Cardano (ADA) is up by a slight margin today, just like the rest of the market. While this has got investors smiling, the mood can quickly change, especially if bitcoin (BTC) fails to break above $6500 and drops back to $6k. With such volatility in the market, it is easy to get caught up in short-term price movements and forget the value that blockchain projects hold to change society. A project like Cardano may not look attractive to a chartist right now, but if you reflect on what they are doing, things become clearer on how powerful this project is, in its potential to change society.
The smart Africa initiative
Cardano is at the center of the smart Africa alliance, an alliance of African nations and development partners including the World Bank. The goal of this alliance is to transform Africa through technology. It is founded on 5 pillars namely: Policy, Access, e-Government, Entrepreneurship and sustainable development.
With the strong involvement of Charles Hoskinson and Cardano in this initiative, the Cardano blockchain will play a huge role in the actualization of the goals of the Smart Africa Initiative. For instance, on the aspect of e-Government, the Cardano blockchain has the potential to make things happen, on the basis of its technical capabilities.
It is not only cost-effective to implement, but also practical for the elimination of corrupt systems in the running of African governments. Cardano (ADA) also stands a good chance to spur entrepreneurship on the African continent, especially in the development of applications aimed at solving the myriad of problems that Africans face on a day-to-day basis. This is a massive use-case for Cardano, in transforming the fortunes of the world’s fastest growing continent.
Emurgo and the potential for world changing applications
Cardano is behind Emergo a platform that nurtures and finances high quality decentralized applications running on the Cardano blockchain. With the financing that these projects receive, it is only a matter of time before some world changing projects emerge from Emurgo. Such applications running on the Cardano blockchain will have a huge impact on Cardano (ADA) in the future.
Clearly, Cardano has the fundamental strengths that anchor its value in the long-run. However, these strengths may not reflect in the value of Cardano (ADA) since the market is down, and Cardano is still a work-in-progress. There are many aspects to the project that are not yet completed, such as staking. As such, an investment in Cardano at this point should not be premised on its current prices.
For long-term value investors, Cardano (ADA) holds the promise to unleash the true power of blockchain technology in the world. As that happens, its value will grow, slowly but in a positive manner. When Charles Hoskinson envisions a trillion dollar Cardano market cap, it is not a far-fetched dream. The project is making good steps in that direction, and in a few years, they will achieve it.