Future Possibilities of the Cardano ADA Project
Future Possibilities of the Cardano ADA Project
One of the core missions of the Cardano ADA project is to develop a decentralized blockchain and cryptocurrency Coin with smart contract capability, as well as delivering more advanced features than any protocol out there. Cardano ADA has made financial smart contracts simpler through the Marlowe Project."Future Possibilities of the Cardano ADA Project"
Marlowe does this by allowing the user to write financial smart contracts by simply visually composing Blockchain blocks. The existing building block toolbox has three categories: observations, contract and the money to be transferred into Cardana ADA.
Perhaps Marlow can be used to create very simple smart contracts to power cross-border payments or even peer-to-peer blockchain payments. Looking at the future of Cardano ADA project, the smart contract capability on the Cardano platform could create something similar or better than Ripple’s new xRapid.
Catering for the 3 Billion Unbanked Globally
One of the organizations that contribute to the development of Cardano ADA project, is IOHK. According to the Cardano ADA website, IOHK is committed to using peer-to-peer payments to provide financial services to three billion people that don’t have them. Majority of the unbanked reside in emerging regions that are in Africa and Asia. Once Cardano spearheads financial inclusion in these regions, it would have done something far much greater than Ripple XRP is doing by courting the global banks through RippleNet.
One service that has helped increase the financial development of these emerging markets, is mobile banking that has been spearheaded by services such as MPesa in Kenya. Such services allow anyone with a registered mobile SIM card, to use it as a mobile banking. The owner of the SIM can then proceed to transfer payments through MPesa, as well as securely storing it on the network. The parent company of the mobile banking service – Safaricom Limited – has seen its revenue increase exponentially by simply charging a small convenience fee with each transaction.
If Cardano were to come up with a service that directly uses ADA, then the sky is the limit for the Cardano project. Such services would be greater than xRapid and xCurrent combined.
Future of Cardano
It is with the above brief future possibilities of the Cardano ADA project, that we can compare its current value in the markets of $0.09, to that of Ripple XRP mid last year. This was when Ripple xrp was finalizing the development of its software solutions of xVia, xRapid and xCurrent. As a matter of fact, the team at Cardano ADA project are also finalizing a lot of the back-end functions such as the earlier stated smart contracts.
Observing the circulating supply of both Ripple XRP and Cardano ADA, the coins in are 39.8 Billion and 25.927 Billion respectively. With a difference in a supply of 13.873 Billion, it is clear that once Cardano starts to blossom in the market, it could even outperform Ripple’s peak value of $3.82 seen back in January.
However, if we consider the Cardano ADA project to being where Ripple was in May 2017, then the project and coin have another 1.5 years to come up with a working product and mass adoption in solving real-life problems. Therefore it would consider slowly accumulating some ADA religiously on a monthly basis for the next 1 year or so.
Future Possibilities of the Cardano ADA Project
Reviewed by mir khaleq ali
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16:09
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Reviewed by mir khaleq ali
on
16:09
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