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Blog

Date:
22nd Jan 2021
Author:
CryptoAltum Research Team

Cardano's (ADA) Future is Bright despite Crypto Slump

Leading cryptocurrencies are in red, shaving gains of the last two months. Bitcoin, Ethereum, Cardano, except Polkadot, are all down a ballpark nine percent versus the resurgent USD on the last day of trading. However, despite this contraction—analysts say it is a blip, Cardano's outlook is solid with the expectation of a strong bounce from spot levels. According to Charles Hoskinson, the inventor of Cardano, smart contracting will be activated on a tentative date in Q2 only after three stress tests are successful.


Details: 

Cardano's Input Output Hong Kong (IOHK), the development team of the network, are meticulous, preferring quality to quantity, often steering clear of binding themselves with timelines. As evidenced in previous phases, especially preceding Shelly, they would rather take their time instead of releasing untested and half-baked code. The same is now being witnessed in the run-up to Goguen, which will activate smart contracts and, thus, DeFi. Before this, there will be two Hard Fork Combinators (HFC), ensuring smooth transitions. One, Allegra, was completed in December. There are two more, Mary and the final confirmation that will greenlight a confident merger in Goguen. Mary will provide the infrastructure, the rails for a revamped smart contracting experience in Cardano.


Impact on the ADA Price: 

Bullish. Cardano developers prioritize quality to expeditious delivery. Therefore, Q2 2021 may not, after all, when Goguen will activate. In the meantime, ADA prices may contract but rapidly expand a few weeks before a fixed day when Goguen activates.


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