Today, we’ll be looking into the 6 use cases that you can use to judge a blockchain technology. We always favour the potential of Cardano and we strongly believe this is the ultimate blockchain technology. So in this article, we’ll back up our claims and show you how and why Cardano is able to check all 6 boxes for these use cases.
The first reason we have is the use case. Arguably, every single blockchain has some use case. Even if it’s just a silly meme coin, it still has a use case of being a meme coin. Of course, that might be really silly for a use case but the coin still has some purpose to serve.
When we look at a cryptocurrency like Cardano, we can see that the use case is really broad. Cardano was built to have dApps, exchanges, faster and efficient transaction performance, and so on. In my opinion, everything that it does makes Cardano probably the broadest.
Next up, we have the community. I definitely believe that Cardano has one of the strongest communities in the entire ecosystem. It’s supported by a wide range of people. It has a lot of big names supporting the project and it bounces between 5th and 6th among the list of the largest blockchain by market cap.
The third way of measuring the strength of a cryptocurrency is by the transaction speed and scalability. Cardano is in the third phase of building, it has a huge roadmap, and the transaction speeds are among the fastest.
We’ve certainly seen some congestion over the last couple of weeks caused by Sundae Swap coming online. But this has started to settle down and they’re continuing to put in great effort to make things faster.
The release of 1.33 of the nodes and block size has definitely contributed to an increase in Cardano’s transaction speed. In contrast, Hydra will also play a huge part in Cardano’s growing transaction speed!
A lot of the governance phase of Cardano is into the later 4th and 5th phase of Cardano’s roadmap. However, Charles Hoskinson has laid out an effective plan to bring this into greater effect. The group that is building it definitely wants to see this come to where it’s peer-reviewed and fully decentralized governance.
The next factor that lets us judge a blockchain is by its team. Arguably, I think the best team has been put together for the Cardano ecosystem. The knowledge and academics of the people in the team of Cardano is huge. Charles Hoskinson alone has extensive experience with the blockchain technology and it’s amazing that he has been part of building 3 different blockchain technologies.
He’s taken the experience and lessons learned from building the previous technologies and moved it into building a successful ecosystem for Cardano. Looking at the team, the team is definitely strong and it’s certainly not one of these fly-by-nights that are going to do a rug pull!
Charles Hoskinson has proved over and over again that he’s not in it for the money. So we can really trust the learship working behind Cardano.
As you look at the blockchain cryptocurrency technologies as a whole, I think one of the strengths of the industry is the roadmaps. The vision and visionaries in the crypto space is unlike any other space right now.
Personally, I love the 5-phase road map of Cardano. It’s well mapped out and defenitive, and Cardano really does the job in checking off the boxes as they move along the road map.
We saw Cardano hit a huge milestone with the announcement of Smart Contracts, and it seems like the technology is only warming up!
One of the bonus factors to judge the capability of blockchain is the Market Capitalization Total Value Locked (TVL). The TVL on Cardano is one of the strongest in the market. Personally, I really like the price where it’s at. ADA has been sitting between $1 to $3 and this makes Cardano very cheap and usable when you’re developing against it.
Finally, we have longevity as a factor to judge blockchain technologies. When you take into account all the factors that affects a cryptocurrency, like the community, team, and roadmap, Cardano is positioned pretty strongly to survive and revolutionize the crypto space for many years to come.
Thank you for sticking with me to the very end. We hope this has been valuable information to your journey with crypto. You can follow our blog or YouTube channel to stay updated about cryptocurrencies as well as about our SCEZ tool every day. We have step-by-step video guides on our YouTube channel on how to create smart contracts and NFTs easily with SCEZ.
If you’d like to learn more about the Cardano’s potential, kindly check out the video below: