eToro, the world’s largest social investing platform, just published a market research report on Cardano, the public blockchain created by Ethereum co-founder Charles Hoskinson that powers the ADA cryptocurrency.
The report concludes that Cardano is a highly advanced and extremely scalable network with the potential to constitute the next phase of the Ethereum blockchain, offering the necessary infrastructure for decentralized applications to run quickly and securely.
The report also includes a token analysis for Cardano’s token, ADA. eToro Senior Market Analyst Mati Greenspan has also previously covered Stellar, EOS, Dash and NEO.
Key takeaways from the Cardano report and token analysis include:
- Cardano is led by a team of unparalleled expert researchers and developers, including Ethereum cofounder Charles Hoskinson and Michael Parsons, an early bitcoin adopter who brings 25 years of banking experience to the project. Its advanced computing principles are unrivaled in the industry.
- Cardano has been specifically designed and built to improve global access to the financial system. The development team has built a network that is fast, secure and flexible, and has the capacity to handle high transaction volumes – addressing the scalability issue with leading blockchain Ethereum.
- Industries that require truly fast and secure transactions may find Cardano a more suitable option than Ethereum. Use cases can range from financial services to official record keeping, supply chain optimization, accounting, and other decentralized apps.
- Several pharmaceutical companies have already initiated a switch from Ethereum to Cardano, and many other decentralized apps are likely to consider switching in the future.
- Cardano’s proof-of-stake model Ouroboros rewards users with a certain number of tokens – potentially increasing their value by limiting the supply of coins in circulation. This makes it more likely that investors will view ADA as a store of value, similar to Bitcoin, but it will be impossible to predict token price until the network is fully operational.
- Given the debate around proof-of-work and mining energy efficiency, Cardano may well lead the way for Ethereum’s transition to a proof-of-stake model.
The full Cardano report also includes a technical description and outlines investment risks.
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