Two coins are at the center of attention in cryptocurrency circles at the moment; that’s Cardano (ADA) and Verge (XVG). Though the circumstances surrounding their hype maybe different, we can say that they share one common aspect: what happens to the coins in the future? The two have been compared variously, albeit with hindsight that they are proponents of two different approaches to blockchain solutions.
So, the question that most crypto watchers and beginners would want to know concerns why they are taking center stage and which among the two has a brighter future. Up front, it’s paramount to note that these two projects are largely still in infancy as is most of cryptocurrency. As such, a definite marker of either being a solid platform may be a little too soon.
Verge is a privacy-focused coin whose main selling point is its Simple Payment Verification (SPV) and the provision in its wraith protocol for users to seamlessly switch between private and public blockchains. It promises to give users control while ensuring privacy and anonymity. Currently ranked 19th, it won’t be surprising to see it in top 10 in the next few days. However, dropping into obscurity is still possible should expectations fail big time.
This coin has seen tremendous growth in the last one month, primarily driven by today’s big announcement. However, the team has often come under fire on numerous occasions. It has been accused of not being open enough, not sticking to deadlines, and promising too much. Negativity hit ritcher levels when it was revealed that about $18 million of XVG had questionably been transferred from the crowdfund wallet to Binance a few ago. While much of the noise has been debunked and labeled as FUD, moving forward, Justin “Sunerok” and team will need to deliver a much better performance.
For Verge (XVG), the defining moment is hinged on the outcome of what is perhaps the biggest announcement ever anticipated in recent times within crypto circles. Tuesday April 17, 2018 is literally “a date with destiny”. If the mystery partnership materializes and it turns out as “the game changer”, not only for XVG and its community but also for the entire crypto, then expect to see a major shift for the coin. It could actually turn out to be the coin of the year. A recent poll was put up on twitter, just in jest, but the outcome was interesting: over 50% chose XVG over Monero (with 35%) as the top privacy coin. While that doesn’t say much, it points out one thing: given the right direction, especially with the “partnership”, Verge can become a top coin indeed.
Few coins, if any, boast of what Cardano presents or promise to deliver. Like Verge, it is yet to present a working product. The project claims to have been built from “ground up”, with hindsight into the shortcomings of generation 1.0 and 2.0 blockchain. It is the only platform whose protocol has been subjected to peer-reviews and uses Ouroboros, a “provably secure proof of stake algorithm.”
Cardano is more than a cryptocurrency. It provides a platform on which developers and users can create their dApps, smart contracts and token issuance using several coding languages. These applications will be targeted towards financial institutions and organizations that need secure, fast transactions.
ADA coin is currently ranked 6th on the market with a market cap of $7 billion, within sight of Litecoin (LTC) which has a market cap of $7.2 billion. The big question revolves around whether the community has enough in them to push it even further and then sustain the momentum long-term. Cardano coin seems to have gained considerably as its Shelly release approaches. Further boosts have been provided by the Huobi Pro listing, the exchange being one of the largest in the Asian market. The anticipation of finally launching the Shelly update, with staking pools being a big incentive, makes Cardano one of the best coins to hold at the moment.
The problem with a pump is that there is always certainty of it being followed up with a dump and prices tailing off. Even though this could be the case with Cardano, its organizational superiority should see it steady going into the future. The crypto’s platform gives it an advantage in that the ease with which developers can create applications, coupled with its low transaction fees will attract more and give it a chance to compete with Ethereum.
At the current price of $0.27 and having moved 79.43% over the last 7 days, Cardano (ADA) presents a low enough entry and a better platform for long-term investors. Verge (XVG) trades at $0.100, and though low, comes in second to ADA for the simple reason of uncertainty.