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Is Cardano the Next Visa of Crypto?

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Is Cardano the Next Visa of Crypto?

Up to this point, cryptocurrencies have mainly been characterized by financial speculation. While this leads to extreme volatility in the short term, the huge inflow of investment dollars also supports developer activity and helps spawn actual use cases. 

Ethereum (CRYPTO: ETH), the first programmable blockchain, is showing the potential for decentralized applications (dApps) to bring utility to the crypto space. Cardano (ADA 3.69%), a promising project that also enables smart contracts, opens up the opportunity for major innovation even more. 

Cardano’s network possesses some important characteristics that give it a remote chance to become the next Visa (NYSE: V) of the crypto economy. Let’s take a closer look. 

Image source: Getty Images.

It’s all about speed and scalability 

Cardano’s development process consists of five separate stages, with it currently being in the last two phases that focus on scalability and governance. The founding team employs a peer-reviewed, academic-focused system when introducing new features and upgrades. This might mean longer development times, but it undoubtedly fosters an environment where every possible factor is thought through. And this is Cardano’s competitive advantage. 

The network can process 250 transactions per second (TPS) right now, thanks to its proof-of-stake consensus mechanism called Ouroboros. This is a more energy-efficient process to validate transactions on the blockchain when compared to the proof-of-work that Bitcoin and Ethereum use today. While Cardano doesn’t even come close to Visa’s theoretical capacity of 65,000 TPS, it is much higher than Ethereum’s current speed of 14 TPS. 

One thing is strikingly obvious, though. If Cardano hopes to achieve mainstream adoption, throughput needs to rise significantly. As the crypto economy continues growing, demand from users will surely increase. And for a cryptocurrency to hold the title of the “Visa of crypto,” 250 TPS just won’t cut it. 

Luckily, Cardano’s development team is working hard to introduce Hydra, a key component of the fourth phase. Hydra will use off-chain ledgers, called Heads, to substantially increase capacity to support 1 million TPS. While this is an astronomical figure that crushes even Visa’s throughput, what Cardano really hopes to achieve is to decrease latency, or the time it takes to complete a transaction. But having a network that can fulfill growing demand is paramount. 

There’s a ton of uncertainty with any major upgrades in blockchain technology. But if Hydra is implemented without any big hiccups, and scalability skyrockets as a result, then Cardano will be a huge force in the world of dApps, especially when it comes to decentralized finance (DeFi) protocols. 

Temper your expectations 

To believe that Cardano could get on the same level as Visa’s dominance is definitely a stretch, no matter how promising the blockchain’s future might look. As I mentioned earlier, the technology is still very early in its lifecycle, and there are just too many question marks as to the future of digital assets in general. Investors would be wise to hold off on giving Cardano the title mentioned in this article’s headline. 

If I had to make a bet, however, I’d say that Solana (CRYPTO: SOL), with its ability to process 50,000 TPS today, has a higher chance of becoming the next Visa of crypto than Cardano does. The team at Solana just introduced Solana Pay, a disruptive and innovative payments system that could upend the relationship between merchants and consumers. This takes a direct shot at Visa’s business. 

It’s becoming increasingly obvious that DeFi will be the major use case for cryptocurrencies in the years ahead. In particular, electronic payments, dominated by the card networks, are ripe for disruption. But I think it’s prudent to assume right now that Cardano isn’t the next Visa of crypto. This is the case today, but with most things in the crypto space, anything can happen. 

Neil Patel owns Bitcoin and Ethereum. The Motley Fool owns and recommends Bitcoin, Ethereum, and Visa. The Motley Fool has a disclosure policy.

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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP

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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP

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When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).

Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.

Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.

Top Tier Crypto Makes its Mark – Cardano (ADA)

Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.

Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.

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Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.

With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.

Making Waves – Ripple (XRP)

Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.

The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.

Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.

At the time of writing, it ranks number 6 on CoinMarketCap, making it a cryptocurrency to buy now.

The New Face Of Privacy – PrivaCrip (PRCR)

The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.

PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.

PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.

Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.

10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.

The Bottomline 

Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.

PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.

For more on PrivaCrip (PRCR), check below:

Presale: http://join.privacrip.io/ 

Website: http://privacrip.io/ 

Telegram: https://t.me/PrivaCripOfficial 

Twitter: https://twitter.com/PrivaCrip 

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Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange

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Cardano Reaches “Important Milestone” on Road to Vasil Upgrade


Alex Dovbnya

Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year

Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.

The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.

Users will be able to withdraw ADA without paying any fees until mid-September.

Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.

At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.

As reported by U.Today, Bitrue introduced the token as its base currency back in February.

In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.

Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.

Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.

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WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M

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Cardano Founder Charles Hoskinson Criticize SEC Cracking Down on Companies Outside Its Jurisdiction

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Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano. 

WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days. 

At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming  42% of TVL On Cardano. However, the DEX has fallen from glory ever since. 

Minswap Is Now Cardano’s Most Valuable DEX

The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped. 

cardano total value locked
Cardano total value locked

Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL. 

At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano. 

SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL. 

Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.

Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said: 

“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.” 

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