Cardano (ADA) and EOS: Coins to Buy in the Dip?

Cardano (ADA)

What’s a crypto enthusiast to do when the market is down?

When considering long-term gains, there might be a few coins worth investigating during the dip. Cardano (ADA) and EOS are backed by intriguing projects that may be worth researching while the market settles.

Cardano (ADA)

Cardano (ADA)
Source: Cardano

Like any crypto, Cardano is looking to provide secure and scalable transfers of value. The goal of Cardano is to build a decentralized economy and to democratize finance in emerging markets. Decentralized applications, or dapps, can be built up from Cardano’s platform via low-cost, secure, and scalable means.

One of the main differences behind Cardano is its openness to regulation. Most crypto is anti-regulation in nearly any form, with some exceptions, but Cardano stresses the importance of regulation while still maintaining the privacy of consumers. As volatile as the crypto market can be, this may not be the worst concept out there, although it is a hot topic that most people have a strong opinion about.

Cardano is about collaboration. It is backed by three institutions: the Cardano Foundation, Input Output HK (IOHK), and Emurgo.

The Cardano Foundation supervises the development of the Cardano project. The Foundation deals with many of the business ends of the project, including interactions with the community and regulatory bodies. IOHK, an engineering and technology company, is building the Cardano blockchain. IOHK is set to continue working on Cardano until 2020. Emurgo is in charge of helping, integrating, and fostering Cardano blockchain applications.

Cardano is an ongoing project that’s major claim to fame is that it has evolved out of “a scientific philosophy and a research-first driven approach.” Cardano’s development stems from peer-reviewed academic research. The platform uses a proof of stake algorithm called Ouroboros. Ouroboros has mathematically been proven to be secure and, according to Cardano, is comparable to the Bitcoin blockchain.

Evolution and adaptability are both important factors to Cardano. Recognizing that a system needs to be able to evolve, Cardano was designed to be updated via soft forks.

According to IOHK, “the Cardano ecosystem is developing out into the most complete and most useful cryptocurrency ever constructed.”

Do you agree?

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Cardano (ADA)

Another ongoing project is EOS. Self-described as “the most powerful infrastructure for decentralized applications,” EOS functions in a similar way to Ethereum. Consider EOS like a decentralized operating system that can be built upon.

EOS is looking to make dapps more commercial and more accessible to the general population. 

Applications that are built on EOS use the C++ programming language, making them easier to develop than Ethereum’s custom Solidity language. The other main difference between EOS and Ethereum is that EOS transactions fees are minimal, due to having a delegated proof of stake system, while Ethereum, still in a proof of work system, has quite extensive fees.

EOS’s features include parallel processing, the ability to process multiple things at once. This allows for faster transaction speeds and greater scalability. EOS also incorporates horizontal scaling, meaning that servers can link to other servers (compared to vertical scaling which is done by increasing the processing power of the server). Horizontal scaling means that more transactions can be processed per second.

EOS also uses Graphene, a technology that has been shown to run over 10,000 transactions per second. In comparison, Ethereum can usually run about 20 transactions per second.

Each block on the EOS blockchain is set to follow the same rules, creating equality, transparency, and usability. 

The EOS token distribution has been set to occur over 341 days. The end goal is 1 billion EOS tokens distributed; currently, 836 million have been distributed. Now that the EOS testnet has launched, dapps can be built and tested on the EOS network, and comparisons to other systems can be drawn.

EOS is looking to be a better, faster Ethereum. Only time will reveal whether or not this is achieved.

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The crypto market is extremely volatile. Proceed at your own risk and don’t invest anything you can’t afford to lose. This dip is one of many. There will be more. Research, tread carefully and only invest where you see fit.

Featured image: StartupStockPhotos

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