Skip to main content

The 2 weaknesses Cardano needs to fix in order to stay competitive in 2022

 


Cardano went through different phases in 2021. After a solid development of the ADA token in the first half of the year with price losses after the crash in May, the ADA price rose massively at the end of summer/beginning of autumn. However, in the final quarter of the year, ADA had great struggles. How can Cardano remain successful in 2022? These two weaknesses should be addressed by the network.

Cardano 2021 - Strong development with a weak year-end

All in all, the year 2021 was a very successful one for Cardano. With the introduction of smart contracts, the network took an enormously important step towards becoming an important hub for dApps and thus remaining competitive in the market. In terms of technical requirements, the network has long been considered excellent - secure, efficient, and inexpensive.

In September, the ADA token peaked at over $ 3. This happened around the "Alonzo" hard fork, which Cardano ultimately made smart-contract-capable. In the fourth quarter, however, we saw a sharp drop in the ADA rate to as low as $ 1.20. These heavy losses happened despite a record number of Cardano transactions in November. However, the major crash of the overall market was the main reason for the losses.

Cardano improvements 2022 - 1. Development speed

The strong Cardano community appreciates that the developers always act with patience when further developing the blockchain and actually design technical innovations in such a way that they bring added value in the long term. But criticism of the rather slow speed of technical innovations comes up again and again.

The fact that Cardano is pursuing a long-term plan and prioritizing safety and technical excellence is commendable. However, the network has to keep its finger on the pulse. New networks such as Solana and Avalanche made extreme progress in the last quarter and convinced numerous investors. More networks will come onto the scene in 2022. Cardano has to make sure that you don't lose touch.

2. Commercialization

Another point of criticism of Cardano is the often highly academic approach to the further development of the blockchain. The Foundation works closely with scientists on the blockchain according to evidence-based standards. However, it is ultimately the economic benefit of a project that decides whether it can survive on the market in the long term.

Cardano has to ensure that it remains competitive in the large growth markets DeFi and NFT. In the first half of the year, CEO Charles Hoskinson, therefore, wants to ensure that the commercialization of several hundred Cardano projects proceeds quickly. The success of the blockchain must not only remain an academic one, it must also become an economic one.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more