PoS Blockchain giant Cardano has fallen to 6th place by market capitalization. After gaining smart contract capabilities with a hard fork, Alonzo survived some technical issues with the Dapps it was built on. In this thread, PNA finance commentator Joel Baglole discusses why Cardano is the better bet than Ethereum and Bitcoin.
Many who follow the crypto market closely see ADA-USD as the future of the industry and expect it to eventually compete and take its real place with bigger cryptos like Ethereum and Bitcoin. Like-minded financial commentator Joel Baglole shares his analysis of how Cardano (ADA) can achieve this.
“Cardano is not where cryptocurrencies go, but where they are going. ADA-USD is more energy efficient and superior when it comes to facilitating DeFi transactions and smart contracts, making it one of the most useful altcoin projects and for investors who want to trade on platforms that have not reached exorbitant prices. It makes it an attractive option.”
As for Joel Baglole's thoughts on investing, the former WSJ reporter and financial writer says he believes in Cardano's future.
“While all cryptocurrencies are risky investments, Cardano is worth a small position.”
Cardano Contracts Will Be More Convenient With Hydra Update
"Hydra" makes Cardano's smart contracts more useful after Alonzo. The update planned for this year will greatly speed up the transactions of Cardano Blockchain. It prepares Cardano to the desired level in terms of higher speeds, DeFi and smart contracts. More importantly, Cardano is working on a “Proof of Stake” mechanism that is much more energy efficient and better for the environment than the “Proof of Work” concept that Bitcoin and Ethereum work on. Although 2022 is targeted for the ascension, a clear date has not been given yet.