In 2017 and 2018, smart contracts were seen as the next big step in the cryptocurrency world. Ethereum had reached about $ 1,400 at the time. Evolving promises in smart contract technology, ICOs collected billion dollars. Despite the promises, this segment of the cryptocurrency market has collapsed like other coins when a bear market appeared. But two years later, the smart contract craze is back; Crypto assets in the smart contract industry have outperformed Bitcoin since the beginning of 2020.
It Has Been A Good Year So Far For Smart Contract Focused Crypto Assets: Messari Data
According to the data of the crypto research firm Messari, many smart contract oriented cryptocurrencies performed really strong in 2020.
Below is a chart showing the performances of Ethereum, EOS, Cardano (ADA), Tron (TRX), Ethereum Classic (ETC), NEO, Algorand (ALGO) and VeChain (VET) since the beginning of the year:
In the first place, ADA has increased by 157 percent since the beginning of the year. The second is Ethereum, with an 85 percent increase since the beginning of the year. The third is VET, with an increase of 70 percent since the beginning of the year. This is an impressive increase. Because BTC has increased by about 25 percent since the beginning of the year at the time of writing this article. The strong performance of these smart contract-oriented cryptocurrencies shows that altcoins as a whole are following an upward trend in 2020.
Sector data analyst "Ceteris Paribus" shared the following image at the beginning of June and showed that Bitcoin performs lower than FTX's small-value altcoin, medium-value altcoin and large-value altcoin indices.
Cardano gets stronger with Shelly
So far, ADA is the best performing smart contract coin. Shelly is a phase in the development of Cardano that will optimize the blockchain for decentralization and functionality. As the Cardano Foundation explains:
“Shelly will also offer the implementation of a delegation and incentive program, prize pools, and a reward system for community adoption… By the end of the Shelly era, we expect Cardano to be 50-100 times more decentralized than other major blockchain networks. "
Charles Hoskinson, founder of Cardano, says that the blockchain can process 1,000 transactions per second in the future due to Shelly and other upgrades. In a recent interview with Messari's CEO, he added that this upgrade would allow Cardano to capture Ethereum's market share in smart contracts.