Charles Hoskinson, the Founder of Cardano and the Co-Founder of Ethereum, spoke about how he stepped into the cryptocurrency space and became the Co-Founder of the second biggest cryptocurrency in the market, during a conversation with Mpho Dagada.
The founder of the third generation cryptocurrency was fascinated when he got to know about Bitcoin [BTC] in the year 2011 and thought of it to be an interesting concept. During this timeframe, Charles said that he bought Bitcoin [BTC] and mined some as well.
However, the Cypriot crisis which occurred during the timeframe of 2012-2013 resulted in huge growth of Bitcoin. This led to Charles believe that Bitcoin “is going to stay” and that it is permanent.
He continued to say:
“…but I didn’t professionally get in until about 2013, that’s when the Cypriot crisis happened and Bitcoin went from nothing to over $250. And there was a huge wave of people entering the space… So either I get on the truck or its going to leave without me. I need to do something in the movement.”
This was followed by him starting an educational project called Bitcoin Educational Project. Charles created free content and uploaded it on Youtube and other mediums in order to get students and talk to people about Bitcoin and digital currency. The project ended up being a success with over 80,000 students and Charles met several cryptocurrency influencers throughout the project including Roger Ver and Andreas M Antonopoulos.
Moreover, in the year 2013, the Founder of IOHK was approached by a Chinese investor who offered him over half a million dollars to start a company. Charles considered creating a stable currency since Bitcoin was too volatile and a student said that merchants can’t really adopt it because of the same. The main idea behind the stale currency was to make Bitcoin “undefeatable“.
“The very first person to answer that was Dan Larimer on the forum posts that I created and He said: Oh, I have this thing called BitShares that I have just come up with. You might be interested. So, Dan and I, actually started talking and eventually I flew down to Virginia met with him.”
This led to the creation of a company called Invictus Innovations Inc., which was used to create BitShares. However, Charles eventually left the company as the two of them did not get along well. After this, the Founder said that he was approached by Anthony Di Lorio, asking him to create content. Anthony also asked Charles to read Vitalik’s white paper which eventually resulted in him meeting Vitalik and becoming the fifth person to join the Ethereum project.
He continued to say:
“[Anthony said] There’s this kid called Vitalik, at that time he was 19, and he’s writen this great white paper. I can’t really make heads or tails of it. Can you read it? Let me know what you think. And I said sure, Anthony. So I read the paper, was very rough but I said, there’s something here and that’s how I met Vitalik Buterin.”
This was followed by the whole team meeting up in Miami for the North American Bitcoin Conference in the month of January 2014 and this led to the birth of Ethereum. He said:
“The North American Bitcoin conference in January 2014. So Anthony rented a beach house, we all bought her own way. There we met everybody, Joseph Lubin, Gavin Wood came, a lot of the big guys now who were not so big guys back then came and that was really the birth of a Ethereum”
The Future of Cardano (ADA) is Similar to XRP
Global Coin Report had earlier anticipated the XRP mega breakoutthat happened on Friday, 21st of September. All our team had to do, was observe the charts and recognize there was a massive spike in the trade volume of the digital asset right after the announcement that xRapid might go livein the next month or so. There was also the additional interest of the digital asset via social media platforms. The discussions are still evident and include how Ripple solutions in the financial industry, will bring the much-needed blockchain revolution to the banking industry. After seeing the recent success, we decided to take a look at the future of Cardano (ADA).
Cardano (ADA) Plans on Doing the Same Thing
One of the core missions of the Cardano project is to develop a decentralized blockchain and cryptocurrency with smart contract capability, as well as delivering more advanced features than any protocol out there. Cardano has made financial smart contracts simpler through the Marlowe Project.
Marlowe does this by allowing the user to write financial smart contracts by simply visually composing known building blocks. The existing building block toolbox has three categories: observations, contract and the money to be transferred in ADA.
Perhaps Marlow can be used to design very simple smart contracts to power cross-border payments or even peer-to-peer automated payments. Looking at the future of Cardano, the smart contract capability on the Cardano platform could create something similar or better than Ripple’s xRapid.
Catering for the 3 Billion Unbanked Globally
One of the organizations that contribute to the development of Cardano, is IOHK. According to the Cardano website, IOHK is committed to using peer-to-peer innovations to provide financial services to three billion people that don’t have them. Majority of the unbanked reside in emerging countries that are in Africa and Asia. Once Cardano spearheads financial inclusion in these regions, it would have done something far much greater than Ripple is doing by courting the global banks through RippleNet.
One thing that has helped increase the financial development of these emerging markets, is mobile banking that has been spearheaded by services such as MPesa in Kenya. Such services allow anyone with a registered mobile SIM card, to use it as a mobile bank. The owner of the SIM can then proceed to transfer funds through MPesa, as well as securely storing it on the network. The parent company of the service – Safaricom Limited – has seen its revenue increase exponentially by simply charging a small convenience fee with each transaction.
If Cardano were to come up with such a service that directly uses ADA, then the sky is the limit for the digital asset. Such a feat would be greater than xRapid and xCurrent combined.
Future of Cardano
It is with the above brief future possibilities of the Cardano project, that we can compare its current value in the markets of $0.09, to that of XRP mid last year. This was when Ripple was finalizing the development of its software solutions of xVia, xRapid and xCurrent. As a matter of fact, the team at Cardano are also finalizing a lot of the back-end functions such as the earlier stated smart contracts.
Observing the circulating supply of both XRP and ADA, the coins in are 39.8 Billion and 25.927 Billion respectively. With a difference in supply of 13.873 Billion, it is clear that once ADA starts to blossom in the market, it could even outperform XRP’s peak value of $3.82 seen back in January.
However, if we consider the Cardano project to being where Ripple was in May 2017, then the project and coin have another 1.5 years to come up with a working product and to propel its adoption in solving real-life problems. Therefore it would be prudent to consider slowly accumulating some ADA religiously on a monthly basis for the next 1 year or so.
Cardano Price – 3 Bullish Predictions for Late 2018
The Cardano price is on a lot of people’s minds right now. That is only normal, as this particular altcoin has a lot of potential in the eyes of its community. The following three price predictions all paint a very bullish future for Cardano (ADA), although some are a bit more outlandish than others.
Three Cardano Price Predictions:
#3 Beginning of a Reversal
The past few months have not been pleasant for Cardano traders. This is primarily because all cryptocurrencies have dropped in value in spectacular fashion. Even so, Trader botje11 predicted ADA would break out from the bottom formation several weeks ago, and that statement still appears to hold true. The $0.07 – $0.08 range has acted as relatively stable support, and signs of an impending uptrend have become apparent.
As is always the case with charts like these, one has to wonder if this is effectively the breakout Cardano price watchers have been waiting for. Based on the current momentum, ADA can achieve a much higher value. However, it looks like all the positive efforts seem to be pushed down. A lot of accumulation is going on, which may hint at better things to come in due time.
#2 A New All-time High in 2018
Looking at the cryptocurrency markets in their current state, it seems rather unlikely new ATHs will be recorded in late 2018. Albeit nothing is impossible in the world of cryptocurrency, one has to keep in mind the current sentiment does not warrant a bullish outlook. Trader CryptoManiac101 is convinced the year 2018 will end with a bang for Cardano.
More specifically, he claims ADA will reach a new all-time high before the year is over. This is based on very “loose” fundamentals, which confirm a downward wedge has been forming for some time now. However, the general trend predicted on this chart may seem rather unlikely, as a push to $1.463 would require a 20-fold increase in value compared to the current Cardano price. It is unlikely, albeit still interesting.
#1 The 10,000% Potential
A lot of early Cardano investors would love to see his currency hit a value of $11 or more. Having an optimistic view of the market is something HiTech displays comfortably, yet he is also convinced this chart is very realistic.
The majority of this chart appears to be based on the Fibonacci time zone indicator, which means the coming 12 months will be crucial for ADA. As is usually the case with charts like these, the entire prediction will fall apart if Cardano reaches a new low in the coming weeks. If that happens, all bets are off, and this chart will most likely not come to pass. An interesting outlook regardless, as the expectations for ADA have never been more bullish.
Stellar Surges 19%, Cardano Gains in Sunday’s Best Performing Crypto
Stellar (XLM) and Cardano (ADA) have performed exceptionally well against Bitcoin over the past 24 hours, recording 19 percent and 8 percent gains against the dominant cryptocurrency.
At its daily peak, XLM achieved a 25 percent price increase against the US dollar, achieving $0.297. Within a period of 48 hours, the price of XLM rose from $0.21 to $0.297, by more than 38 percent.
To mirror Ripple’s three-fold increase in value in the past seven days, Stellar and Cardano will have to increase by more than 30 percent from their current price range, which is unlikely in the short-term.
But, it is important to acknowledge that dissimilar to the short-term rally of XRP, the short-term increase in the price of XLM and ADA were primarily triggered by optimistic technical indicators and price movement, rather than a series of events and announcements.
XLM Rally Was Inevitable
Ever since XLM demonstrated a major break out of a descending trendline dating back to mid-July, it was quite evident that a major rally for XLM was in play. Within four days, from September 19 to 23, the price of XLM nearly doubled from $0.17 to $0.29.
Similar to Ethereum and Ripple, Stellar experienced a steep decline in value from July to September, which was the case for most major cryptocurrencies apart from a few exceptions including Bitcoin, EOS, and Binance Coin (BNB).
As such, when the market demonstrated a short-term trend reversal, massively oversold XLM was first to see a major movement to the upside. As soon as XLM recorded a sudden spike in volume on September 19, its momentum continued to increase, mimicking the short-term trend of Ripple.
Prominent cryptocurrency trader who operates under the alias “Crypto Dog” stated on September 20 “after XRP comes XLM, watch out,” implying that historically, XLM has tended to follow the price trend of Ripple.
Perhaps due to the connection of Ripple co-creator Jed McCaleb to Stellar and conceptual similarities between the two platforms in that they both process cross-border transactions for individuals and institutions, the price trend of XLM and XRP have shown consistent correlation throughout 2018.
Over the past few years, the Stellar network has been utilized by companies including IBM, KlickEx, Deloitte, Parkway Projects, Tempo, Wanxiang Labs and Stripe, which funded $3 million to Stellar in 2015 in its early development phase.
Since then, Stellar has continued to maximize the potential of its blockchain protocol, acquiring Chain to form Interstellar, possibly to collaborate more actively with financial institutions.
In 2014, Chain secured investment from Visa and Citi, working with the two financial institutions to make progress in commercializing and integrating the blockchain in the traditional finance sector.
A combination of Stellar’s similar price movement as XRP, the organization’s acquisition of Chain, and optimistic technical indicators regarding its short-term trend reversal led XLM to surge by a large margin in the past week.
Cardano is Similar
ADA has demonstrated similar movement as the early stage of Ripple and Stellar’s corrective rallies this week. Depending on the volume and momentum of Cardano, in the upcoming days, it is possible for Cardano to experience a major movement on the upside.