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Cardano Enters Uptober With Profit Potential Amidst Market Rollercoasters

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In the midst of the cryptocurrency market’s recent whirlwind, Cardano has emerged as a strategic focal point for traders seeking short-profit opportunities. Santiment, a prominent analytics firm, has identified this altcoin as a potential candidate to decouple from broader market trends, creating profitable windows for astute traders, particularly during Bitcoin’s surge above $28,000.

Cardano

Cardano’s native token ADA, the eighth largest cryptocurrency by market capitalization, has garnered particular attention in this scenario. Santiment’s analysis indicates that ADA, amidst its technical challenges and market hurdles, offers a brief yet lucrative window of opportunity. Despite a modest 2% dip in the daily index, ADA reached a month-high value of $0.26 on October 2nd, riding the wave of the “Uptober” price pump. Notably, the token boasts a commendable 6% increase in the weekly index, showcasing its resilience amidst market volatility.

This surge in ADA’s value comes at a critical juncture. Despite regulatory concerns and fierce competition from layer-2 networks like Base, Arbitrum, and Optimism, Cardano’s developers and key contributors have intensified their efforts. This strategic push, characterized by heightened BUIDLing activity across the ecosystem, aims to reclaim lost market share and fortify ADA’s position in the ever-evolving crypto landscape.

Cardano’s Ecosystem Soars: 1,287 Projects Showcase Developer Fervor

Displaying resilience, Cardano’s developers and key contributors have embarked on a robust building spree, aiming to reclaim market share and strengthen the platform’s position in the blockchain industry. Input Output Hong Kong [IOHK], the independent foundation spearheading Cardano’s growth, has recently unveiled its latest development report, showcasing remarkable progress and a burgeoning ecosystem.

Cardano

A key takeaway from the report is the surge in projects on the network. As of the latest update, there are an impressive 1,287 projects actively building on the decentralized proof of stake [PoS] blockchain. This surge signifies the addition of ten new projects in September alone. A comparative analysis with previous months underscores this growth; August reported 1,277 projects, with July slightly lower at 1,265.

One notable achievement is the exhaustive analysis conducted by the foundation’s performance and tracing team. This analysis meticulously benchmarked various ADA clusters, leading to the enhancement of several backend features. These improvements translate into a smoother, more efficient experience for both developers and users navigating the Cardano network.

Cardano’s Weekly Development Report Has A Key Announcement: Details

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IOHK, the research wing of the Cardano ecosystem has published its Weekly Development Report highlighting impressive milestones.

Starting with the progress made in the core technology, the networking team has created a new light peer-sharing functionality that enables additional unregistered nodes to join the network and can then be shared through peer sharing,

Note that peer sharing is an experimental feature that is currently disabled.

The team also revealed extensive progress on Eclipse Evasion, a feature that ramps up scalability and preserves privacy within the Cardano network.

Next, IOG researchers are analyzing the threat that previous short forks presented to Genesis as they work on the transition between the Byron and TPraos periods when Genesis is released.

For those who are unfamiliar, Cardano’s roadmap is divided into five development cycles, or “eras.” They are Byron, Shelley, Goguen, Basho, and Voltaire, to name a few.

The last in line for Cardano’s roadmap is Voltaire. According to the report, six new workshops were held to focus on establishing an initial Minimum Viable Governance [MVG] framework. MVG is deemed crucial for the development of participatory governance within the Cardano ecosystem.

Another important highlight was the integration of IOG’s Lace Wallet v1.1.1 with the major browser Brave.

Launched on the mainnet in April, Lace is the first light wallet from IOG and represents the organization’s push to make Web3 easily accessible to the public.

The web3 wallet saw a new iteration in May with the launch of Lace 1.1.1, which includes features such as support in case of forgotten passwords, 12- to 15-word recovery phrases, and balances viewable in multiple fiat currencies.

Last, but not the least, the Hydra team completed their investigation into Hydra head issues on mainnet and is currently in the final stages of delivering a new feature that will enable parties to commit funds from external wallets. 

Here are the key takeaways from Cardano’s Weekly Report

So far, the leading PoS blockchain had launched 130 projects, generated over 8.2 million native tokens, and executed a total of 8,637 Plutus scripts.

Additionally, Cardano presently processes 69.1 million transactions and 79821 token policies across 1,250 active projects that are being created on its platform. This amount was 98 projects and 1,100 buildings on the Cardano network prior to the Vasil hard fork.

Cardano’s IOHK Released Its First Ethereum Sidechain

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Cardano developing firm IOHK has launched its first Ethereum-compatible sidechain on the public net. Although this isn’t the first time, as Milkomeda’s Cardano sidechain, which is EVM-compatible, has been successfully running on the main network for some time now.

However, the recently released Ethereum-compatible sidechain was the first explicitly created by Input Output.

A sidechain is a separate blockchain that operates next to the main network, sometimes known as the parent blockchain. Sidechains frequently aim to provide scalability to the mainnet, which frequently places a premium on security and decentralization.

In the series of tweets, Input Output HK invited community members and stake pool operators on Cardano to link their wallets, test the network and interact with smart contracts and decentralized applications.

This proof of concept testnet is ephemeral and will be regularly respun during its pilot phase. Ultimately, it is intended to be a community resource and we encourage developers and SPOs to get involved and collaborate.

The information comes after a previous release by the Cardano ecosystem team, which disclosed the introduction of a software toolkit designed to enable developers to deploy unique sidechains on Cardano with the goal of enhancing the ecosystem.

The announcement also included the official technical documentation for the sidechain toolkit.

It was reported earlier that IOG developers had already utilized the toolkit to construct an Ethereum Virtual Machine [EVM]-compatible sidechain public testnet as a “proof-of-concept.”

The team was waiting for the audit to be finished, and once it is, anyone can run decentralized applications, make smart contracts, and transfer tokens between testing chains.

The toolkit will also provide the sidechains creators the ability to choose their own consensus mechanism in addition to other application-specific features.

“Cardano Sidechains Will Bolster Mass Adoption”

IOG hopes that in the near future, “a family of Cardano sidechains and partner chains will emerge,” paving the door for “wide adoption” of the Cardano ecosystem.

As reported by TronWeekly, deposits, and withdrawals on ADA are to be temporarily suspended by Binance for the upcoming Valentine’s Day update of the Cardano network, called SECP.

In accordance with the blog post, the exchange will reopen deposits and withdrawals for ADA once the upgraded network is stable.

The scheduled SECP update will initially take place on the test networks from Feb. 11, before going live on the mainnet.

Cardano Sharks Have Added $79M ADA As Whales Lay Flat

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Cardano [ADA] has been hogging the limelight after its successful deployment of the Vasil hard fork on the testnet along with a host of new updates.

In terms of its on-chain metrics, data tracking platform Santiment noted that addresses holding 10,000 to 100,000 ADA tokens have “come into life” implying this cohort is on an accumulation spree and has added over 79 million ($37,894,397) worth of ADA coins to their bags in a span of 30 days.

On the other hand, large-cap investors popularly known as the whales that carry between 100,000 and 10 million ADA, have ceased dumping.

The 8th ranked token is currently sailing at $0.4 and experienced a 24-hour surge of 2.55%. Its remains to be seen if the accumulation has any impact on its value.

Cardano Overtook Both Solana & Polkadot In The Development Activity

Recently Cardano shared some of the latest project milestones, including over 13,000 GitHub commits in June while discussing the importance of robust development.

Retweeting the tweet thread, Santiment reported that the third-generation, decentralized proof-of-stake [PoS] blockchain is the most developed crypto project over the last month.

In its blog, the platform highlighted that the PoS blockchain continued to lead the way in terms of its GitHub submissions over the past month compared to declining numbers from both cross-chain interoperability protocol Polkadot [DOT] and smart contract platform Solana [SOL].

“Development activity is an important metric to gauge a project’s commitment to creating a working product, and continuously polishing and upgrading its features,” the tweet read.

Moreover, the development activity of a project is done in its public GitHub repositories. High development activity implies that:

  • The project is serious about its business proposition
  • The project will likely ship new features in the future
  • It’s less likely that the project is just an exit scam

Apart from that, the Cardano app announced a new update on Ledger Live. The ADA token has been activated on the Ledger Nano hardware wallet along with 100 other tokens. The new updated version dubbed 4.1.2 is designed to enhance the expert mode with more filtered-out functionality.

IOHK To Formulate A New Mobile Network In Tanzania

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Blockchain technology is growing at an unstoppable pace. Ethiopia and Tanzania seemed to be making use of this technology with the help of IOHK.

The underlying technology that cryptocurrencies have been employing over the years has proved to be widely beneficial. Blockchain technology has found a place in several industries across the globe. Now, Input Output Hong Kong [IOHK] seemed to be taking this technology to an African country in order to renew its education system.

IOHK Partners With World Mobile

In the recent Cardano Africa 2021 event, it was revealed that IOHK would be taking 5G to Tanzania with the prominent platform World Mobile, which works on blockchain tech. This partnership would reportedly give rise to a mobile network that would offer stable internet to those living in the African region.

IOHK Intends To Transform Ethiopia’s Education System

It was recently revealed that IOHK would be using blockchain tech to formulate a system that would entail a national teacher as well as student ID. With this system, teachers would reportedly be able to verify grades as well as keep an eye on the performance of the students digitally. This system will reportedly be put in place to bolster the education and employment rate across the country.

IOHK’s African Operations unit is currently being spearheaded by its director, John O’Connor. He revealed that the platform has spent about five years on research and development. This further allowed them to notice that Cardano was “mature enough” to employ a blockchain solution that had the ability to render to an entire nation. He added,

“Ethiopia’s blockchain-based education transformation is a key milestone on IOHK’s mission to provide economic identities and employment, social and financial services for the digitally excluded.”

With IOHK’s Atala PRISM ID, officials would be able to roll out the academic performance of over five million students from 3,500 schools in the country. This system would reportedly be a “tamper-proof” one.

Additionally, the country’s Education Minister Getahun Mekuria pointed out that his expectations with regard to the IOHK’s blockchain tech were high as it would end “digital exclusion”. He added,

“Ethiopia’s Sheba Valley is already recognized as the leading AI hub in Africa, 70 percent of our university graduates are in STEM subjects and we are now leading the way in using blockchain to digitalize education. This forms a key plank of our National Digital Transformation Strategy and will underpin a uniquely transparent, data-driven education system based on a dynamic curriculum.”

Ethiopian Education System to Use Cardano Blockchain in Partnership with IOHK

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Cardano has seen tremendous adoption in recent months. In the latest development, IOHK, the blockchain research, and development arm of the Cardano blockchain announced a partnership with the government of Ethiopia.

This unique tie-up involves the implementation of a blockchain-based national student and faculty ID, as well as an educational background recording system. This essentially enables users to digitally and remotely verify their grades, monitor school performance, and further, the growth of education and employment across the country said the official press release.

Cardano Boosting Education Sector Of Ethiopia

In short, Cardano will essentially enable the students and the teachers to seamlessly track grades, behavior, attendance, and educational background, from kindergarten to primary and secondary education quite accurately.

From managing schedules and transfers, to report behaviors and dropouts, the latest project will subsequently continue to college. For instance, the bachelor’s degrees will be digitally certified on the Cardano blockchain. Employers of an educational institution, on the other hand, will be able to verify the authenticity of the applicant’s educational background information.

The project is one of the biggest blockchain deployments in Ethiopia. In line with this, IOHK African Operations Director, John O’Connor, stated that the blockchain-powered education transformation is an important milestone on the software company’s mission to offer economic identities and employment, social and financial services for the digitally deprived section.

Moving forward with its digital transformation strategy, Ethiopia also aims to use IOHK’s recently built Atala PRISM ID in the future As part of the wider adoption, this will allow authorities to develop a tamper-proof record of educational performance for five million students, 3,500 schools, and 750,000 teachers to track the locations among other things while simultaneously targeting educational resources constructively.

Following the development country’s education minister Getahun Mekuria, was quoted saying,

“We believe blockchain offers a key opportunity to end digital exclusion and widen access to higher education and employment.”

Cardano Rallies By 20% As It Joins Bitcoin, Ethereum With IOHK’s Crucial Partnership

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Looking back at 2020, Cardano [ADA] can be heralded as one of the most promising altcoin projects. This year has significantly helped shape the network into a future-proof, third-generation blockchain.

More recently, Cardano has posted an impressive rally over the week as it catapulted gains of nearly 20%. The eight-largest crypto-asset changed hands at $0.181, at the time of writing.

Interestingly, ADA had previously struggled to push above the $0.16-level, however, over the past 7-days, this trend has reversed noticeably.  ADA witnessed a fresh upward momentum as it eyed to breach $0.2 while recording a multi-year high.

The latest boost to the cryptocurrency coincided with a partnership. IOHK, which is the company behind Cardano,  recently announced its partnership with Wolfram Blockchain Labs to integrate the Cardano blockchain into Wolfram Alpha.

As a part of this deal, Cardano data would be integrated into the Wolfram Alpha computational intelligence engine. According to reports, Wolfram earlier integrated with Bitcoin and Ethereum blockchains, as well as the ARK blockchain framework and Bloxberg. The official blog post also revealed that the IOHK team was currently defining a scope of work that would utilize Wolfram Alpha to offer Oracle services for Cardano.

Oracles are touted as a crucial component to drive smart contracts since they enable data to be transported from a variety of sources into the blockchain. The latest news has been claimed to be a ” landmark moment for IOHK” as it would give help expand Cardano’s ability to provide ways for developers to integrate advanced external information into their smart contacts.

Further explaining what the latest integration with Wolfram Alpha means and how working with the engine behind Siri is a big step for the blockchain, IOHK stated,

“This makes Cardano’s information available to virtual assistants like Alexa and Siri. Once integrated, users will be able to query the system to find information or solve computational problems as easily as asking their virtual assistant. We anticipate the initial phases of integration with Wolfram will occur Q2/Q3 of next year”

Notably, this is not the first tryst of IOHK with Wolfram. The two platforms have historically enjoyed close ties. The Founder and CEO of Wolfram Research, Stephen Wolfram had previously presented at Cardano2020 as well as at the IOHK Miami 2019 summit.

Will ‘Project Catalyst’ Be Cardano Blockchain’s First-Ever DeFi Protocol?

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IOHK, the company behind the Cardano blockchain announced experimenting with a decentralized finance [DeFi] lending protocol dubbed ‘Project Catalyst’. In a long Twitter thread, IOHK urged the Cardano community to pitch and, get community feedback. The community would then vote on the favorite ideas the best of which would get the funds to build the project.

IOHK tweeted,

“We’ll soon be inviting the community to register to vote, kicking off the first-ever public Catalyst funding round. An initial $250k-worth of #ADA will be available for building the best idea[s] at Cardano. And that’s just the beginning…”

Throughout 2021, IOHK revealed several rounds would, in turn, unlock millions-worth of ADA to fund development ranging from content to community resources, decentralized apps[ DApps] to decentralized finance [Defi]. With its latest initiative ‘#festivalofidead’, the team intends to accelerate the development of the Cardano ecosystem by pooling in the community by “empowering” and funding them.

The best ideas which will be selected by Cardano community members will essentially receive up to $250,000 worth of ADA to advance the development of their projects.

The first candidate to be announced for IOHK’s latest project is dubbed ‘Liqwid’ which claims to be an open-source lending protocol on a distributed decentralized cloud. According to Dewayne Cameron, Management Consultant at Liqwid, the platform enables participants to earn interest on deposits and borrow assets directly on the Cardano blockchain.

Furthermore, Liqwid is essentially governed by its members who are the only individuals that introduce proposals or vote on updates. All member decisions will be recorded and enforced by smart contracts on the Cardano blockchain.

According to Liqwid’s official release, the development phase for the protocol will begin in December third week while testing is scheduled for the end of the first quarter of 2021.

Besides, IOHK further revealed a second collaborative idea by Workshop Maybe, a community focussed organization, and Gimba Labs. According to the pitch, the idea aims to drive up adoption for Cardano.

 

Cardano Rolls Out Latest Version Of Daedalus (2.4.1)

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A lot has been happening with the Input Output HK and Cardano. The platform’s Daedalus wallet has been a work in progress for a while now. The platform seems to be moving ahead with the same as it has been rolling out several versions of the Daedalus wallet. The latest news from the Cardano community reveals the launch of a new version of the Daedalus wallet.

Daedalus 2.4.1 Hits The Market

Just last week the Input Output HK rolled out the Daedalus wallet update 2.4.0. This update entailed several features including a saturation indicator for stake pools, possible rewards estimation along with several other advancements pertaining to the display factors. Additionally, the ranking display of the wallet was also upgraded in the Daedalus wallet update 2.4.0. However, IOHK decided to spruce things up for the wallet and rolled out a new version, earlier today.

IOHK took to Twitter to announce the launch of Daedalus 2.2.1 and its features. IOHK revealed that the latest version of Daedalus had to once again undergo changes with regard to its display. The tweet suggested that the IOHK team had retouched various factors like stake pool display, highlighting only top pools while ranking all the other pools.

Elaborating on the latest changes IOHK wrote,

“Stake pools yet to mint a block or those with only a short history of block production are unlikely to deliver rewards to delegators. Therefore potential rewards from such pools are estimated at zero. Such pools are now ranked equally.”

This change was reportedly implemented following several concerns raised by the stake pool operator community. The latest version would be automatically updated on the users’ existing wallets.

The changes implemented in the latest version of the Daedalus wallet is reportedly an upgrade to the Daedalus Flight pre-release. While the team continues to work on the integration of the Trezor hardware wallet, IOHK urged its users to keep an eye out for the next Daedalus Flight pre-release beta wallet. The date of the release remains uncertain, however, the team assured that the Trezor integrated wallet would be out soon.

ADA Garners Tremendous Profit

While the Cardano community has been enjoying the launch of the latest version of the Daedalus wallet, the price of ADA was seen reaching new heights. At the time of writing, ADA was trading for $0.105327 with a whopping 12.78% increase over the last 24-hours. The market cap of the coin was a little over $3 billion.

Cardano

IOHK Backs Newly Launched Haskell Foundation

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Cardano’s research arm, IOHK announced that it is all set to sponsor the newly-created Haskell Foundation. This was first revealed by the British computer scientist, Simon Peyton Jones at the Haskell eXchange virtual conference.

The Haskell Foundation is essentially dedicated to broadening the adoption of the Haskell programming language. According to the official announcement, IOHK said that it would donate $125,000 to the foundation that was launched on the 4th of November. With this move, the blockchain engineering company will be Haskell Foundation’s largest donor.

The blog post stated,

“IOHK is one of the first sponsors of the Haskell Foundation because we believe in the power of functional programming, open-source software, and open governance. So, we are delighted to be able to join other key companies in supporting the community through an open and transparent process in which everyone can participate.”

The Haskell Foundation’s website mentioned that the platform has issued a call for nominations to the Board of Directors. Nominations will remain open until the 11th of January, 2021, and new Board members will be selected by the interim members of the Board of Directors.

Following the announcement, Charles Hoskinson, the CEO of IOHK stated that it was glad to be part of the movement and went on to say that,

“IOHK believes in the power of functional programming, open-source software, and open governance. We are delighted to be able to join other key companies in supporting the future growth and adoption of Haskell.”

The foundation was created by the long-time members of the Haskell community. It is an independent organization that intends to bolster the adoption of the Haskell language across the industry, open-source community, and academia. According to the foundation, its programming language is open-source thus allowing rapid development of software that is modifiable and maintainable.

In terms of the relationship between the Haskell Foundation and the Haskell.Org, the platform stated that although the Haskell.org committee had voted to affiliate with the foundation, the former’s committee, however, remains an independent nonprofit organization. Furthermore, the haskell.org committee will continue to operate the haskell.org website and provide resources for Haskell infrastructures such as Hackage and the Haskell mailing lists, the foundation revealed