Cardano is one of the blockchains that have undergone radical developments in recent times, especially through smart contract integration which took place a few weeks ago. The Cardano Summit hosted this past weekend highlights some of the essential developments that can potentially transform it into one of the biggest networks in the blockchain industry.
Cardano has been laying the groundwork necessary to become the attractive blockchain that can rival or perform on par with Ethereum, which is the current king of blockchains. However, the latter has had a fair share of challenges such as scaling limitations, high fees, and others which present a learning opportunity for other blockchains that are in development. The summit revealed just how Cardano has learned from Ethereum. For example, it has teamed up with Chainlink which will provide oracle services to Cardano.
Oracle services are essential for a smart contract blockchain. They require on-chain and off-chain data that allows them to function optimally. This is particularly important when it comes to pricing data, and one way that Cardano can use oracle data is to maintain competitively low fees by keeping track of fees on other blockchain platforms. However, the partnership is also critical in facilitating successful partnerships, especially with traditional companies. The smart contracts have to access off-chain data from the organizations and that is why the Chainlink partnership is essential.
Onboarding major companies.
Although Cardano plans to support as many dapps as possible, it is also targeting corporate clients from traditional industries which are interested in leveraging the power of blockchain technology. Charles Hoskinson announced during the summit that Cardano will team up with Dish and Boost Mobile which has roughly 8 million subscribers on their mobile network. The blockchain network will provide digital identification services to Boost mobile users.
Cardano’s digital identification system will make it possible for users’ digital identification information to be collectively available and retrieved. The partnership might encourage more people to consider Boost, thus adding value to the network.
Why Cardano is a great investment
Meanwhile, Cardano is also developing a decentralized app store through which users can access the dapps launched on the network. It also has a wallet called the Light wallet Project 1, which will not only support cryptocurrencies but also NFTs. These developments aim to provide an improved user experience that is more intuitive than current decentralized offerings. In short, Cardano is taking on DeFi in a way that will make it easy for the masses to transition from centralized services.
Cardano’s approach to making DeFi easier for the masses might be a winning strategy that will encourage more network adoption. The next few months will likely be characterized by robust organic growth for the network which will reflect in its market cap and subsequently the price of ADA.
Cardano is not only winning through usability metrics but also social metrics. For example, while other blockchains claim to be green through low energy consumption, Cardano has gone a step further and launched a tree planting challenge called the Veritree Cardano Impact Challenge. The latter is a tree-planting endeavor through which every seedling planted will be recorded on the blockchain. It highlights the network’s commitment towards positive contributions in some of the most important social aspects such as environmental conservation.