The insidious coronavirus COVID-19 has crippled the world and general panic prevails. The markets are falling, including the price of gold. No wonder that cryptocurrency prices are also falling. It needs to be made clear that nothing changes for the Cardano teams. The mission is clear. Provide the world with a social and financial operating system that will operate on the most decentralized network. Current falling prices cannot jeopardize this mission. It shows the urgent need to build and have a decentralized network with a free financial system.
Decentralized cryptocurrencies will be needed especially when traditional financial systems are collapsing. This is not happening yet. Now there is only panic and the institutions sell out everything they have. We have been living in a bubble since the last financial crisis. New money was constantly flowing into the markets, spilling over into stock prices, commodities and the crypt. Do not worry that institutions are now selling everything they have and prices are falling. This just had to come. Cardano is here to prevent something like this happening in the future. At least it is worth trying because the whole world has not come up with anything better. IOHK, the Cardano Foundation, and Emurgo are still busy working on the Cardano protocol, and the team will soon be deploying a decentralized network.
The cryptocurrency market is not rational. Nearly everything is a big speculation. Real usability and fundamentals are not valued. Everything is governed by institutional money, whales, and manipulation. There is no rational debate between projects, or even between teams building projects and users. A major crisis can change all this. We need to start addressing real usability, not price increases and false stories. If the crypto projects are to succeed, they must work together. The rivalry of projects does not make sense. Together we are all striving for an alternative to traditional systems.
It is possible that the current panic may go into a new financial crisis. Nobody wants it. However, it can easily happen. If this happens, we will have a good opportunity to reflect on how the world of money works and how we can improve it. We may find that not everything has to be managed centrally. We may notice how many unnecessary middlemen benefit from other people’s work. A decentralized protocol such as Cardano can help people in a real crisis.
The ideals of decentralization cannot be stopped. IOHK has published many studies on cryptocurrencies. All people in the world can read and engage in these efforts. We already have experience with decentralized networks and we know how they work. Cryptocurrencies generally lack one single thing before they can be mass adopted. Scalability is currently the biggest obstacle to adoption. IOHK has solved this problem. PoS and sharding will scale significantly better than PoW. In addition, Hydra has come to light, allowing Cardano to be used by millions of people around the world. Transactions will be reliable, fast and cheap. Technical problems will cease to be an obstacle to adoption.
People will argue that cryptocurrencies have lost their store of value narrative. The truth is that crypto has never had this status because of low adoption. Soon the crypto will overcome technical barriers and will be able to serve as a useful decentralized mediator in many places. As the network effect and the user base increase, we can also talk about the store of value. Everyone can own a piece of Cardano network through ADA coins. The best store of value will be what everyone uses on a daily basis and can control everything that happens on the network.
Don’t look at prices. Look for opportunities and ways to use technology for your benefit and for our better future. Learn and educate others. There will be no change if we do not want it. Cardano will soon open up many possibilities for us. The IOHK team is committed to its efforts and is working hard on the protocol every day. The Cardano Foundation and Emurgo also do their job as usual to 100%. The decentralized future is ahead of us and we look forward to it. Do not panic and stay safe. Cardano will be ready to help in 2020.
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