Both Cardano and ADA are well known in the Blockchain and crypto community by being one of the few and very real contenders against Bitcoin and the Ethereum network. It is also no secret that it’s founder actually describes it as a 3rd generation platform that will improve on most of what 1st and 2nd gen blockchains have failed to accomplish in terms of adoption, scalability, extensibility, and governance.
Very conveniently for the purpose of this article, a couple of weeks ago Charles Hoskinson, Cardano’s Co-founder and CEO of development firm IOHK, went on a video call to discuss the platforms’ new protocol called Ouroboros Hydra (Hydra), which massively improves in scalability and low latency. In theory, Hoskinson revealed that Hydra could allow the platform to operate at up to 1 million transactions per second, something truly amazing for a blockchain network. Just as a simple comparison, it would outpace by a factor of 600 some of the fastest transaction networks in use by financial applications today such as the Visa network, which is capable of doing 1,700 transactions per second.
So after a big announcement such as the one I have described previously, it is only natural to go back and see how is the current state of the token at an On-chain level with the analytics available on the Pro account of the IntoTheBlock platform, in spite of current world conditions with the COVID-19 crisis and the recent drop on Bitcoins’ price.
The big picture:
We have already posted lengthy descriptions of the In/Out of the Money indicator in the IntoTheBlock intelligence platform, but the best way to summarize it is that it shows the average positions of all holders of ADA organized in its’ 10 most significant groups and compares it against the current price.