Blockchain | Cryptocurrency
Should we take Cardano a bit more seriously?
Cardano is a Proof of Stake Blockchain and is the first to be built on peer-reviewed research. The main purpose of this platform is to allow complex, programmable transfers of value in a secure and scalable fashion. Launched in 2017, Cardano has immensely fought several of its competitors and stands strong at the 9th place by market capitalization.
Confused already? In short,
- It is a decentralized platform
- Runs on a Proof of Stake consensus mechanism
- The third generation of Cryptocurrencies (Bitcoin is the first and Ethereum is the second)
- Able to process one million transactions per second whereas Ethereum takes 15 seconds for each transaction
Cardano is also called the internet of Blockchains
Cardano is still in its early stage and there are still 3 more eras/upgrades intended to take place in the future. Cardano is developed by IOHK, a blockchain technology company and industry leader in the fields of cryptography and distributed systems. They are also working on several other Decentralized applications that are being built on top of the Cardano blockchain.
Several industries will be transformed by Cardano and products are currently being developed by IOHK for the following industries:
Giving students control over their academic achievements. Imagine being able to browse and share all your academic certificates online without having the fear of it being misused.
Atala Prism — Atala PRISM is a decentralized identity solution that enables people to own their personal data and interact with organizations seamlessly, privately, and securely.
Product counterfeiting is a global issue and several measures are being taken to stop it, for ages. Imagine a world where you can verify the authenticity of a product by scanning a QR code placed on it?
Atala Scan — Atala SCAN leverages blockchain technology to offer a solution to this problem: A tamper-proof system to establish product provenance and auditability to ensure every product sold is certifiably original.
Agriculture is dying in several countries because everyone that’s being involved in the industry is benefiting from it except for the farmers. Also, as consumers, every one of us have the fear of consuming non-organic products. One way to stop this is by developing a system where the whole supply chain of the products is transparent.
Atala Trace — Atala TRACE, empowers brand owners to improve visibility and control of their supply chain, drive greater sustainability, and directly engage and foster trust with their partners and customers.
In the USA, they have the Social Security Number (SSN) and basically all the information of an individual can be easily accessed by using the SSN as reference. Can it be implemented in every other country? Can we make this whole process decentralized?
Atala Prism, the product being developed for the educational industry can also be used for this scenario where people can own their personal data and interact with organizations seamlessly, privately, and securely.
Opening bank accounts or any financial accounts in several countries can take weeks and this process can be made easier by having a nationwide KYC implemented.
Atala Prism, the same product being developed for the educational industry can be used here for streamlining and accelerating onboarding through the utilization of reusable verified credentials. The whole verification process can be completed in a click of a button.
Counterfeit medicines have become a global issue and it has become very difficult to identify if you’re consuming the right drug. Statistics show that more than 50% of medications sold online can be categorized as fake or substandard. How can we bring this under control?
Atala Trace — The same product being developed for the agricultural industry can be used here to authenticate and verify the origin and supply chain of pharmaceutical products, guaranteeing the safety and well-being of patients worldwide.
Since its launch in 2017, the price of Cardano’s native coin ADA has surged by over 500% within a span of 3 years.
Let’s do a quick math:
An investment of $100 in 2017 would be:
100 x (500+100) / 100 = $600
You’ll be having x6 your investment now.
But wait, that’s not much. Early Bitcoin adopters have become millionaires by investing as low as $100.
That’s exactly the point! Cardano has just begun its journey and it definitely has a long way to go. If we adapt to Cardano now, I believe that we could definitely see huge returns within the next few years.
Several cryptocurrencies are emerging every day and finding the right crypto to invest in can be a tricky game. You definitely don’t want to invest all your hard-earned money and get scammed at the end of the day. To prevent this, you can:
- Stay updated on the project by reading the official blog articles and tweets.
- Follow the team. Do a background check on the people working behind the project.
- Invest what you can afford to lose.
- Don’t be greedy. Take your profit when you feel like you’ve made it.
- Take part in forums. Engage, learn, and contribute to the community.
Follow these few steps and you’ll definitely be a better investor
Though ADA has surged by a massive 500%, it is insignificant when compared to what’s yet to come. Do your research and invest in the project if you find it worth investing in.