On Feb 25, we launched Cardano (ADA) on our platform, adding it to the growing list of our supported cryptocurrencies.
Cardano (ADA) has gained quite a lot of traction especially at the start of 2021. ADA prices leaped towards a new All-Time-High in Feb 27, 2021 catapulting it to take its place as the third-largest cryptocurrency by market cap.
*Featured image by NASA
But why the hype about Cardano, amongst other older cryptocurrencies?
Founded in 2017, the proof-of-stake blockchain already has a host of practical use-cases for the technology under its belt.
Stay on this page to delve into exciting happenings for the Cardano network in the pipeline!
Cardano and Non-Fungible-Tokens (NFTs)?
Non-Fungible-Tokens (NFTs) have recently taken the cryptosphere by storm, and Cardano’s founder — Charles Hoskinson — seems to have already expressed interest in them even before the hype.
During his recent livestream on twitter, Hoskinson shared his intentions of dedicating resources to the development of NFTs and NFT marketplaces.
He also mentioned that, with Cardano’s capabilities, the network could be “one of the best platforms to issue, curate and transfer an NFT from one party to another party.”
Full Decentralisation Of The Cardano Network Set To Happen By Mar 31
By March 31, 2021, the Cardano network will be fully decentralised - this means that all blocks on the blockchain will be produced by its network of over 1,800 community pools. IOHK, the company that built Cardano, will no longer be involved in block production.
With decentralisation being one of the core pillars of cryptocurrency, and several issues surfacing from the lack of community involvement, this is indeed a huge step ahead for the Cardano community.
Upcoming Alonzo Hard Fork Brings Smart Contract Functionality to Cardano
Not one to rest on their laurels, Cardano is set to achieve yet another milestone in their development with the upcoming Alonzo Hard Fork.
The upgrade aims to enable developers to create and deploy smart contracts on the Cardano blockchain, with the release of the testnet slated to take place in April 2021.
The Alonzo Hard Fork will seek to expand on the *UXTO model, which Hoskinson says “combines all the good stuff from Bitcoin and Ethereum”. The testnet is expected to undergo a series of stress tests for at least a month before Cardano’s partners are invited to test, upgrade and modernize for Alonzo — only after all these steps are completed will the hard fork happen.
What does UXTO mean? UTXO refers to the amount of digital currency someone has left remaining after executing a cryptocurrency transaction such as bitcoin. The letters stand for unspent transaction output.
With so many exciting milestones ahead of them, we’re definitely thrilled to see what will unfold for the Cardano community in the months and years to come.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.