Long Beach (CoinChapter): Smart contract platform Cardano is quickly becoming one of the most intriguing entities in the crypto world. The blockchain will soon be launching smart contracts and many believe it will be a major competitor to Ethereum.
Adding fuel to the fire is IOHK founder Charles Hoskinson proclaiming that Cardano will be the first blockchain to reach one billion users.
As it stands, Cardano is currently the fifth largest crypto by market cap at around $38 billion. Some wonder whether this is too high however, and crypto trader Lark Davis dove into some of these questions. “[Cardano is] worth around give or take a few billion […] with almost no functional applications currently built on the chain,” Davis noted. “The main use case for Cardano right now is staking.”
The potential of the blockchain is extremely interesting to many, but key components remain under development. As Davis noted, there are very few apps built on the chain at this time. They are working towards these things, particularly smart contract functionality, but are moving at their own pace.
“I understand why Cardano is taking its time,” Davis added. “They want to build the best possible blockchain. And I think when Cardano does release smart contracts later this year, it’s going to be beautiful […] But this is an incredibly fast-paced industry, and which projects will capture the most market share long term? Still very very uncertain…”
Without a doubt the crypto industry can change in an instant and while the blockchain is highly anticipated now, something could take its place if it doesn’t make good on that potential. In the end however, it’s all about money and Davis believes Cardano will make good when it comes to that.
Can Cardano deliver an ecosystem that will make people money?
“At the end of the day money flows are based on self interest. Users will go where the money is,” he added. “If Cardano can deliver such an ecosystem that makes people money, users will come, developers will come.
“I personally think that Cardano will prove the haters wrong this year and that they will deliver a powerful and interesting blockchain that will become a big part of the crypto ecosystem… but also keep in mind that it will simply be a piece of the bigger picture of the crypto verse.”