The MOST Exciting Cardano News (ADA for Crypto Adoption)

Posted 4 mins ago | by Catoshi Nakamoto

It might be crab season in the crypto markets, with no one really sure about which way we’re heading, but Cardano holders are still confident that a major breakout is just around the corner for ADA. Developers will be able to start experimenting on a public testnet very soon, and the Cardano team has been working behind the scenes to make important deals that will ensure that their products are used by billions of people. Today we’re going to get deep into some research and see what we can learn about one particular deal that could totally change the game for Cardano.

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Let’s get it.

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In today’s video we’re going to take a look at Cardano’s strategy for bringing blockchain technology to the masses.

The crypto space can be a bit of an echo chamber sometimes, especially for those of us who work and spend our lives here. This atmosphere can trick developers and communities into thinking that they’re competing with each other, when they should really be focused on becoming competitive with legacy financial institutions like JP Morgan and Goldman Sachs, as well as major tech companies like Amazon and Google.

This is where Cardano’s strategy is a bit different from others in the blockchain industry, they are looking to reach into the mainstream by integrating with the traditional world.

Cardano CEO Frederik Gregard recently unveiled the project’s five year plan, which includes partnerships with 50 banks and numerous fortune 500 companies. Cardano is also working on government partnerships, and some of them are already underway in Africa. In Ethiopia and Tanzania, Cardano’s technology will be used to give citizens a digital identity, which will allow them to vote and connect to various public services.

There have also been rumors that Cardano was working with the European Union on a similar identity solution. This sounded way too good to be true and there weren’t any formal announcements yet, so we did some investigating to see if we could find any evidence of this partnership. While no official deal has been signed, there is a very interesting paper trail connecting Cardano’s development team with the European Union’s digital identity project:

Last year, the European Commission, which is the executive branch of the European Union, announced that they will be launching an innovation fund called Horizon. The European Commission set aside over 100 billion dollars that will be given out as grants through the Horizon program. These grants will be given to a variety of companies and organizations that are working on breakthrough technologies that could solve some of the world’s most serious problems.

The scope of this program is very large and includes a variety of ambitious goals, like saving the environment or making financial services more inclusive.

Multiple reports that have surfaced in the past few months seem to indicate that a digital identity infrastructure will also be funded by the Horizon program, but details have been scarce. One thing we know for sure is that a blockchain company called PrivileDge was awarded one of these grants to work on an identity solution that could be used for things like voting, contract validation or receiving payments from the government. As I mentioned earlier, Cardano is already partnering with governments in Africa to provide similar identity solutions with their technology, but the connections don’t end there.

If you look on the PrivileDge website, you will find a page labeled “Consortium,” which lists all of their partners. Input Output Research, one of Cardano’s development teams, is listed on the page along with companies like IBM and prestigious schools like The University of Edinburgh.

It gets even more interesting though. Another page on the website explains the roles that the partners will have in the project. The entry for Input Output Research mentions Cardano by name.

Let’s take a look at what it says.

“IO Research, in close collaboration with its academic partner UEDIN, will first analyse the requirements for software updates of public ledger systems. Then I.O. Research will develop a general framework, based on solid theoretical foundations and cryptographic consensus protocols, which will allow it to handle such updates in a decentralised and secure way. Finally, I.O. Research will implement a prototype software update system for the Cardano stake-based ledger.”

It sure sounds like this identity system will be built on Cardano, doesn’t it?

Critics will still find it hard to believe that the EU would choose Cardano over Google, Amazon, or their own intelligence services to create a digital identity system, but there are some benefits that can only be provided by a public blockchain. A centralized system that is controlled by a corporation or intelligence agency would come with some extreme privacy and security gaps, but public blockchains eliminate many of these risks.

Last month, Reuters reported that companies like Google and Apple would not be involved in the EU’s digital identity program due to privacy concerns. The article also suggested that citizens would have control over their own data on a public blockchain.

Before we get too carried away though, it’s important to remember that this is all in the very early stages of discussion, and there is a chance that Cardano is just one of many networks that are currently competing for the final contract. It does not seem like there are any other blockchain projects in this race though, so it will be interesting to see how this all plays out.

If you want to dig into the fine print of the grant, you can do a web search for Horizon Grant Agreement #780477.

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It’s important to understand that the institutional money is starting to flow into Cardano. If you’re part of the BitSquad this should come as no surprise because we’ve been saying this for weeks now. ADA is the next target for big money. CoinmarketCap covered this just the other day. This is good news for the long term of Cardano and the price of ADA but be aware that this will probably mean some ADA FUD will start to pop up in the major news outlets in order to shake out the early adopters. Polish your diamond hands boys.

Last week, Cardano founder Charles Hoskinson BROADCASTED LIVE from warm and sunny Colorado, where there could be some type of weather modification taking place, because it apparently never rains or gets cold there.

In his broadcast, Charles gave an update on Cardano’s development roadmap and announced that we are now entering the “White” phase of the Alonzo network rollout. This phase is expected to take between two to four weeks. After that, we enter the Alonzo Purple phase, when the testnet will go public, allowing stake pool operators and developers to begin building. According to Charles, there are over 1,500 developers being trained through Cardano’s Plutus Pioneer Program so they will be fully prepared to take advantage of all the unique innovations that they’ll be getting access to.

In his short video update, Charles also announced that the Cardano Summit for 2021 will be held at the University of Wyoming, but you’ll also be able to tune in online if you can’t make it in person. Also be on the lookout for a new research paper on AgeUSD, the algorithmic stablecoin that will be launching on the Cardano network. We shared some details about this project in a previous video, but Charles says that a new paper will be published on this project sometime in the next week.

But that’s all I got, be blessed. BitBoy Out!

Source: https://thebittimes.com/the-most-exciting-cardano-news-ada-for-crypto-adoption-tbt419.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

Post by: TheBitTimes.com