Here’s What Happened at the Cardano Summit 2021 By DailyCoin
- The Summit 2021 took place in six locations around the world between the 25th and 26th of September.
- Charles Hoskinson gave a keynote address at the beginning of the summit.
- Cardano has announced significant partnerships that will accelerate their progress after the Alonzo update.
It is exciting to see blockchain evolve rapidly and the new generation of blockchain technology being developed is highly anticipated. Cardano Summit 2021 has given rise to an entirely new view of the Cardano ecosystem. After successfully implementing the Alonzo upgrade, Cardano network capabilities grew to match those of after transitioning to the Goguen Era.
Smart Contracts Prime
The Alonzo upgrade served to bring Cardano’s network functionalities closer to the industry standard by enabling smart contract deployment. Cardano revealed two important partnerships during the summit to help kickstart development of integrated smart contracts.
Chainlink was one the most important partnerships that were announced in the Cardano ecosystem. Oracle (NYSE 🙂 will feed developers quality data, and enable them to create accurate DeFi smart contract designs. Market price feeds are the first to be available to developers, Input-Output noted. Moreover, developers will then have access to:
“Sports data for prediction markets, weather data for parametric insurance products, and verifiable randomness for gaming and digital collectibles such as non-fungible tokens (NFTs).”
The COTI will release Djed its first stablecoin. Cardano supported it. DeFi is a simple operation that can be used by both individuals and users. It will replicate existing protocols from other blockchains.
EMURGO is a global provider of blockchain solutions and will invest $100 million to accelerate DeFi, as well as NFT education, in the Cardano environment. Cardano’s DeFi and DEXs have been developed. New developments and updates to the ecosystem are also being made.
On The Flipside
- Cardano faced criticism during the last testing phase for its concurrency issue.
- Cardano’s slow development process is hindering its adoption process.
Other Notable Mentions
Cardano illustrated the versatility of its network by expanding its network usability across a multitude of industries. The ecosystem also announced that Dish Network (NASDAQ 🙂 will integrate with blockchain. Cardano, specifically, will establish a platform for Dish consumer digital identities.
Cardano has also entered the world of Esports. Rival is an esports platform that they partnered with to develop an agnostic NFT marketplace. It will be able to expand into a growing market where users or businesses can transact or redeem digital goods.
What’s more, the Cardano summit was also held in a virtual world, which gives a small precedent for where Cardano wants to focus its resources. Cardano, which is a robotics company that specializes in healthcare and AI, also revealed their entry into the AI world through Grace.
As a final remark, Cardano introduced the UTOX Alliance to help expand and grow collaborations between developers within Cardano’s UTOX ecosystem. Thus, Cardano seeks to advance the network’s possibilities by relying on the collaborative nature of developers as well as researchers.
The summit gathered every moving piece from the Cardano ecosystem, started with a keynote from Charles Hoskinson, and showcased the network’s current capabilities while forecasting a new development trajectory as smart contracts have become native to Cardano.
Cardano is moving forward with the Hydra Layer2 scaling solution. However, it needs to show its smart contract work before it begins new use cases within the ecosystem.
What are the reasons you should care?
This summit was to demonstrate the Cardano smart contracts capabilities. The new partnerships aim to reinforce Cardano’s place as the third cryptocurrency by market capitalization. However, it is worth considering that Cardano’s lengthy development process might also be reflected during the implementation process.
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