STRONGEST Cardano Fundamentals (Blockchain of the Future Take Over NFTs)

Posted 4 mins ago | by Catoshi Nakamoto

It’s harvest season once again, so you can be sure that Cardano founder Charles Hoskinson will be out in the field tending to his garden. In fact, the whole development team has been getting their hands dirty working on the first applications so they can be entirely ready for mass consumption, and we recently got a preview of what they’ve been working on.

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Let’s get it.

Welcome to BitBoy Crypto. Home of the Bitsquad, the largest crypto community in all the interwebs. My name is Ben. Every day on this channel I show YOU how to MAKE MONEY in Crypto. If you like money and crypto then make sure to hit that subscribe button. In today’s video, we’re going to be giving a review of some of the exciting news to come out of the recent Cardano summit, and shine a light on some of the development that’s been happening on the network.

Now that smart contracts are up and running, it’s time to start focusing on the applications and partnerships that will build out the Cardano ecosystem. Blockchain networks are complicated structures that work best when they are built in the right order, so the network can stand on a strong and secure foundation. This is the whole point behind Cardano’s meticulous development strategy. After watching other projects in this industry, Cardano developers have learned that rushing to market with a product can cause big problems down the line when people start to use it. With the launch of smart contracts, Cardano finally has that strong foundation to start building on top of, now it’s time to build each part of the stack in a progressive order.

In DeFI, this ability configure is sometimes known as “money legos” because each protocol can be combined with others, or forked to add new features, creating an entirely different structure than we had before.

After smart contracts, the next step will be a rollout of native assets that will help power the network, and Cardano is doing this in a big way. The top priority seems to be stable coins, which makes sense considering that we now know that stablecoins are one of the most important building blocks for decentralized finance. In our previous Cardano videos, we have been keeping you updated on Djed and the other Cardano native stable coins that will soon be launching, but new projects continue to be announced as development on the network heats up. Just last week, the Cardano DeFi platform MELD announced the launch of a revolutionary idea of money being backed by gold. Huh. It’s that a great idea, someone should try that – but in Cardano’s case this would be a gold-backed stable coin.

At the recent Cardano summit, MELD Chairman and co-founder Ken Olling explained that actual gold will be stored in a vault, tokenized, and then fractionalized so it can be sold to Cardano users. This type of innovation is extremely important for our industry and the reasons should be obvious. One of the goals of the crypto movement has always been to disrupt fiat and give us an alternative to government money, so it’s a bit odd that fiat-backed stable coins have such a large market share in the crypto space. It’s not just a philosophical thing either, having this much exposure to fiat also increases our vulnerability to macro factors in the fiat world, including inflation and deflation. Fiat-backed stable coins have also become a primary target for regulators, who think that these assets are under their jurisdiction because of their close connection to government-backed fiat.

Meld also announced a partnership with the Tingo Network, which is Nigeria’s largest mobile carrier, so this technology will soon be in the hands of potentially millions of users. Let’s just hope Ken doesn’t take any drives in a convertible through Dallas any time soon.

Partnering with mobile carriers is a key component in Cardano’s strategy. Another large partnership that was announced at the conference was a deal with Dish Network and its subsidiary Boost Mobile, to provide a decentralized identity solution for its customers.

Alone these deals may not seem like much, but together they show how Cardano is making moves on an international level, to connect with legacy telecom companies and provide blockchain infrastructure for the millions of existing users that these companies already have. While telecom can seem old and dumb, it’s important to understand that they have the business and logistical connections that blockchain needs to be adopted worldwide. Why snub your nose at an infrastructure that already has made the political, business, and geographical gains you want your technology to have? You don’t. Charles is smart and he sees knows this a way forward. As this technology becomes more mainstream, most people will end up interacting with blockchain platforms through their mobile devices, just as they do with Web2 now, this is especially true for the developing world where Cardano has established a strong foothold. Just think about how big this network can be if a large number of mobile providers around the world begin leveraging Cardano’s blockchain to offer Web3 services to their customers.

This is a plan that will play out over the next several years, which is why the rollout of this network has been so meticulous. Everyone is in a rush to be first to market, and it makes sense because there is a ton of money to be made in crypto, especially during a bull run, but we really are so early, and we have a long way to go until this industry reaches its full potential. Remember, first mover advantage is only and advantage….until it isn’t. It wasn’t really until the past few years that the traditional tech companies have taken over the world, but the industry was building and going through boom and bust cycles for over 20 years, getting larger and more powerful each time. This is the same type of growth that we have seen from blockchain, but hopefully, the good guys will win this time around.

Gaming is probably going to be one of the major use-cases to push blockchain technology into the mainstream. Once gamers find out that they can actually earn an income and collect valuable assets just by playing a game, they will never want to go back to the old model.

Cardano has been making some big partnerships in this arena as well. Rival, one of the top esports platforms, has announced that it will be using Cardano to allow its customers to mint and trade NFTs. Rival is an established brand that has existing partnerships with major league sporting teams like the NFL’s Seattle Seahawks, the NBA’s Detroit Pistons, as well as the English Premier League (EPL) teams Aston Villa and Watford. And if you haven’t been keeping up with sports…lemme tell you that sports are all in for crypto. Rival is just one of many projects that are bringing new modes of ownership and revenue to athletes and fans alike.

Once again this is a major partnership with a mainstream industry leader that already has a massive network of users to tap into. This is a different strategy than many other layer-one projects may have taken so far, but I hope that by now you can see where this is headed. Critics of Cardano will often stay it will never succeed because it will be too hard to develop a significant network effect, but what these critics don’t realize is that Cardano doesn’t need to have a dominant network effect in the blockchain space if it can tap into the existing networks that corporations and governments already have.

To build out the future of the Cardano ecosystem, Cardano’s development company Emurgo recently announced the launch of a 100 million dollar fund to finance startups focused on DeFi, NFTs, and new applications on the Cardano network. This is just one of several different development funds that will be financing startups on Cardano. Development on the network is also being funded by a 1 billion dollar community treasury called Project Catalyst, and Input Output’s cFund, a VC firm focused specifically on Cardano. With all this funding, I’d say they have a cornucopia of gains ahead.

But that’s all I got. Be Blessed. Bit Boy Out.

Source: https://thebittimes.com/strongest-cardano-fundamentals-blockchain-of-the-future-take-over-nfts-tbt3756.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

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