Cryptographic project Cardano (ADA), which has long been touted as one of the most innovative blockchain networks in the industry, is likely to dominate the crypto space and replace the Bitcoin as number one cryptocurrency by the end of 2020, said Charles Hoskinson, CEO of Input Output Hong Kong (IOHK) and Cardano (ADA).
“By the end of the 2020s, Cardano will hopefully be the most dominant crypto in the space,” he said.
This prediction came during Ask me Anything (AMA) on YouTube, in which Hoskinson answered a series of questions related to the Cardano ecosystem and the growth of technology across the world.
During 2019, Cardano ecosystem saw several milestones, with a number of notable projects being launched, which initiated a euphoria within the Cardano community that still reigns. Moreover, 2019 witnessed the launch of Tangata Manu, the Cardano chain data-importer, which is the third product after the launch of the ADA blockchain explorer.
Hoskinson said that, in order to achieve market leadership, the major parties in the Cardano ecosystem, namely IOHK, Emurgo and the Cardano Foundation will focus on commercializing the project. He added that the three things that are crucial for Cardano to displacing Bitcoin and becoming the number one cryptocurrency are commercialization, incentives, and technology, which are three important factors that will help Cardano become the platform that caters to the people wanting to build their DApps on a platform they want to store value on.
Hoskinson also said Cardano aims to reach over 1 billion users over the decade and aims to become “a true social operating system”. He stressed that Cardano is a commercial project, and thus all parties involved are interested in the network growing and being used by many people.Meanwhile, ADA bucked the uptrend being seen in the crypto market, falling by 97 percent from its record high, outperformed by XRP and Stellar (XLM) in terms of price movements from record highs. This decline was ascribed to low demand and volume, lack of commercial projects and applications using ADA, as well as the steep surge seen in ADA price in January 2018, which was followed within four months by a slump in ADA price by nearly 90 percent.