Recently we saw Ripple move up and surpass Ethereum in terms of market cap and now it is the turn of Cardano to oust Litecoin from the fifth position. As of this writing, market cap of Cardano is more than $25 billion while market cap of Liitecoin is at $13 billion.
What are the reasons behind growth Cardano (ADA) is experiencing?
There are several reasons behind growing popularity of Cardano (apart from the fact that Ethereum Co-Founder, Charles Hoskinson is also the founder of Cardano). Let us look at few of the important ones here.
Reason #1: Proof of Stake
The benefit of using proof of stake is that it has the capacity to scale, allows for secure voting, and allows for use of varied incentive schemes.
Proof of Stake also allows for use of features like:
- Lighter clients due to better data structures
- Subscribable checkpoints
- Varied synchronization assumptions
Reason #2: Growing Inclusion
Kids, I love everybody equally. Calm down. Cardano is in good hands and there is an enormous dedicated team. Software is hard. Software involving cryptography is even harder. We are moving at light speed and will continue moving faster
— Charles Hoskinson (@IOHK_Charles) January 2, 2018
Work is progressing on a pilot project by education and research network of Greece (GRNET) which will make use of Cardano for verification of student diplomas.