In the past week, the crypto space took a beating from multiple fronts from negative tweets by a famous personality, to China’s crackdown on Bitcoin mining, followed by selling by some holders. As a result, the value of multiple cryptocurrencies have dropped significantly from their all time highs though a few have since somewhat recovered.
With these recent developments, a few people have been asking about what will happen to Cardano now.
Short answer: Business as usual.
As we shared previously in our Twitter feed, Cardano is so much more than just it’s current price tag. As an example, the following are some key developments that are planned to happen to Cardano in the near future:
1. Smart contracts – this key enabler is coming to Testnet in the next few months. Once this goes into production, a lot of projects from NFT to supply chain use cases will benefit. Already a number of projects have started exploring a move to Cardano once smart contracts are in place.
2. Africa projects – these include the biggest blockchain deployment in the world with 5 million students and teachers on a national attainment recording system and plans to create digital identities for millions allowing them to interact with organisations seamlessly, privately and securely.
3. Parameter updates – today Cardano is optimised to use 500 of the 2,500 stake pools currently running. As transaction numbers increase, it is expected that the optimal value will be increased to 1,000 later in the year. This is expected to boost smaller pools and further improve decentralisation in the network.
4. Less Environmental impact – this is not actually a key development but is already in place with Cardano’s Proof of Stake consensus mechanics. All the recent concerns about the environmental impact of Proof of Work coins like Bitcoin has actually benefited Cardano. People have realised that Cardano’s network uses only a small fraction of electricity compared to the Bitcoin network. As such, during the recent outflow of 111 million from Bitcoin in the past week, Cardano actually had an inflow of 10 million.
5. Roadmap completion – aside from Smart Contracts, there are still two other milestones that are due to be completed. These are Scaling (optimization of the network) and Governance (making Cardano a truly self-sustaining system).
Some of these developments are already in place, some will be deployed in the next few months, while others in the next few years. Bottom line is, Cardano has a strong ecosystem that will only improve over time. If you believe in the project as much as I do, you will also be here for the long haul. Current price volatility are only distractions and opportunities to buy more ADA.
So, sit back, relax, and enjoy the ride
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