Well first, let me explain what Cardano (ADA) actually is. It is a 3rd generation blockchain that aims to be a decentralized public blockchain and cryptocurrency that is fully open sourced. They’re developing a smart contract platform which is hoping to deliver the most advanced features by any protocol to date. They take great pride to be the first blockchain platform that has evolved from a scientific philosophy and research-first driven approach, with the development team featuring not just coders, but expert engineers and researchers as well.
The people behind Cardano believe that one of its great innovations is that it will balance the needs of users with those of regulators, and by doing this it will combine privacy and regulation. They hope for Cardano to be a new style of computing that will eventually lead to great financial inclusion that will give open access for all to have fair financial services. Not only that, but man behind the blockchain claims that once Cardano is completed, it will become 1000x more decentralized than Bitcoin.
Why does Cardano have so Many Detractors?
Those were some pretty impressive goals, so why would people be against Cardano? Well to put it frankly, Cardano has been platform that has offered many great promises, but these promises have yet to be fulfilled, and actually to this date the coin hasn’t “officially” launched. The release of Cardano Shelly, which is a huge update for Cardano that officially launches the platform, making it decentralized, launching staking and much more was supposed to launch in 2018. But it was delayed until 2019, then delayed again until late 2019, and delayed again until 2020. After each passing delay, many people began losing confidence in Cardano, and its creator Charles Hoskinson, beginning to think the coin would never officially launch, and that perhaps he was out to scam everyone for their money.
The Upcoming Launch of Shelly! What’s the Big Deal?
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To this point Cardano hasn’t officially launched their blockchain, but the coin has still consistently hovered around the top 10 market caps. For the last few months it was ranging from the #12-16 range, but just last week, the founder of Cardano, Charles Hoskinson on a live stream finally gave release dates for the rollout of the Shelly update for Cardano. Which he said would happen before the end of June and July. If you don’t know, Shelly is the update that will finally launch this blockchain onto the mainnet. The update will make the currently centralized blockchain into a decentralized chain. Not only that, but with this update include staking. The staking reward is expected to be award 7.2%, not bad if you ask me!
The things I care about, THE PRICE
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For the longest time I believe Cardano has been one of the most undervalued coins out there, if you take into account its current price, its potential, staking ability, and actually not being launched yet, and also still being far below its all-time-high price which was $1.33. For the last six months, Cardano’s price has been consistently in the $0.035 - $0.057 range. Which has made it a bargain in my eyes, and very easy to collect a giant bag of ADA. But just last week after Hoskinson announced the released of Shelly the coin jumped up to the $0.09 range, up around 50%! While since then it has gone down a little, ranging around the $0.08 range, it is still up quite a bit!
But I believe Cardano has far more potential for gains still. Keep in mind the coin still hasn’t launched yet. When it does, I believe the demand and price will increase with that as well. Not only that, but the staking. Do you remember what happened with Tezos when the staking was launched for that coin!? The price jumped significantly, and I believe the same will happen for Cardano when its staking ability is launched.
And with the upcoming launch of Shelly, there have been many rumors that Cardano will also be launching on Coinbase once it has become decentralized, which it will after Shelly is released. Within the last month OmiseGo was released onto Coinbase, and just this happening alone caused the price of OmiseGo to rise more than 120%. I believe the same will happen for Cardano as well.
While it is unfortunate that maybe you missed out on the initial price jump from the Shelly release date being announced. I believe there will be many more gains in the near future. This will be a great chance to purchase the coins, have the coins go up in value and also to stake it at the same time.
****But please keep in mind this isn’t financial advice. This is just my own opinion. ****