Charles Hoskinson comments on this hidden superpower of Cardano, ADA probably wins

VaselineAugust 22, 2024

0 2 minutes read

Charles Hoskinson comments on this hidden superpower of Cardano, ADA probably wins

Charles Hoskinson talks about Cardano’s competitive advantage during the recent fireside chat event.
Hoskinson sees consensus building as the hidden superpower of the Ethereum competitor chain.
On-chain Cardano values paint a bullish picture for ADA.

Charles Hoskinson, co-founder of the Cardano blockchain, discussed Ethereum’s competitive advantage over other smart contract platforms. Hoskinson calls it Cardano’s “hidden superpowers.”

The price of ADA is $0.3698 at the time of writing. Cardano has seen gains of over 10% over the past seven days.

Cardano has a competitive advantage over other chains

Cardano is the twelfth largest cryptocurrency by market capitalization. ADA has added over 10% to its value in the last seven days. Charles Hoskinson, CEO of research and development company Input Output Global (IOG), commented on the importance of building consensus within a network.

During a conversation with IOG Chief of Staff and Cardano Foundation CTO, Hoskinson talked about several issues facing the ADA blockchain.

Cardano’s co-founder said, “This consensus-building exercise is one of Cardano’s hidden superpowers and biggest competitive advantage.”

Chain values signal the potential for earnings

Cardano’s social dominance is at its highest level since June 2022 at 1.474%. This metric shows that crypto market participants are discussing Cardano on social media platforms relatively more than other cryptocurrencies.

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Cardano vs. Social Dominance price

Smart contract network traders have consistently posted losses. Traders are likely to capitulate. Usually, when retailers consistently make losses, a recovery in the asset price follows.

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The Cardano network made a profit/loss

Cardano was trading at $0.3688 at the time of writing.

Frequently asked questions about Bitcoin, altcoins, stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and therefore an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineAugust 22, 2024

0 2 minutes read