There's something happening today with Cardano that might just blow your mind.
In this video, we're going to be talking about what that thing is
and why it's so important not just to the Cardano ecosystem
but to everything that Cardano touches and everything that is crypto.
This might be the thing that pushes Cardano above Ethereum
and makes it the top smart contract platform around.
Let's get it!
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My name is Ben.
And, today, we're going to be talking about the newest upgrade for Cardano
and what this means for the community.
Now, if you're a big fan of Cardano and you're in the Cardano community,
make sure to smash the like button in this video,
subscribe to the channel
and share this with a Cardano hater
so they get the info that might just make them an ADA lover.
So, today, Cardano is now going to be instituting the hardfork called the Vasil hardfork.
Now, this is going to be absolutely huge.
As of September 22,
a lot of upgrades are coming to the network.
Some of these that Charles Hoskinson alludes to are exactly what the community has wanted.
Now, with a hardfork for Cardano, you have to understand,
it's not quite the same as a hardfork for Bitcoin.
In Bitcoin, when it has a hardfork, it creates a new chain and a new code.
But with Cardano, it's not like that.
A hardfork doesn't do anything to disrupt the community or split it.
It's actually a good thing.
And so far, all the hardforks we've seen for Cardano following their roadmap
have actually been a huge benefit not just to the ecosystem
but also to the price.
So we could see the price of ADA potentially go up.
We'll talk about that near the end of the video.
So let's talk about where we are in general with the Cardano roadmap.
There have been many stages along the way.
And Cardano is kind of known for its long-term roadmap.
A lot of people have called it slow.
There's been delays.
But ultimately, everything they produced has been great.
So you basically have to separate Cardano into five eras according to the roadmap.
They are Byron, Shelley, Goguen, Basho and Voltaire.
We've already gone completely through the first three stages.
And, right now, we are on the Basho stage of the roadmap,
or the Basho era of the roadmap.
All of these are named after some of Charles Hoskinson's heroes.
That's the connection between the names.
Now, the Vasil hardfork is part of the Basho era,
which is scaling.
And that's important.
And I think it's kind of cool this is actually happening on Cardano's 5th birthday.
So something to keep in mind.
Maybe it's a perfect storm.
Now, another cool part of this story is that the Vasil hardfork was actually named
after one of the Cardano developers who recently passed away.
So this is a good way to pay homage to him.
So let's get into talking about exactly what this hardfork is going to do.
Because it's big.
So, in this upgrade,
you're going to get a new generation of smart contracts for Cardano,
you're going to get increased network capacity,
and, also, you're going to be seeing more security come to the Cardano network,
which is already one of the most secured and decentralized networks around
even in its young age.
Okay. So there's something else coming with this hardfork that's really cool,
but we've got to talk about why it's really important.
This is going to be an upgrade to the Plutus language.
Now, what is Plutus? And why does it matter?
Well, Plutus is the smart contract language of Cardano.
You might know Solidity is the language that Ethereum uses, for instance.
Well, what a lot of people have found when it comes to Ethereum
is that it's been really clunky
because of developers from regular computer programming come over
and they have to learn a completely new language with Solidity.
Plutus has actually done a great job of making it extremely easy for any developer out there
to come into the Cardano ecosystem and start building.
And this is actually one of the things
that's going to separate Cardano from its competitors.
It's really more competing with Google than it is with Ethereum.
Now, Ethereum is known to have the largest pool of developers out there in crypto,
but the reality is,
compared to regular developers and programmers out there,
it's just a drop in the bucket.
This is why Charles Hoskinson looks at the Ethereum developers more as a small pond,
but those that can come in and develop with Plutus,
he looks at them more like the ocean.
And that really is a good analogy
because there are so many computer programmers out there
that don't understand how to program in blockchain
or blockchain-specific languages.
But Plutus simplifies all that.
So let's talk about what these changes are to Plutus.
First and foremost, it's going to change the speed and interactivity of the blockchain.
And, obviously, in the world of blockchain, that's huge.
When it comes to regular like Visa transactions, for instance,
what you'll find is they're only for payments,
but on blockchain, you have to understand,
every action that occurs is considered a transaction.
You have to have high speed.
And you have to have high interactivity.
And so by combining those two things,
what you're going to find is,
this is going to make Cardano a much more competitive smart contract ecosystem.
In a world where there are tons of these ecosystems rising up,
new ones are starting every single day,
so Plutus is the thing that's really going to give Cardano the edge.
So one thing Plutus is doing right now is it's going to be expanding its use of EUTXO.
And this is really the key that's going to make it much more competitive.
Because what that outcome is going to equal is going to be faster transactions
and more sophisticated dApps.
We're just really seeing the birth of the Cardano ecosystem,
and many, many great dApps and DEXs and wallets,
well, they're all coming.
This is going to be a huge leg up for them.
Now, if you don't know what EUTXO stands for,
its extended unspent transaction output.
Now, UTXO is pretty common in other blockchains,
including Bitcoin and DigiByte,
but this EUTXO is going to be absolutely huge.
You can kind of think of it as extending the width or the diameter of the pipe
that transactions go through on the Cardano network.
So, what does that mean?
Well, that means when transactions are higher on the network,
it's going to be able to handle the load a lot better
because it's going to have a bigger pipeline, a wider width,
to be able to send those transactions through.
Certainly with Bitcoin and even Ethereum, we see transactions get clogged up all the time.
This is what Cardano is trying to prevent.
And don't forget. If you love it when we make videos on Cardano,
or maybe on your favorite token,
make sure to smash that like button.
It helps us know that you like this type of content.
And don't forget. If you haven't subscribed, make sure you're a subscriber of the channel,
especially if you're in the Cardano community.
We got big stuff coming up.
Now, if you're into Ethereum, you may have heard of EIP-1559.
This was something that went through last year that caused the price to really spike.
And Ethereum has had a lot of these different changes, these EIPs.
What are these?
Well, these are proposals brought by the community.
Well, guess what?
Cardano has them too.
So this upgrade, the Vasil hardfork, is actually going to have more community proposal input
than any other fork that we've seen according to Charles Hoskinson.
So the Cardano community has had a huge impact on this hardfork.
Now, the Cardano community is one of the strongest things about this project.
If there's ever a poll on Twitter,
Cardano almost always will win if they're pinned against other projects.
The community is really sold out for this project.
And you can kind of understand why.
It's pretty simple.
When you look at something like Solana,
aka trash,
that basically all the coins in the beginning were divvied out to venture capital,
team members, founders, VC companies.
Well, that's not really for the people.
That's for the elite.
When it comes to Cardano,
and you look at the way that their tokens were given out in the beginning,
what you'll find is,
most of them went to normal people like you and me.
It didn't go to big money.
That's what separates Cardano.
And that's what gives the community such strong feelings towards this project.
Because not only are they involved in putting forth these proposals,
but they're invested as well.
Cardano also has one of the highest number of coins staked on-chain.
And don't forget. If you guys want to stake your ADA on our Cardano staking pool,
the BitPool,
you guys can do that by going to bitboycrypto.com.
Click staking at the top on the menu.
And boom, you're going to see the BitPool.
And you're going to learn how to be able to stake your Cardano.
Now, I know staking has got a bad name because of Celsius for obvious reasons,
but this is what we call on-chain staking,
which is very safe,
or it has been so far with every project that we've seen, all the major projects.
Celsius was a third party doing staking where you didn't own your private keys.
With Cardano staking on-chain, with the BitPool,
you own your own private keys, and you still own your own coins.
They're not actually coming to us.
You're just staking them in our pool.
You can remove them at anytime you like.
Now, you may have heard of DeFi, or decentralized finance.
It's one of the biggest things that really pushed Ethereum to the forefront back in 2020.
There are many projects such as Indigo Protocol or Maladex,
they're actually waiting for the V2 of Plutus to be able to launch.
They need the upgraded capacity.
Now, I think in the future, what you're going to find is,
while many projects have congestion problems,
the Plutus V2 is going to really solve a lot of that
and cause Cardano as a network to be able to operate not only quickly
but also in a decentralized way.
Now, let's talk about the decentralization of Cardano,
another thing that really puts it over the top.
With the V2 Plutus smart contract language,
we are now officially seeing Cardano go fully, fully, fully decentralized.
As of March of last year 2021,
we actually have more blocks that had been minted by the community
than has been minted by IOHK, which stands for Input Output Hong Kong,
also kind of known as IOG, or Input Output Global.
Those are kind of the companies
that are the backbone behind the infrastructure of Cardano.
So what we're saying here is the community is now in charge!
What do we call that?
Decentralization.
So with the Vasil hardfork,
what we're seeing is the decentralized parameters
that were temporary in the code are now being made permanent,
marking true decentralization for Cardano,
something almost no other projects can really say.
So don't forget, guys.
We're going to actually be taking part in the Rare Bloom event
that is in Colorado on October 14 and 15.
The plan is for me and Charles Hoskinson to have a sit-down interview at the event.
So you definitely want to check that out.
If you've seen our Charles Hoskinson interviews,
you'll know they'll really in depth.
People love them. You get a lot of information out.
Now, not only that at Rare Bloom, but we got several other things going on.
There's going to also be an announcement of the Lace Web3 wallet,
a new wallet that's going to be launching on the Cardano ecosystem.
And then also our own NFT Alpha guys, Justin Williams and Deezy,
they're going to be conducting a panel on NFTs and Cardano NFTs specifically.
In addition to that,
we're also going to be doing a BitBoy Crypto meetup
only for people who have tickets to the event.
So if you go down below in the description,
we're going to have a link for you guys and a promo code
so you guys can get 10% off your ticket.
I don't get any kickback from that.
That's just me giving something back to the community.
So you guys can do something a little bit cheaper to come out to the event.
We're really excited about it.
It's going to be a lot of fun.
I can't wait to see you guys there.
Now, let's talk about the price of Cardano.
Because this is what everybody cares about, right?
Of course, the community cares about the decentralization,
but the thing that really pulls new people into the community
is most likely going to be the price
and the price speculation, where it can go in the next bull run.
Guys, we're in a bear market.
So this Vasil hardfork,
traditionally, the hardforks for Cardano have brought a small price surge.
So we certainly could see that again.
However, as it is a bear market,
it's going to have to run pretty much counter to the market.
Now, some analysts on Twitter have said we've got an altcoin season coming in.
If that was true,
then certainly Cardano would lead the charge after having this hardfork.
Ethereum would also probably do pretty well as the Merge has been completed.
But what I would like to give you guys is a timeline on what we see happening with the Cardano price.
Right now, it's sitting at 45¢.
We could certainly see it go above 50¢ in the short term
thanks to this hardfork.
Maybe even 60¢ in the short term.
Not guaranteed to happen,
but that kind of aligns with previous price action we've seen with hardforks.
Now, this is not the final stage or the final hardfork of the scaling portion of the roadmap,
the Basho era.
So when that happens, when we complete the Basho era,
we probably will see big price fireworks for Cardano.
We've seen them with the completion of every other roadmap step.
But overall, what we believe is,
by the end of 2024 after the Bitcoin halving,
the Cardano price is going to be going up a good bit.
And, in 2025, we certainly expect Cardano to meet new all-time highs.
How high will it go?
Well, a lot of that is dependent on Bitcoin and how much Bitcoin moves.
If Bitcoin moves a lot,
and let's say it makes a new all-time high at the end of 2024,
and, in 2025, it gets above six figures,
I mean, you could certainly look for Cardano to be above $5.
In the last bull run, we thought Cardano would get to $10 to $12.
The Bitcoin rally got cut short.
Almost none of the altcoins reached prices we thought they would get
based on the current track of the 2021 bull market.
But what we could see with Cardano
is it might reach the prices of what we expected for the last bull run,
which would be $10 to $12.
There's no guarantee on that.
But the thing to keep in mind,
the people who get rewarded the most
are the people that stay patient in the bear market and try to get the best prices.
Because even if ADA goes up to 50¢ or 60¢ in the short term,
we still believe that Bitcoin has more bottom side action to go
for the rest of this year,
bottoming out probably around the end of November
or the beginning of December.
What would that put Cardano's price at?
Cardano could certainly go back down to the 30¢ to 35¢ range.
And I think if that happens,
then you could certainly look to load up on that for a very, very, very cheap price
and, hopefully, get rewarded in the bull run.
And you've got to remember.
This is all price speculation.
This isn't financial advice.
And we can't guarantee any of these prices are coming.
But do your own research.
Do your own homework.
Come up with a plan for you that makes sense.
And you can't really go wrong if you follow that plan.
Now, make sure if you're in the Cardano community,
comment down below with your favorite project that has been launched on Cardano.
Maybe we'll cover it in a future video.
Don't forget.
Smash that like button.
Subscribe to the channel.
That's all I got.
See you guys at Rare Bloom.
Be blessed.
BitBoy out.