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Cardano (ADA) Search Volume Spikes Following Coinbase Announcement

Cardano (ADA)–The eighth largest cryptocurrency by market capitalization continues to gain momentum following the landmark announcement by U.S.-based cryptocurrency exchange Coinbase.

On Friday, Coinbase made waves across the industry by announcing it’s exploration into five new cryptocurrencies: Basic Attention Token (BAT), Zcash (ZEC), Stellar (XLM), 0x (ZRX), and Cardano (ADA). While some cryptocurrency communities felt snubbed by the lack of mention, the five coins selected rejoiced over the potential exposure to 13 million customers and subsequent price appreciation that Coinbase listing would entail. 

On cue, all five cryptocurrencies experienced significant pumps in pricing following the announcement, as investors scrambled to buy the coins at a lower value than what they hoped would be offered from the outset on Coinbase. In addition to the price appreciation, Cardano experienced a wave of invigorating interest. Judging by the data published on Google Trends, Cardano is nearing a peak in search volume over the last 90 days, with interest more than doubling before and after the news tying ADA to Coinbase.

Prior to Friday, Google search volume for Cardano was exhibiting a typical fluctuation over time, with the currency’s interest trending below it’s historical average. However, following the announcement by Coinbase that they were exploring ADA, Cardano search volume displayed a sharp increase, doubling its trending output in less than 24 hours.

Google Trends has been used as indicator in the past for both price interest as well as judging the popularity of the coin. While Google’s published data tends to lag several days behind actual search numbers (at least on the more reliable 90+ day charts), it does give an indication that Cardano is achieving renewed interest among investors and cryptocurrency enthusiasts. An increase in search volume has almost universally correlated to an in increase in price for a coin, with Cardano pushing a 22% appreciation in value since the Coinbase release. Search volume tends to have a snowballing effect. As more investors see the price of a currency rise, they start searching for general information on the investment or a reasoning for the price pump. This leads to greater interest in the coin, in addition to more investment dollars. While Google Trends and price appreciation suffers from a “chicken or the egg” debate (do coin prices rise because of interest, or vice-versa?), Cardano’s steep increase in search volume is good for both short term price appreciation and long term adoption.

Cardano, through the efforts of the IOHK team and CEO Charles Hoskinsons, has developed a strong media and community presence, hosting a regular dialogue with both investors and enthusiasts to keep  them up-to-date on coin news. Of the five cryptocurrencies under exploration by Coinbase, Cardano has quietly put together an impressive list of fresh news and development, ranging from the applications of Ouroboros in solving the issue of Proof of Stake, to a recent trip to the Google offices in London, sparking speculation over a possible partnership.

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Google Does Not Need To Partner With Me, Bitcoin, Or Ethereum, Says Cardano (ADA) Founder

Cardano (ADA) co-founder has made some clarifications on his meeting with crypto enthusiasts at the Google’s London office saying there is no point in Google partnering with a cryptocurrency platform.

Many observers after the meeting have pointed that there is a possible partnership between the two firms for the fact that Google initiated the meeting.

During Charles’s Hoskinson’s surprise Reddit Ask Me Anything (AMA) session, the co-founder of Cardano (ADA) and CEO of IOHK, who also co-founder Ethereum (ETH) expatiated on his visit to the office.

He said Google told him they would like to ask some questions about the technology behind the cryptocurrency, and Cardano’s use cases.

“Hey, We’d like to ask you lots of questions about the cryptocurrency space, about the technology that Cardano has, and what IOHK does as a company.”

To the demand, Cardano founder and team took their time to answer questions posed by the gathering.

However, answering questions on Google decision to partner with Cardano, Charles makes it clear that Google does not need to partner any cryptocurrency to explore the space, inferring that there is no possible partnership between the two firms.

“If Google is going to do a cryptocurrency, Google does not need to partner with me, and they don’t need to partner with Bitcoin, Ethereum, or anything else. They are just going to go ahead and do their own thing.”

He added: “Google is a good patron of open-source technology, and many of their employees do invest their weekends and at least one day a week on contributing to some open-source project. And Google does a very large internal cryptocurrency and blockchain mailing list. A lot of their employees love this space. In fact, Mike Hearn, one of the most famous Googlers was originally a core developer of Bitcoin.”

Since Google put a ban on cryptocurrency related ICO, there is rumour Google is planning to establish its cryptocurrency firm. Interestingly, on a tweet later taken down, Ethereum (ETH) co-founder, Vitalik Buterin, had said Google recruiter contacted him for a cryptocurrency related work with Google.

Meanwhile, cryptocurrency trader Ran Neu-Ner, who hosts CNBC Africa’s Crypto Trader program, has said Cardano is an undervalued.

“It’s a blockchain protocol. Which I think is highly undervalued.”

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Cardano’s (ADA) Marlowe To Bring Simplicity Into Financial Smart Contracts

Cardano (ADA) is becoming the next thing to watch in the blockchain industry going by its height of development in recent time. Not long, some team members behind the technology converged at Google’s London Office to open the eyes of curios enthusiasts to Cardano’s latest development and prospects.

Shortly after the meeting, Cardano lovers from far and wide inferred that they are smelling a possible partnership with Google, who invited Cardano to its office to enlighten the yarning crypto populace on some gray areas.

Cardano’s Marlowe Is Next Big Thing

To add to its glory, Cardano updated its roadmap, inserting a new language called Marlowe, a financial domain specific language (DSL) on the blockchain.

Marlowe will allow businesses to execute financial smart contracts on the Cardano infrastructure provided necessary conditions stated by Cardano are met.

An explanation by Cardano team indicated that the language is embedded in Haskell and implements a step computational semantics approach.

The roadmap declares that “Marlowe interacts with real-world data and state to enable the expression of smart contacts on top of an accounting model and an unspent transaction output (UTXO) model”.

The language, which is 30 percent complete, will provide a capability for business users to prove that financial smart contracts will do what they are expected to do.

Heard About Plutus Core?

Also, in the updated roadmap, Plutus Core was mentioned. The language is to carry on with the simplicity of Cardano settlement layer, using only one simple scripting language, with very simple interaction between scripts and the blockchain.

The road map reads: “It is highly expressive yet simple and secure. It is based on well-understood ideas from programming language theory, for example, pure functional programming, which will enable verification techniques to ensure correctness of scripts. Plutus Core is not designed to be written directly by programmers, but to be a target for compilers, including the Plutus language”.

The Plutus Core is going to be use at the computation layer. It will also have richer interactions with the blockchain, giving it the advantage to be used for sophisticated smart contracts.

Conclusively, Cardano is doing fantastic. The team behind the blockchain technology have tabled numerous steps to be taken to make it flourish and stand out in the face of competitors.

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How Cardano (ADA) Plans to Compete with Ethereum

CARDANO (ADA)–Speaking in a recent, published visit with Google’s London Office, the team behind Cardano’s ADA project stirred up a fair bit of speculation over whether the currency was in talks for a potential partnership with the search engine giant. Lost in most of the conversation over Google teaming up with Cardano was Charles Hoskinson’s response to a question posed during the visit:

Q. How will Cardano overcome the first-mover advantage of Ethereum?

The IOHK and Cardano founder has had an interesting past with the current #2 cryptocurrency by market capitalization. Charles Hoskinson was one of the original co-founders of Ethereum, alongside now leading figure Vitalik Buterin, before a series of disputes led Hoskinson to leave the project. The move was not all doom and gloom for the world of cryptocurrency or Ethereum’s former co-founder: Hoskinson went on to found IOHK (Inside Outside Hong Kong), the parent company behind the Cardano Project and currency ADA. Given his long history in the industry of cryptocurrency (Hoskinson created a digital school for Bitcoin in 2013 where he first met Vitalik Buterin), the move of having co-founded two top ten currencies has been worth about 500-600 million USD as estimated by Forbes.

It is becoming more evident that Cardano’s ultimate competitor in the cryptospace, at least given the current landscape, will be Ethereum and it’s predilection for Dapps, smart contracts and network driven growth.

Proponents of Bitcoin have long used the first-mover advantage of BTC as justification for the cryptocurrency offering the most long term potential over competition. Given the length of time that Bitcoin has existed in the market, as the genesis coin in the modern landscape of cryptocurrencies, it holds widespread recognition, near-household name branding, and a large degree of interest that draws developers, investors and merchant adopters. However, as the space of cryptocurrency grows beyond sole transacting currencies into the realm of complexity introduced by smart contracts, Dapps, and crypto-fueled networks, it becomes a more murky landscape over which currency offers the most advantage.

However, Hoskinson gives several reasons for why Cardano is in prime position to compete and overcome Ethereum, despite being later to the market. The first is Ethereum’s accessibility through written code, a feature that Cardano is attempting to capitalize on through its use of Ethereum’s Virtual Machine (EVM) and partnership with the University of Illinois,

So how many Java, C++ or Go developers are writing code on Ethereum? You can’t, Ethereum doesn’t support any of these languages. They can’t even run a single viral app on the platform. If you look at the top 10 languages, none of them works on the system, so, by definition, all those developers aren’t developing for the system, they have to go and learn new tools and new stuff. With Cardano, first off, we’re backward-compatible, 100%, we’re running an EVM. So you can take your Solidity code and your Web 3 stuff and all the things you’ve come to know and love about Ethereum, and you can run it on my system, and it’s faster, cheaper and safer to run it on my system because we have a better consensus model.

Hoskinson also expands on the nature of adoption, particularly from a developer’s standpoint, that supersedes specific loyalty to technology in an effort to find the cheapest, most efficient option,

it’s silly to say, ‘Oh well, only one platform and one token’s won’, it’s akin to saying Internet Explorer’s won and we all have to be Active X developers, god help us. I’m not loyal to IE, or Amazon Web Services. Rather, I have to ask, what’s the cheapest, best, most secure environment for me to run my computation in for my users? Our strategy is be backwards compatible, support more languages, especially mainstream languages in a better way, have a better user and developer experience, and be smarter about the ecosystem in which these contracts live. So we make it easier for the server to come into play, to use multiple ledgers and have a good app platform to deploy these types of things on, and we’ll definitely get a lot of growth there.

In addition, Hoskinson finds fault with the nature of the initial question, and argues that, while Ethereum has managed to capture a fairly large amount of the investor share in cryptocurrency, the actual adoption of smart contracts is a field yet to be tapped into,

The other thing is that very few people today write smart contracts. They play with these things, but very few people are smart contract developers. If 99% of developers aren’t in the ecosystem, how can you say a person has first-mover advantage? It’s nuts.

As some community members have pointed out, the idea of one currency gaining “advantage” over another is trivial in the open-source, decentralized atmosphere of cryptocurrency. Sure, a currency can implement superior technology or advantage over a rival currency, but then that antagonizing coin is free to take and do the same. While that’s not to downplay the difficulty of implementing new technology and protocol into an existing framework, it does show the power of decentralization in bringing out the best in organizations–by allowing them to freely compete and build off the back of other breakthroughs.

Branding will hold as much weight for cryptocurrencies in the growing landscape as the underlying technology. But anyone in the cryptospace, from Buterin to Hoskinson, likely realizes that, although the industry is littered with dead and dying projects, there is enough room for multiple currencies to exist. You can have a Mac and a PC, with investors and developers gravitating towards what fits their needs. The race for adoption, particularly by household name companies, will likely be one that takes into consideration brand-power. But all it takes is the innovation and excitement driven by one revolutionary product to flip the conception of ‘which currency is best’ on its head.

Think of the ongoing war between smart phone manufacturers. Some iterations provide greater advantage over the competition, with the constant tug-of-war ultimately to the benefit of users looking for the best phone–assuming they don’t blindly get lost in brand loyalty. When the appreciation of cryptocurrency and significant profit to be made is squeezed out of the industry, the real focus will turn to which currencies offer the most advantage. This should allow for enough diversity that intention and effort provide the greatest reward, as opposed to encouraging speculation.

You can read the entire interview between the Cardano and Google teams on IOHK’s blog.

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