The pseudonymous host of Coin Bureau is sharing his thoughts on some of the advantages Cardano has in the race to beat out Ethereum as the top smart contract platform.
In a new video in which the analyst known as Guy reveals his top crypto holdings, he tells his 653,000 subscribers that Cardano (ADA) comprises just under 8% of his portfolio.
Guy started allocating to Cardano last summer when the asset was just above $0.08. ADA is trading at $1.27 at time of writing, up 3,724% on the year.
The Coin Bureau host explains that he’s invested in Cardano as a hedge in the event that Ethereum is unable to live up to its name as the number one blockchain platform.
Cardano announced earlier this week that smart contracts would be up and running this August, theoretically putting it in second place next to Ethereum among blockchains, notes Guy.
“Like Polkadot (DOT), I see Cardano primarily as a hedge in case anything goes wrong with Ethereum… I am a huge fan of Cardano’s peer review approach to research and development.
I have a feeling that Cardano will be running smart contracts much sooner than Polkadot which would theoretically make it the next runner up to Ethereum.”
Guy adds that although there is not a hive of developers expressing interest in developing on the Cardano blockchain, the Cardano community is strong and a majority of ADA tokens on the market are locked up in liquidity pools, meaning that they cannot currently be sold on the open market.
“The problem is Cardano doesn’t have nearly as many developers itching to work on its blockchain as Polkadot. More importantly, Cardano isn’t able to test smart contract functionality in a real-world setting the same way Polkadot can with Kusama (KSM).
One big edge that Cardano has over Polkadot, and most other cryptocurrencies, is the size and engagement of the Cardano community. Some of my most viewed videos are about Cardano, and Charles Hoskinson’s YouTube channel seems to be growing even faster than mine.
More than 60% of all ADA in circulation is also being staked in nearly 2,500 staking pools. Cardano may not have as many dApps waiting to deploy as Polkakdot, but it probably has millions of people waiting to use them.”
lCheck Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong