On Thursday (October 13), Yevhen Karpenko, Community Manager for DeFi Investing Platform DEFIYIELD, explained why he believes that Cardano ($ADA) is “the best cryptocurrency in the world.”
In early February 2022, Kraken Intelligence, the research arm of crypto exchange Kraken, released a 42-page highly impressive research report titled “Cardano: A new generation in smart contract platform design”
Here were some key highlights from Kraken’s report:
“Cardano initially took on notoriety among a class of ICO-craze-driven projects in 2017 following the network’s launch. While the ICO-wave gained infamy from the number of overpriced assets that ultimately disappeared into crypto dust, Cardano finds itself among a subset of ICO Warriors that persisted the treacherous perils of a dark and quiet crypto winter — bloody, beaten, yet hungry for more...
“Importantly, Cardano is very much a value-driven project, emphasizing community governance, academic peer-review, and the importance of high assurance programming...
“Cardano’s values have noticeably directed the project’s developments and design decisions, and as a result, the blockchain looks like it has been designed with the purpose and standards of providing decentralized, global, financial infrastructure rather than only focusing on providing a Web experience...
“With ambitious goals, Cardano recognizes the necessity for their infrastructure to run correctly the first time it runs. This is in contrast to a ‘launch now, fix as we go’ philosophy employed by many Silicon Valley development teams... Ironically, despite the ‘Ethereum Killer’ label, Cardano is actually far more reminiscent of Bitcoin, particularly with respect to its tokenomics, consensus protocol, and accounting style...
“Cardano’s design is fundamentally unique among most of its peers particularly as its design closely reflects a PoS-based, smart contract-enabled version of Bitcoin, due to the design of its base protocol and accounting model, rather than an iteration on Ethereum... Cardano saw a massive uptick in adoption starting late 2020 and throughout the course of 2021… Cardano underwent exponential growth in nearly every adoption metric listed, both on-chain and off-chain. There are now nearly 3 million wallets (1348% annual growth) on the network and over I million delegated wallets (870% annual growth).“
Yesterday, Karpenko explained why he believes that $DA is the best cryptocurrency:
“1. A higher degree of decentralization. The network becomes increasingly decentralized because everyone can become a node validator in Ouroboros. At the moment, there are more than 1500 validator pools in Cardano… 2. Faster transactions. Cardano can process more than 250 transactions per second (TPS), compared with around 4.6 TPS for bitcoin and between 15 and 45 TPS for Ethereum 1.0. This makes the Cardano network very scalable…
“3. More environmentally friendly. Cardano is one of the most environmentally friendly blockchain systems. In a 2021 interview with Forbes, Hoskinson claimed that #Cardano is 1.6 million times more energy-efficient than bitcoin… 4. Peer-reviewed network. The Cardano team works closely with academics to generate peer-reviewed research to guide blockchain development. ‘Its nature as an open-source and peer-reviewed blockchain helps ensure its survival and evolution beyond that of its parent organization’…
“5. Cheap gas fees. – Additionally, the PoS model allows Cardano to offer nominal transaction fees on its network. The average cost of a transaction on Cardano costs around 0.1 ADA, which equates to a couple of cents. Compare this to the price of Ethereum of $15 per transaction… Passive income. – finally, every Cardano holder has the opportunity to gain passive income by staking their $ADA coins. The procedure is as simple as purchasing $ADA tokens and locking them up in a wallet such as Yoroi.“
On Tuesday (October 11), Charles Hoskinson, Co-Founder and CEO of Input Output Global (aka “IOG”), the blockchain technology firm behind Cardano’s R&D, explained in an interview why he is very bullish on crypto in the long term.
His comments were made during an interview with Maria Bartiromo, the anchor of “Mornings with Maria”, on American cable TV channel Fox Business Network (FBN).
When Bartiromo asked Hoskinson for his current assessment of the crypto market and how he expected crypto regulation in the U.S. to change, the IOG CEO replied:
“It’s a tough market. The stock markets are down nine trillion dollars, and the crypto markets don’t seem to be immune to that, but, you know, I’ve been through seven boom and bus cycles in the last eight years. So, we’ve gotten pretty used to it. We’ve gotten used to volatility, but the fundamentals are still very strong.
“All the infrastructure continues to be built. There’s a lot of great exchanges doing wonderful things. A lot of good protocols doing things. So, like all things, it’s businesses as usual, and most the major actors are still building and still doing interesting things. So, I’m overall very optimistic in a long term, but it’s going to be a rough short term.“
Then, when asked about Coinbase receiving regulatory approval to operate in Singapore, Hoskinson said:
“Well, the United States has been very difficult, and as a result, a lot of crypto companies are going global and that ultimately it means they’re moving jobs and opportunities outside of the United States, and so unless and until that environment gets better, we’re going to continue to see this trend where American companies diversify, whether it be Ripple or Coinbase, and it’s just something that we’ve had to deal with. But overall, it shows you that the people at Coinbase and others in the industry are quite bullish and optimistic about global growth.“
Mitch Roschelle, who is the founding partner of Macro Trends Advisors LLC and who appears regularly as a guest on Fox Business, asked Hoskinson how cryptoassets would be affected by the slowdown in the global economy.
The IOG CEO replied:
“I used to believe that crypto would be counter cyclic and the place that people would put assets when they were fearful of the global economy, but so far they seem to be moving in parallel with tech stocks and some of the more standard equity markets. So that’s kind of a problem. But all things considered, I think that long term the crypto markets are going to decouple from the traditional marketplaces and have their own economy… and, you know, it’s probably going to occur in the next 24-36 months.“
Bartiromo then wanted to know how major blockchain upgrades — like the ones that Ethereum and Cardano have had recently — improve the ecosystem.
Hoskinson told her:
“Well, it’s just like many of the things that we do. We are a slow and methodical project…. Everything we do… is all about making things better, faster, and cheaper, and ultimately improving use and utility in the platform. So, Vasil was about 12 months of work, and we just got it out last month, and it’s really exciting to see that it’s caused a lot of great positive upgrades in our community.
“But more broadly, when we look at the cryptocurrency space, this is the the case. Most people are building, and while the macro environment is not so positive, the individual environment of each cryptocurrency, whether it be Ethereum with the Merge or Cardano with Vasil, is looking better and better every day, and we keep getting more capabilities… There’s great growth and everything from GameFi to metaverse to NFTs to DeFi. So, I’m very bullish in the long term.“