• 16 July, 2024
Market News Markets News

Why Buy ‘The Internet of Blockchains,’ Cardano’s ADA in 2023?

The Internet of Blockchains, Cardano (ADA), is set to achieve milestones and steal spotlights in 2023. Cardano offers its users a stable, safe, scalable, and  community-powered ecosystem to develop and deploy dApps (distributed applications). An open-source blockchain platform, Cardano’s native ADA token has reasons to be bought in 2023.

Cardano’s security is assured by a peer-reviewed proof-of-stake (PoS) consensus mechanism, Ouroboros. Cardano’s scalability is assured by its layered architecture that keeps its functions distinct. This way, Cardano incorporates smart contracts and decentralized finance (DeFi) applications’ features.

A committed team of researchers and engineers is creatively increasing Cardano network’s capabilities. The Cardano network’s IT and finance sector alliances are with New Balance, the University of Edinburgh, and EMURGO. The Cardano blockchain’s next Protocol Version 8 upgrade at its Chain Upgrade Event (CUE) is reported to support the SECP256k1 language.

An elliptic curve securing blockchains (viz. Bitcoin and Ethereum), the SECP256k1 language upgrade of the Cardano blockchain will reportedly up its interoperability. It is also reported to make Cardano interoperable with the ZK-powered sidechain, Midnight.

Aiming to enhance Cardano’s cryptographic security, the SECP256k1 upgrade insight was tweeted by a prominent enthusiast. On January 1, out of Cardano fondness, Emmanuel (@THEPIZZAKNIGHT_) tweeted an exhaustive thread:

Input Output Global’s (IOG) Charles Hoskinson went on to retweet Emmanuel’s twitter thread to exhibit support for the development. IOG has also signaled growth of the Cardano network in a recent tweet:

Worth noting also is that there are two stablecoins are set to be deployed on the Cardano network. First is the centralized USDA stablecoin backed by the U.S. dollar, using fiat assets whilst benefiting from Cardano for network efficiency. The second stablecoin is DJED, developed with Coti, having a US$ peg via Cardano’s smart contract design.

Cardano is developing a Layer 2 scalability solution, Hydra. By doing so, Cardano aims for better transaction speed with low latency and enhanced throughput, to enable microtransactions. After Cardano’s Charli3 oracle in 2022, even more advanced oracles are expected to eliminate flexibility and scaling problems in 2023.

In related news, Yoroi wallet is reportedly ceasing support for Ergo’s native ERG token. Originally designed for Cardano and Ergo as a light-client wallet, Yoroi shall now act as a gateway to ADA and Cardano’s web3 ecosystem of dApps (DeFi, NFTs, etc.).

Charles Hoskinson has reportedly announced his Wyoming-based Hoskinson Health and Wellness Clinic shall accept ADA for payments. Hoskinson tweeted:

Cardano whales have begun accumulating ADA. Its reported price prediction is set to $0.284 on a move past the 200-day EMA ($0.276) and R2 ($0.276). At press time, Cardano’s ADA token is trading at $0.2882, up 5.41%, per CoinMarketCap.

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