cardano is characterized by its fast, cost-effective and efficient transactions. This is a significant advantage over Ethereum, which is struggling with rising transaction fees.
Through proof-of-stake, Cardano was one of the most efficient networks early on. Furthermore, Cardano is considered decentralized and secure. The scalability also increases with time and should soon make a massive leap through the Basho development phase, Phase 4 of the Cardano Roadmap.
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Why can Cardano be successful in the long term?
Behind the blockchain is the Cardano Foundation, which has been working for years to systematically develop the blockchain step by step. The development is carried out according to evidence-based methods. Scientists are involved in the further development. Due to this systematic approach, Cardano is always up to date with the latest technology and is more balanced than almost all other major blockchains.
There was often criticism of Cardano, as the development was not progressing as quickly as on other platforms. The advantage of the systematic, scientifically oriented further development is the fact that problems rarely occur within the blockchain and that the network works flawlessly.
A good example of this is the comparison with Solana. The Solana Blockchain kann was only launched on the market in 2021 and was able to attract a lot of attention on the market due to potentially extremely high transaction speeds of up to 50,000 transactions per second. Solana’s SOL token quickly rose into the top 10 cryptocurrencies by market capitalization and in some cases even overtook Cardano’s ADA token. However, there have been frequent crashes in the Solana network in recent months. The susceptibility to errors and security concerns are the price for the extremely fast development at Solana.
In comparison, Cardano is a network that performs transactions extremely reliably and securely, impresses with its high decentralization and wants to gradually increase its scalability.
Where does the blockchain stand in its development?
According to Cardano’s roadmap, we can 5 important stages differences in development:
- Byron: the foundation of the Cardano Blockchain
- Shelley: the decentralization of the blockchain
- GoguenIntroduction of smart contracts
- Basho: Increasing scalability
- Voltaire: Introduction of governance functions
In September 2021, smart contracts were introduced at Cardano with the completion of the Goguen development phase. As a result, Cardano was finally able to become the basis for decentralized applications and thus massively expand its ecosystem. The introduction of smart contracts resulted in a massive gain in the value of the ADA token, which subsequently rose to a price of over 3 US dollars.
As of July 2022, Cardano is about to implement the next update: the Vasil Hard Fork. This update is intended to ensure that a faster block creation is possible on the blockchain. Furthermore, it should enable better scalability of the dApps on the blockchain network. In this article, we took a closer look at the update.
In the coming months in 2022, further development within the framework of Basho will then take place. Vasil is the first harbinger. It is assumed that at the end of the Basho development phase, the blockchain can process up to 100,000 transactions per second in real terms. This would make Cardano by far the fastest and most efficient blockchain in one fell swoop.
Will Cardano become the most dominant blockchain in 2030?
Due to its scientific and long-term approach to further development, the potential of Cardano continues to be huge. True, the term “Ethereum killer” has spread to other blockchains, such as Solana and Avalanche. But Cardano will probably remain Ethereum’s toughest competitor in the long term.
Especially the increase in scalability could finally make Cardano the toughest competitor of Ethereum in dApps. So far, Ethereum continues to be dominant in the areas of DeFi and NFTs and executes many times more smart contracts than Cardano. In the short term, the Ethereum blockchain should continue to be the dominant smart contract platform.
But in several years, Cardano could actually become the number 1 in this field due to a possible technical superiority. Furthermore, it is not excluded that Bitcoin will no longer be the number 1 blockchain by market capitalization in the long term. Bitcoin is developing more in the direction of an investment object. By contrast, the use cases of blockchain and smart contracts are increasing massively. We could even see exponential growth in the future.
The fact that Cardano will become the dominant blockchain in 2030 is still purely speculative. There are too many uncertainties for that. But the concept of Cardano is designed to grow in the long term and to be extremely successful.
Should I invest in the ADA Token?
In the current bear market, the price of the ADA token from Cardano at the moment looked low. For investors who think long-term, an investment for the future should be worthwhile. Although we could still see slight losses in the short term. However, in the next bull market, which is very likely to come, a massive increase in ADA is very likely.
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