In contention with global leaders, virtual currency challenges bitcoin and ether.
3 min read
This story originally appeared on Alto Nivel
p> The Cardano platform could become the most valuable in the ‘ cyber world ‘ with its virtual currency ( ADA ), even surpassing current market leaders such as bitcoin or etherum by increasing its value by 1000% during this 2021.
Last Thursday, August 26, the price of Cardano rose 19%, which surpassed the Binance coin and placed in the third place of the most valuable cryptocurrencies in the market, according to Sebastian Sinclair in Coindesk. With this, the currency could rise even higher due to its “sustainable” properties.
The currency is advantageous for being “environmentally sustainable”
When Tesla CEO Elon Musk announced that the company would stop accepting bitcoin payments, more than a quarter of a trillion dollars was wiped from the global cryptocurrency market. However, ADA survived due to its blockchain protocol, which is based on a proof of stake and not of work.
The underlying technology of the platform refers that it does not depend on ‘super’ computers to process transactions and generate new ADA units, but rather values the percentage of coins it owns in a miner rather than the processing power it has.
Charles Hoskinson , founder of Cardano, estimated that his network used less power than 0.01% of the bitcoin network, potentially increasing the energy efficiency of a proof-of-work system like today’s leaders by more than four million. of the ‘cyberworld’ (bitcoin and etherum ).
ADA could compete with Amazon, Facebook and Netflix
According to the platform’s forum , the potential of Cardano could be compared in the future with companies such as Amazon , Facebook and Netflix : “Cardano aims to become a global financial computer. It is here for all the people who could use a decentralized currency to create decentralized services, ”the post reads.
What could the price of ADA be in a few years? Cardano could have a similar capitalization to that of the technological giants, ”says the platform.
In contention with global leaders, it ranks on par with Baidu and already surpasses Dropbox , McAfee antivirus , Slack and LG Electronics .
At the moment, Cardano reaches a capitalization of 86 billion dollars. While it is still far from the $ 367 billion that ether capitalizes or the $ 893 million from bitcoin, the blockchain is emerging as the new favorite of experts.