In a new video, Elliot from Elliotrades revealed that he believes Cardano is on a moon mission and that blastoff is imminent based on the theory of Metcalfe’s law. In today’s article, we will discuss all the bullish aspects about Cardano, and why it is about to have it’s day soon.
“This is the time where ETH killers and other layer 1 smart contract chains are set to absolutely fly.”Ellio Trades
Social media engagement – Metcalfe’s law
Cardano’s community has grown to over 400,000 Cardanians on Reddit. This is one of the biggest communities in the blockchain space.
“Cardano is so powerful because of it’s abilities to captivate the heats and minds of new participants in crypto.”
Elliot brings up the principle of Metcalfe’s law. Metcalfe’s law is a principle often used in crypto for speculating on the value of a certain cryptocuccrency. Metcalfe’s law states that the value of a network is eqaul to the number of people in the network sqaured. If this is the case, the value of the Cardano network is no doubt one of the strongest network’s in all of crypto. Elliostrades said:
“Essentially Meltcalfe’s law is the concept of how you can calculate the value of a network. And that’s what blockchains are – they’re networks. Cardano has a way of bringing users to it’s network that other blockchains should certainly stive to do.”
GOGUEN will deploy smart contracts
As you can see in the picture above, Cardano has a rodamap on their website that tells us about where Cardano is hedaing in the future. Right now, we are still awaiting the GOGUEN update which will allow developers to apply to build on Cardano. If this is successful, it will be monumental for Cardano price action.
“I think it’s important that people realize the magic of crypto is sometimes in the anticipation phase. And this is very true about Cardano is people are betting what’s to come not is. And so having such massive updates in the future even after GOUGEN is going to be massive.”
Elliot believes this Cardano hype is in the same playbook as the previous hype cycles we’ve seen in the bullrun so far. This includes NFTs, DeFi, and DEXs (Decentralized Exchanges). He believes when projects start landing smart contracts on Cardano, there will be massive pumps for both Cardano and the network’s launching on Cardano. He said,
“I believe it would be completely foolish now to ignore Cardano’s current progress. In fact, I think the easiest money is going to be made there.”
Cardano founder Charles Hoskinson is also the owner of another company, IOHK, which has partnered with the government of Ethiopia. The mission of the partnership is to bring blockchain to the schools of Ethiopia – to boost nationwide school performance.
Hoskinson has been known for his interest in deploying blockchain technology to Africa for a long time. To Hoskinson, this is only the beginning. His dream is to make blockchain technology a part of the core infrastructure of many countries in Africa.
While Cardano has taken a long time to deliver on it’s promises, it’s community is stronger than it has ever been. The smart contract upgrade to Cardano should happen soon in 2021, and when it does there are big things in store for the network and it’s investors.
This article is not financial advice. Please do your own research before purchasing cryptocurrency.
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Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.