Cardano is one of the most hyped blockchains in existence. The encouragement is drawn around the founder who was also a co-founder of the Ethereum blockchain.
Cardano aims to scale at a much faster rate than Ethereum and looks to be the future of blockchain technology.
The blockchain uses Proof of Stake consensus which uses dramatically less energy than Proof of Work chains like Ethereum or Bitcoin.
NFT marketplaces, decentralized finance platforms, multiple wallets, and many other applications have already been launched in a few short months since smart contract capabilities became active.
The community thrives with developers looking to build on the platform. As of now, there are over 17 million transactions that have taken place on the explorer. The latest celebration from the Cardano world comes from its extensive growth of wallets with now over 2 million that hold ADA.
Many of these wallets have been generated through decentralized applications on the blockchain. A majority of these wallets hold only tiny amounts of ADA but that is usually the case for blockchains.
The goal of the blockchain will be to boost the number of transactions it sees per day. Currently, Bitcoin has around 250,000 transactions a day while Ethereum pushes over 1 million daily.
If Cardano really wants to showcase its blockchain handling high usage and utility – they will have to stress test the blockchain with more apps.
The price of Cardano peaked in September when it crossed $3 per coin and now has been relatively stable around $2 per coin.
Ethereum on the other hand is reaching new all-time highs despite the heavy gas fees. Many new companies are joining the Metaverse and many will be wondering if any of these large companies will choose Cardano as their blockchain of choice.
The drawback for Cardano is its different programming language. Time will tell if Cardano can push to new highs and bring in new adoption.