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Friday, September 30, 2022

CARDANO : Unstoppable ?

Hi Everyone, Cardano has been on the spotlight over the last few weeks because it’s about to reach very important milestones. However, while everyone on YouTube is shilling the coin, nobody is actually looking thoroughly at what is ahead. In this video, I’ll try to share with you why I think Cardano is currently at a turning point. I will share with you my opinion of Cardano die-hard and at the same my opinion of the rational investor.

Hello Everyone, it’s Jerome again.

I do videos about cryptocurrencies. In this channel, I try to share with you the emotional intelligence and knowledge that is required to stay composed in this crazy crypto Market. My mission is to make sure that new joiners and smallholders don’t burn both their financial and mental capital. So if you want to be part of this journey, please consider subscribing or joining the telegram channel. Today’s video will be broken down in three parts:

#1: Where Cardano currently Stands?

#2: What are the challenges ahead?

#3: Does it have what it takes to thrive?

Part #1: where Cardano currently Stands, what has it achieved? FUDers will say that Cardano hasn’t achieved anything because we don’t have smart contracts yet. So let me remind what Cardano actually achieved for the past 2 years: 90+ best in class research papers.

Some of them were actually used in other projects Like polkadot. Papers on PoS Blockchain, Clock synchronization, UTXO multi-asset support, Smart contract derivatives, Mining privacy and many more. Shelley Mainet with the most decentralized network. Cardano now has over 1500 stake pools spread across the world, and by April the network will be fully decentralized. Cardano is about to launch Native assets support with the upcoming Mary hard fork, giving the ability for people to issue tokens with the same rights as ADA.

Unlike Ethereum, native tokens will be treated as first-class citizens. The tester is currently live as we speak, and when it finally launches It will make one of the first PoS blockchain to have such feature. Smart contracts are coming up with the launch of Goguen later on this year, and my personal guess is that it will be released around September for the mainnet. Smart contracts are still a few months away from now but the impacts and the number of people it will attract I think will be huge. Marlowe is entering the test phase with its playground and people can start playing with it.

Some platforms have already shown strong interested in migrating from Ethereum to Cardano, like the decentralized AI platform Singularity Net AGI. And it’s only a matter of weeks before the ERC-20 converter goes live. Finally, Cardano has built one of the largest decentralized VC funds in the world with Project catalyst and has already funded a few projects. I’ve probably missed a few things, but you get my point. When people are saying that nothing has or will ever be delivered, I will gently invite them to do more thorough research.

While all of the above are really good to have, I think Cardano has built one of the most important and quintessential things that defines crypto at their core: and its a community. Community is the #1 thing that any crypto should be focusing on building. And on that regard, Cardano is at the top of the leaderboard. Remember that no matter how good the tech is, if you have no one using or believe in it, it would be useless. I know it first hand because in my previous startup project we were focusing too much on the tech and not enough on the community, and we had to shut down because nobody was using our product.

Cardano has the most active community and supporters in the crypto space.

And what is strengthening my conviction in Cardano is that we are starting to see diehards about Cardano. I suspect that People that would literally die for it. If Cardano crashes, those people will be there to pick it up. So don’t think that Cardano hasn’t built anything, it has built the most important things: an incredible a vibrant community, rallying towards the same value and vision.

Part #2: With Cardano, people are starting to realize that cryptocurrencies are not just a mean of exchange. They start to acknowledge that crypto can have values, visions, and missions embedded in it. And like every mission-driven project, it has challenges and needs to deliver on expectation. So now that we’ve seen where we stand, we need to ask ourselves what are the challenges ahead? The first challenge is that Cardano needs to have applications built on it: now that people will have the tools to create, we need to see user adoption and people actually migrating to Cardano from Ethereum using the ERC-20.

Like we said in other videos, high fees on Ethereum are deal-breakers.

People are restraining themselves from using it because the cost is high. Sometimes the fees are even higher than the transactions themselves. Projects built on there that need to show growth today, won’t have the patience to wait for the 1.5 and the 64 shards to be implemented.

On top of this, I think projects don’t have loyalty to Ethereum, specifically because the platform has no clear vision or values. The goal of Ethereum is just to have a working product at this point.

It was a genius move from Cardano to build this ERC-20 converter but now, we will need to have an actual project using. Cardano also Need to prove that this model of decentralized VC is actually working and that the projects that we have funded are adding value to the ecosystem. It needs to prove that the millions of dollars that were allocated to projects are adding value and that this model is working.

Among the projects that received allocations, we have things such as Liquid: The first decentralized platform Or Lovelace Academy: an online academy to attract, inspire and educate individuals and companies to create applications on Cardano’s smart contract and native assets platform. The first few ones are always very important, because they set the tone and all eyes are waiting to see if they can live up to initial expectations.

Cardano needs to face regulatory risks, but it’s more on the ecosystem level. I fully anticipate regulations to come after crypto stronger than ever this year. With the launch of the CBDC in China, and soon in Europe, they will need to trash talk and try to suppress competition from cryptocurrencies.

That is a risk that would put a hold to the current bull run, but it should not compromise the long term fundamentals. Governments and regulations always thought that bitcoin would disappear by itself, but the reality is that it has survived multiple 90% plus percent drops, and now companies in the world are looking at it as a store of value. So you can imagine that before they launch their CBDC, they will try something to reduce competition. Ripple was one of the first major coins to investigated, and maybe Ethereum is next, who knows? If that is the case, it would also weight on Cardano performance.

(Remember that those coins have a very high correlation to each other) Alright, so part #3: Does Cardano have what it takes to thrive? Cardano has been the best actor in the space in laying down and preparing the foundation of what I think will be one of the largest and greatest ecosystems of apps in the crypto space.

Just like people think that Tesla is a carmaker, People think that Cardano is just another cryptocurrency. When people realized that Tesla was not just a carmaker, but a platform, you saw how the market recalibrated to the upside. People started to realize last year that Tesla was not just building cars: it was building an ecosystem and platform for future apps to run.

It looks nearly a decade for Tesla to build the right infrastructure that allows it to scale the production at the scale of their ambitions. So great things take time.

Tesla didn’t rush to have apps on their platform as fast as possible. Elon musk realized the need to have the right infrastructure and foundation, in order to build all the upcoming services that he wanted. The battery factories, The fast chargers, autonomous and Self-driving cars: soon those will allow amazing apps to be deployed seamlessly into the Tesla ecosystem.

Every innovation is built on top of the granite and strengthen further the ecosystem. So Cardano’s approach might be slow, but it’s very methodical and well thought out. For those that want to learn more about Cardano hidden secrets, I have made a video about it a few weeks ago, you will love it. So to the question does Cardano have what it takes to thrive? I would say HELL YES.

Cardano is not your typical cryptocurrency: it has technology, vision, values, and more importantly people at its centrepiece bringing everything together.

” So don’t be scared to be challenged, sometimes proving yourself gets you closer to your mission and it’s showing the world, that you’re not just simple buffer.

Alright, guys, Thank you so much for watching, That was Jerome, BBYE.

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