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Main Reasons Why To Keep An Eye On Cardano Even In Bear Market

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Cardano’s Promising Future Can Yield Huge Returns For Patient Investors.



The past few months have not been pleasurable for cryptocurrency investors, as the market has continued to suffer significant corrections. Several reports suggest that the cryptocurrency market has lost a whopping $1 trillion in the last 72 days, forcing several investors to flock to safety by holding stable coins.

While many may seem afraid to invest in cryptocurrencies now, this current bear market presents an opportunity for investors to put their money into promising cryptocurrencies that have the potential to bring significant returns in the long term. 

One cryptocurrency with this potential is Cardano (ADA), the blockchain project launched in 2017 by Ethereum co-founder Charles Hoskinson.

Cardano Blockchain

Popularly described as the “Ethereum killer,” Cardano was established to provide solutions to the problems inherent in Ethereum. 

The Cardano blockchain network offers low fees, scalability, and speed. These features gradually make Cardano a favorite choice for developers looking for the perfect network to deploy their decentralized applications (dApps) and smart contracts. 

Cardano is unique and different from existing blockchains. The network uses a dual-layer system that revolutionizes how people conduct business and a proof-of-stake (PoS) consensus algorithm with an added feature of the Ouroboros family protocols to solidify its security. 

Despite Cardano’s success in recent years, its developers are still working around the clock to help it become the best blockchain in the crypto space.

Expected Cardano Upgrades

The Cardano team’s 2022 roadmap focuses on addressing the challenges inherent in several layer-1 networks, including scalability, interoperability, and sustainability. 

Cardano’s previous upgrades have helped the network achieve major feats, including optimizing its decentralization and supporting smart contracts. 

Interestingly, the Basho upgrade is tipped to usher in better features such as the support of side chains for Cardano. This autonomous system gives ADA holders the right to vote on important decisions for the network, etc. 

Also, the Cardano blockchain block size was recently increased from 8KB to 72KB (an increase of 12.5%). Further improvements will be implemented over time, according to IOHK, based on ongoing monitoring of the system and overall network health.

Decentralized Exchange And Metaverse:

The first decentralized exchange SundaeSwap recently announced went live on Cardano’s mainnet this Thursday.

Pavia is building a metaverse on Cardano. It is similar to The Sandbox and Decentraland projects, based on the commercialization of virtual lands so that users and brands can build personalized experiences in immersive virtual environments.

So far, the project has minted 100,000 “land parcels” in the form of non-fungible tokens (NFTs). More than 60% of the land was negotiated in two initial sales rounds in October and November. The rest should be sold in the first quarter of this year. Like The Sandbox and Decentraland, Pavia also has a native token – PAVIA – that will serve to drive the game’s economy.

With all these promising features and offerings, ADA is poised to become a cryptocurrency that will grow in value in the long term. It would be best to take advantage of the massive discount ushered in by the bear market. 

 

 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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