Is It Time to Talk About Crypto’s ‘Big Three’?
It’s not quite “safe to say” “everybody knows Bitcoin.” But we’re getting there; Bitcoin (BTC, Tech/Adoption Grade “A”), in fact, would rank as the world’s eighth-largest bank based on its market capitalization.
And more and more “sophisticates” are getting Ethereum (ETH, Tech/Adoption Grade “A”), too, understanding what it means to have not just a blockchain-supported currency but an entire platform based on decentralization.
Is there room for another? Is it too early to talk about crypto’s Big Three?
Well, here’s how one candidate describes itself:
Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change.
That sounds like a lot. And the Cardano (ADA, Tech/Adoption Grade “B-”) project is ambitious. Indeed, the guy who invented it, Charles Hoskinson, who is also CEO of IOHK, has straight up said Cardano’s “Proof of Stake” is “more secure and decentralized” than Bitcoin’s “Proof of Work.”
Hoskinson, as commenter @OmertaWolk noted, has built Cardano to “enable interchain operations for ALL blocksystems and tokens.”
Whether it catalyzes a “thriving diverse blocksystems transacting seamlessly, all Cardano facilitated” is the subject of a recent submission for Weiss CryptoBytes by @CardanoCooz, who asked, “Do you see Cardano being a big play-maker in the crypto space in the future?”
What follows is a lightly edited transcript of Juan Villaverde’s answer …
You asked: Do you see #Cardano being a big play-maker in the crypto space in the future?#ADA #crypto #WeissCryptoBytes pic.twitter.com/HbVCz8D5Kw
— Weiss Crypto Ratings (@WeissCrypto) July 15, 2020
They already are. They’ve done more work than most other crypto companies, and that includes even Bitcoin. They have formalized a lot of the science that’s behind crypto, blockchain.
They’re the first ones who, before doing Proof of Stake, they actually did some research to prove whether or not Proof of Stake actually makes sense.
The question on everyone’s mind is, are they going to be the next Ethereum? I think they’re going to coexist. I don’t think Ethereum is going away. I don’t think Cardano is going away.
Is it going to be as big? Is it going to have a thriving ecosystem with thousands, tens of thousands, even millions of people building stuff around it, using it every day?
Remains to be seen.
Best,
Juan and Bruce
