Why Coinbase Will Add Cardano (ADA) Before Stellar (XLM)
Cardano (ADA), Coinbase, Cryptocurrency–In light of the recent addition by Coinbase to their limited exchange supply of currencies of ZCash (ZEC), it seems more than likely at this point that both Cardanoa ADA and Stellar will make their way onto the exchange. However, considering the ramifications in price swing that typically follow each listing, many investors are left hoping to choose the next coin to be added. While Stellar, with its higher market capitalization and close association with industry names such as IBM seems the more obvious choice, Cardano has much–if not more–of a chance to make it onto the exchange before XLM.
To start with, Cardano fits perfectly into the mold of cryptocurrency adoption and development that the team at Coinbase has historically been drawn to. The exchange has regularly published updates in regards to new coin listings that point users in the direction of their manifesto, which includes promoting currencies that further the industry of cryptocurrency and the established tenants of decentralization. Compared to the questions raised by XRP and its close relationship to Ripple–a coin that has held a tug of war match over rumors related to a Coinbase listing–Cardano is a tried and true decentralized coin sprung from the mind of Ethereum co-founder Charles Hoskinson. Not only did Hoskinson split off from Ethereum to establish IOHK, the blockchain development group based out of Hong Kong, but he used his industry experience and first hand knowledge of ETH to help design what many have dubbed the first “cryptocurrency 3.0” coin in the form of ADA.
Compared to Ethereum, which uses a proof of work (PoW) similar to that of Bitcoin and Litecoin, Cardano has attempted to capitalize on innovation through the implementation of a Proof of Stake (PoS) blockchain, compartmentalized in the protocol the company has named Ouroboros. In addition, similar to Ethereum, the company is looking to operate in the space of cryptocurrencies that do more than just conduct one to one transactions. While Bitcoin, as the world’s first secure, blockchain-based currency has a myriad of untapped uses that will become more commonplace with lightning network or other variations of the service, Cardano seeks to create a platform for conducting smart contracts and other executive functions which crypto is particularly suited for.
The ADA currency also possesses many of the features that have made XLM so attractive as a new currency for Coinbase, in particular as a high supply, low priced coin. At present, Basic Attention Token (BAT) represents the cheapest coin available for investment at $0.15 per token, compared to Cardano’s $0.034. However, Cardano benefits from a higher market capitalization position than BAT and the other new currencies to be listed on the exchange, which provides for a more high profile addition when the time comes for Coinbase to integrate support for the coin. Cardano, much like Stellar’s publicized relationship with IBM, has drawn the attention of Google, with the IOHK team making a trip to the search engine giant’s London offices back in June.
In all, it appears to be a close race to decide which currency will make its way onto the exchange next for Coinbase. However, given the periodic rolling out of new coins from the five originally announced in July, it seems only a matter of weeks until a new coin comes down the pipeline–assuming Coinbase does not wait out the present market fall for a more opportune time to make the addition.
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