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Amid The Crypto Boom, Cardano Is A Compelling Choice

Cardano (CCC:ADA-USD) likely doesn’t come to mind when you think of cryptocurrencies, unless you’re very deep into cryptos. But that doesn’t mean it’s not worth exploring.

There’s no doubt that these new Gen Z and millennial investors that are now entering the markets are looking for alternatives to the plain vanilla stock market that generations of investors have used.

Certainly, in this zero interest rate policy (ZIRP) environment that has really been with us since the 2008 crash, it doesn’t pay to have money sitting around in bank accounts or money markets.

Moving cash into the markets has been driving the current bull market for years now. And in 2020, between the massive business loans and the pandemic relief checks, the system was flooded with even more money that hit the markets.

Cardano and Birth of Cryptos

Ironically, it was in the aftermath of the 2008 meltdown that cryptos started gathering steam. Bitcoin (CCC:BTC-USD) had hit the scene in 2009 but wasn’t gathering too much attention. People were still reeling from the aftershocks of the massive market meltdown. Bitcoin hit $1 for the first time in February 2011.

But today’s investors were old enough to understand how devastating a market crash can be. If their parents’ house went underwater, or they lost their jobs, or their retirement disappeared — that leaves an impression.

Bitcoin represented a new way. Almost like the internet of currencies. It was decentralized, so it was difficult to manipulate. And it was secure, thanks to a new technology called the blockchain.

What happened as Bitcoin gained an audience was that other digital currencies sprang up, each devoted to one aspect of cryptos’ possibilities.

Today, there’s a proliferation of cryptos. And like stocks, some face doom and some are just there for a quick buck.

What Is the Blockchain?

In my opinion, the discovery and implementation of the blockchain is one of the most significant discoveries of the early 21st century. At least as far as markets are concerned.

Cardano is all about the blockchain and spreading its possibilities across the global transactions and interfaces that businesses and individuals engage in every day. Its goal is to facilitate peer-to-peer (P2P) transactions, as well as other transactions, using its Ouroboros proof-of-stake consensus protocols.

Basically, that’s geek-speak for using the blockchain to secure transactions at scale — from the $5 you send to a friend on Venmo, to buying NFT (non-fungible token) art, to managing financial systems. And more.

While blockchain tech is complex and its uses are manifold, a simple explanation is blockchain is a database that allows complete transparency of transactions but also provides state-of-the-art anonymity of the participants. Here’s a deeper definition if you’d like to know more.

The Blockchain Crypto

Cardano is a crypto that is focused on a proprietary blockchain protocol that can be used to bring change to current traditional transaction protocols where there are usually intermediaries.

The company is based in Switzerland and distributed four branches of its cryptocurrency ADA in Asia between October 2015 and January 2017. There were about 26 billion coins distributed at that time.

Today, Bitcoin leads all cryptos, and Cardano is no exception. This is largely because Bitcoin is the representative of the crypto concept. While others may stray in greater success or ignominy, Bitcoin is the standard bearer.

Impressively, Cardano has broken above $1 for the first time this year and may slightly outperform Bitcoin in the near term. If you’re interested in cryptos, this is an interesting speculation, given the growing interest in blockchain and cryptocurrencies.

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