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Cardano Turns 4: Inside the Journey of the "Ethereum Killer"

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Wed, 09/29/2021 - 16:01
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Alex Dovbnya
The "Ethereum of Japan" has turned into a force to be reckoned with after a series of price crashes and disappointing delays
Cardano Turns 4: Inside the Journey of the "Ethereum Killer"
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Cardano, the fourth-largest cryptocurrency, is celebrating its fourth anniversary.

The mainnet of one of the most successful blockchain projects to date went live on Sept. 29, 2017, which kicked off its "Byron" phase.

Mathematician Charles Hoskinson started working on Cardano after a bitter falling out with the rest of the Ethereum co-founders.

Emurgo, IOHK and the Cardano Foundation, the three independent entities behind the blockchain, organized a crowdsale in Japan that raised $62 million by January 2017. U.S. citizens were not able to participate in the initial coin offering due to stringent securities laws.

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Bittrex was among the first major exchanges to list the ADA token, and Cardano quickly started gaining more traction.

The "Japanese Ethereum" peaked at $1.10 on Jan. 4, 2018, after a blistering rally, benefiting from the ICO craze that swept the crypto market.
 
Plagued by frequent delays, Cardano, however, ended up being one of the worst-performing cryptocurrencies during the bear market that came shortly after the bubble burst. By December 2018, ADA was down a staggering 97.5% from its peak.

ADA
Image by coinmarketcap.com

It took the token more than three years to finally reclaim its previous all-time high of late February.

ADA kept outperforming the market and managed to print a new all-time high of $3.02 earlier this month.

Apart from the broader crypto rally, the launch of native assets in early March and smart contracts in September were some of the main catalysts for the token's stellar performance.

Still, Cardano has a lot to prove. It remains to be seen whether it will be able to reach vast adoption in the decentralized finance space given that only a mere 27 Plutus smart contract scripts have been deployed so far.

Moreover, the recent "concurrency" controversy has exposed some scaling issues that Cardano developers have to address. Interoperability and scalability will be the focus of the forthcoming Basho era.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.