Cardano is one of the main blockchains in the crypto scenario, and it has always given us something to talk about. In this context, to get closer to the news of said project, we have talked with Edickson Aguilera, ambassador of the Cardano Foundation in Venezuela and also owner of the Hispanic stakepool in Cardano called Blessso that he can tell us from his perspective how he observes or evaluates the development of the network, its fundamentals, and the current price of ADA.
The development of Cardano
Despite the bear market, in addition to all the global and economic problems, as well as Cardano’s own problems, Aguilera maintains that growth continues, which can be seen -he explained- in the development activity of Cardano, in the growth of the total value locked in the network or (TVL), and the number of decentralized applications launched and to be launched.
He also highlighted that an increase in the speed of development could be perceived: “This year the p2p or dynamic network was launched in the main network, as well as new versions of the node, and not least the compatibility with the EVM was announced, as well as the possible launch of the first version of hydra this year, which es, the ultimate Cardano scalability solution.”
In this sense, he compared the growth of Cardano with the other networks and described as “quite positive” for the industry, including for Cardano, since he revealed that he did not consider other networks as competitors, but rather as future interoperable blockchains with Cardano.
“That is what Cardano is looking for, to be interoperable with other networks and become the blockchain of blockchains”Aguilera specified.
Improvements in Cardano?
During the meeting, Aguilera was asked if he considered that there was something significant in the Cardano network that could be improved and that consequently will bring a significant improvement, and he replied that this aspect was decentralization.
“Despite the fact that Cardano is one of the most decentralized networks in the world, I consider that decentralization is an aspect that must be improved in this blockchain, since in the last year it has been affected, we can appreciate that by seeing the evolution of Cardano’s nakamoto coefficient, a metric to measure decentralization, when reviewing said metric we can see its downward trend, something that is not positive at all, because decentralization is very important and if we do not take care of it, we lose freedom”he declared.
“For this reason, I believe that it should be improved, and to achieve this, he considered that the support should go to the operators of a single pool, solutions in terms of protocol that mitigate the centralization of the network and the establishment of farms should also be implemented soon. pool, and that benefit small pools more”he added.
ADA Price Outlook
According to the owner of the Cardano pool Bless, ADA is a cryptocurrency that is currently “super” underratedsince the current price does not do much justice to how valuable the project is to him.
“Worst of all, there are still people who think that it will never get back in value, pretty bad situation, because they are missing out on a big one, due to the fact that Cardano is an amazing project that is still dormant and that in the near future finally woke up, so it is very likely to see ADA above the dollar this year and even at all-time highs”he stated.
“On the other hand, next year after the halving it is possible that Cardano exceeds maximums, but that will depend on whether it meets some planned releases such as hydra among others, but of course, I must make it clear that I am saying this based on my experience. , and that I am not a Guru. My words should not be taken as financial advice.”he added.
That being said, at the time of writing this note, the price of ADA is at the level of 0.39 USD, with a slight retracement in a formation that until now seems to have broken with the bullish momentum of the last few months, the bearish trend that it has maintained since it reached its all-time high (3.10 USD) in August 2021.
So far this year to this day, the price of ADA has managed to increase its value by 60.46%, on the other hand, since it began its downward trend in August 2021, ADA has lost approximately 85% of its maximum market capitalization that it ever reached, Right now it is close to 14 billion dollars according to Coinmarketcap data.
About the transition from proof of work to proof of stake
In relation to the attacks and accusations towards cryptocurrency mining as a polluting activity, Aguilera also took the opportunity to share his opinion on the matter. from your point of view. In addition, he clarified that he does not believe that proof of stake will replace proof of work, but rather, appear as a strong competitor in the future due to the improvements that mining has achieved.
“I consider that the environment is something very important that we must take care of because that guarantees us a future and the survival of all species, as well as the survival of all current technology such as blockchains among others, therefore I think it is important to discuss that subject and the possible repercussions, but the best thing is that the conversations about the environmental damage of mining, as well as the high cost of electricity, in some way or another has caused miners to use other renewable energy sources, reducing the environmental impact significantly, at the same time as its high operating costs, making mining more profitable and sustainable over time”he commented.
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