The Cardano [ADA] cryptocurrency has evidently gone through a hectic week with a good number of bullish and bearish trends leaving an impression of a typical unstable cryptocurrency.
Though the week has a left a lot to be desired as far as stability is concerned, the cryptocurrency’s market cap has been a spark of optimism and hope. With the market cap consolidating to a commendable $1.17 billion below the revered Litecoin (LTC), which is placed on the 7th position by Coinmarketcap.
The cryptocurrency also had a cause to rejoice on the 23rd when when Trezor announced that they were backing ADA along with three other crypts, Stellar Lumens, Monero and Ripple were announced as additional digital coins.
The cryptocurrency was also a subject of much talk when Charles Hoskinson, the CEO of IOHK (one of the firms in charge of Cardano’s blockchain), picked on the faulty developmental models of most of today’s cryptocurrencies as he shaded more light on the future of Cardano.
Hoskinson rebuked the general direction of today’s industry by saying that most cryptocurrencies take a more capital-centric approach to development rather than the tried-and-proven development oriented approach.
As an example, the CEO compared the different approaches employed by Ada Cardano and EOS, highlighting the fact that despite raising considerably lower capital than EOS, the Cardano cryptocurrency has surpassed its competitor greatly with the passage of time. He explained:
“It’s kind of funny that the number two cryptocurrency raised 18 million to get where it’s at and the number one cryptocurrency raised nothing. So if you think about that, there is strong evidence in the space – the amount of money you raise doesn’t really have a lot to do with your ability to succeed.”
Cardano announces the Rust project
The CEO went on further to break some good news to Cardano enthusiasts by touching on a new project known as the “Rust project”, which is purposed to augment the systems capabilities. Furthermore, He also updated the community that Cardano 1.3.1 will be set for launched in the near future.
‘We’ve started hiring more people and it’s actually the first time we’re having multiple companies in the ecosystem contributing to that, so it looks like Emurgo is gonna provide Rust developers in addition to IOHK for Rust Cardano”.
At the time of writing, Cardano currently holds the 8th position with a total market cap of $1.9 billion as the trading price is oscillating in the vicinity of $0.074USD.