- Cardano trades at $ 0.046 at the time of writing
- Shelley upgrade could initiate a bull run for the altcoin
- Cardano to become fully decentralized with Shelley upgrade
Cardano (ADA) currently sits at 11th position in CoinMarketCap crypto table. The altcoin had quite an eventful 2018. To cite some of these, the Cardano Foundation replaced their former chairman Michael Parsons over misconduct. On the brighter side, the blockchain R&D firm IOHK released Plutus and Marlowe software tools for smart contract creation on Cardano platform.
With that said and 2018 coming to an end, things look much brighter for the Charles Hoskinson led blockchain project in 2019.
Coinbase Listing could initiate a Bullish Breakout for ADA
2018 saw American cryptocurrency exchange Coinbase list altcoins such as BAT and Zcash on its platform. Since then, speculations have been running wild in the cryptoverse regarding the listing of other altcoins, such as Stellar Lumens (XLM), and Cardano (ADA).
BlockchainReporter informed its audience on January 8, 2019, how the Nasdaq-powered crypto trading platform DX.Exchange unveiled support for Cardano (ADA). What sets DX.Exchange apart from its peers is that it allows investors to buy tokenized stocks of global companies like Facebook, Apple, Microsoft, and others.
Listing on a major exchange like Coinbase could initiate a major bull run for the cryptocurrency.
A Roundup of Recent ADA Developments; PoS Whitepaper and Shelley Update
On January 1, 2019, the IOHK published the long-awaited Cardano proof-of-stake whitepaper. The project has continually been subject to criticism for not delivering on time and internal conflicts. However, the paper provided a major impetus to the legitimacy of Cardano as it unveiled the idea of ‘Sidechains’, which can finally help overcome the long-standing hurdles of scalability and interoperability.
Sidechains are blockchains with the unique ability to interact with parent blockchains through a two-way peg. They enable scaling and interoperability benefits that can become testing grounds for parent-chain upgrades.
Further, with the highly-anticipated Shelley update right on the cusp, Cardano looks primed to initiate its own price rally.
The Shelley update is an important one for the community as it will make the network blockchain fully decentralized. The Shelley upgrade will also mark the release of Cardano 1.5. Cardano’s roadmap states the following with regard to Shelley upgrade:
“As we progress through Shelley, work will be done that contributes to stability, interoperability and governance. Throughout the arc of development, Cardano’s protocols will increase in complexity, interdependence and use more exotic cryptographic primitives.”