Following a discussion between Cardano's founder Charles Hoskinson and business magnate Mark Cuban about its potential, the cryptocurrency hit a new peak.
ADA, Cardano’s token, Over the last fortnight, Cardano's value has bolstered by over 60%. CoinGecko's reports show that on May 16th, Cardano reached its zenith with a price of $2.45, while cryptocurrencies like Bitcoin, which use Proof-of-Work consensus, saw their values plunge.
Though Cardano hasn't finished its development, it's gaining ground as a promising alternative to Ethereum, especially after Tesla's decision to nix Bitcoin due to ecological concerns affecting PoW-reliant projects.
Ethereum is on the road to a Proof-of-Stake model with its 2.0 upgrade, but its current PoW system may be hindering it from being a fully viable option right now.
Add to this the worries about the network's capacity to scale and perform well during peak traffic times.
Despite Cardano's new releases allowing native token creation, its absence of smart contract features remains. The anticipated Alonzo upgrade this month aims to integrate smart contracts for broader network applications.
Hoskinson Pitches Cardano to Mark Cuban on Social Media
Billionaire Mark Cuban, whose wealth is around $4.3 billion, has been notably curious about cryptocurrencies like DOGE and BTC recently.
Cuban's NBA franchise, the Dallas Mavericks, even began accepting a cryptocurrency inspired by Shiba Inu for tickets and merchandise. A lively discussion erupted on Twitter when Cuban inquired about his followers' personal use of ADA, sparking numerous replies and retweets. .
Your comment saddens me, Mark... But jokes aside, I invite you to my farm in Colorado for a chat anytime.
Charles Hoskinson, the mastermind behind Cardano, was among the respondents, soon extending an invitation to Cuban for a conversation in Colorado.
— Charles Hoskinson (@IOHK_Charles) May 15, 2021
Hoskinson later revealed that the platform hosts over five million Ethiopian students, has a burgeoning DApp ecosystem, multiple issued assets, a pioneering VC model through Catalyst, and a vast community.
Though Cuban acknowledged the intrigue and Hoskinson’s veteran status in Ethereum, he noted the platform hasn't yet realized its full potential, especially since it’s lacking smart contract capabilities.
Similar to Cuban, critics often point out Cardano's need for smart contract functionality—an elemental component of blockchain.
All Eyes are Set on the Alonzo Update
The network's awaited upgrade will finally let users evaluate the project's bold claims.
This has made the Alonzo Hard Fork In a twelve-minute video, Hoskinson addressed concerns, providing Cuban with insight into Cardano's journey, ambitions, and current status.
Talking to Cuban about Smart Contracts, Hoskinson tweeted, 'We've revamped the smart contract framework. It took four years, but it’s crucial for security and scalability. No more DAO pitfalls and minimal off-chain coding. Plus, open to all devs, not just those familiar with Solidity.'
Mark Cuban Cardano https://t.co/x0zYCeSIRd
— Charles Hoskinson (@IOHK_Charles) May 15, 2021
This revamped smart contract model will debut via the Alonzo update, with developers vouching for its heightened security and adaptability.
With Ethereum 2.0 also progressing, the Alonzo hard fork could reshape the competitive landscape between Ethereum and its challengers.
Additionally, as enterprises increasingly prioritize eco-friendly alternatives to power-hungry Ethereum and Bitcoin, such developments are pivotal.
Hailing from Ann Arbor, Michigan, Nicholas Say has roamed widely, residing in Uruguay for years, and now calls the Far East home. His writings appear online, focusing on societal development and futuristic tech.
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