Charles Hoskinson, CEO of IOHK and co-founder of Cardano (ADA), has a clear vision for the digital asset as well as its blockchain platform. In a session with EMBURGO, a blockchain startup incubator, he explained this vision as follows:
I would love to see Cardano as the first trillion dollar cryptocurrency and the reason being is that that would effectively mean that we have built a self-sustaining economy.
From this statement, we can deduce that Charles Hoskinson wants the value of the Cardano (ADA) cryptocurrency to be the first to make it to the elusive $1 Trillion dollar market cap. This means that the price of ADA will be around $38.56 using the current Cardano coins in circulation of 25.927 Billion to calculate the value.
This is the first indication of how ADA poses a threat to the digital assets of XRP and Ethereum (ETH). ADA has recently been in the news for all the good reasons beginning with the possibility of Coinbase adding the digital asset way before XRP. If this were to materialize, we could see the digital asset zooming past XRP in the crypto markets according to market capitalization and on its way to the $1 Trillion mark.
From the second statement of Hoskinson with regards to a self sustaining economy, ADA is slated to run financial applications that will be used for day to day activities. This means that regular folks like you and I will be able to accelerate crypto-adoption using Cardano. This means that the digital asset is once again competing with XRP and ETH as the trendsetter for crypto adoption.
Another factor that can cause ADA to eclipse both XRP and ETH, is the fact that the project is research based and aims at implementing a smart contract layer. This means that it will do so using the knowledge from the Ethereum vulnerabilities exemplified by the Parity incident as well as the hurdles Ripple has had with launching its smart contract platform of Codius.
With respect to decentralization, Cardano is focused on total decentralization. This is perhaps why the cryptocurrency is being considered for listing on Coinbase before XRP. The Ethereum platform is also decentralized but the DAO hack of 2016 caused some friction in the community and led to the fork that is now Ethereum Classic (ETC). This means that a section of the ETH community was not happy as to how the incident was handled. The ADA platform will meet such challenges through voting: a characteristic absent in the ETH platform.
In a nutshell, Cardano (ADA) is poised to be one of the best cryptocurrencies in the crypto-verse with the project’s constant technical developments and the news surrounding the coin. With the possibilities of a Bitcoin bullrun, it is wise to consider ADA as a better investment option than XRP and ETH for the rest of the year.