I decided to dig deeper into my favorite cryptocurrency. Cardano's vision goes beyond technological innovation; it's about reshaping the fabric of our daily lives. Here we go.
Cardano began its journey in 2015 when a group of forward-thinking individuals, led by Charles Hoskinson, started working together. Hoskinson, who was involved in the early days of Ethereum, teamed up with other experts to create something new in the world of digital currencies. Their goal was clear: to build a better blockchain platform that could overcome the challenges faced by existing ones. They wanted to make a system that was more scalable, easier to govern, and sustainable for the long run. I would say that it's the beacon of a robust, trustworthy, and heartwarming crypto company.
The aura of the CEO, Charles Hoskinson, is a significant part of the strong Cardano community. He is like a 37-year-old-grandfather-genius on a libertarian mission. Being one of the first pioneers in the blockchain business, this blockchain platform is poised to revolutionize not just transactions but also the way societies interact, irrespective of geographical boundaries. The crypto industry generally considers Cardano a robust academic cryptocurrency, but in terms of price action, it has been boring for a few years. The lack of movement in terms of price has started a discussion about whether Cardano will wake up during the next year and a half or if holders of the coin will have to wait for some action until the next bull run. No one knows.
It’s considered a legitimate cryptocurrency but has a slight dark cloud circling above it. The Securities and Exchange Commission (SEC) is considering the possibility of categorizing ADA and similar tokens as securities. However, despite this consideration, the SEC hasn't taken any official action against Cardano's ADA token. Charles Hoskinson, Cardano's founder, believes that the SEC's actions toward crypto entities are more politically driven and not directly related to securities laws. Responding to the SEC's implication, IOG, the company behind Cardano's development, strongly disagrees, stating that ADA doesn't meet the criteria to be labeled as a security according to U.S. securities laws, historically or currently. I tend to agree with Charles as the SEC has mentioned that 68 cryptocurrencies are securities, without providing proof, only to scare investors and to hinder the US crypto industry. I digress.
Cardano is impacting several businesses and services across the world:
- Financial Services: EMURGO, a significant contributor to Cardano's growth, has successfully opened new avenues in financial services. Cardano’s platform's capabilities have been instrumental in creating opportunities within this sector.
- Global Supply Chain Management: Cardano's partnerships with companies such as Scantrust, Beefchain, and Baia’s Wine show its role in enhancing supply chain traceability, transparency, on a global scale.
- Retail, Healthcare, and Public Sectors: EMURGO's initiatives have extended to various sectors, including retail, healthcare, and public services, highlighting Cardano's adaptability across diverse industries.
- Internet of Things (IoT): EMURGO's involvement in IoT showcases Cardano's relevance in emerging technologies. Its integration into IoT solutions exemplifies its potential contributions to this advancing sector.
Cardano is global and strong in developing countries:
- Zanzibar, Africa: World Mobile Network subscribers in Zanzibar benefit from Atala for digital banking services, and Seso Global showcases properties for sale using Cardano on its website.
- Brazil: Collaborating with Petrobras, one of Latin America's largest corporations, Cardano has facilitated blockchain educational programs for its employees.
- Ethiopia: Cardano has been actively involved in developing a blockchain-based national ID system and partnering with the Ministry of Education to benefit millions of students and teachers.
What about the environment?
Cardano stands out among cryptocurrencies for its strong focus on sustainability. By using an innovative protocol called Ouroboros, it cuts down significantly on energy use, making it more eco-friendly. Its commitment to sustainable technology practices and managing growth while being environmentally conscious further emphasizes its dedication to sustainability. Through partnerships across different industries and adherence to evolving environmental rules, Cardano is an option for those seeking a greener choice in the world of blockchain.
Cardano has a very strong community across continents, and the platform fosters collaboration, democratizes decision-making, and sparks innovation within diverse communities. At least what I have heard...
It’s not all great!
The uncertainty around how regulators might classify its token ADA is a concern. It raises worries about legal compliance and potential barriers to development. Remember, cryptocurrencies are generally not finished products but constantly evolving and growing. Cardano's slower pace compared to some competitors makes me wonder about possible delays in essential features, affecting how investors perceive the platform and impacting confidence. But others have defended this pace, citing the platform's thoroughness and academic approach to research and development. Boring market performance has also affected my trust as an investor. Investors want some of that exciting crypto volatility. Furthermore, the success of upcoming upgrades outlined in the roadmap is crucial for Cardano's future, and any other cryptocurrency.
But I believe the technology of Cardano serves as a solid heartwarming crypto with potential for positive societal change.