Cardano (ADA) Developments and Price Prediction for 2021

  • Cardano has joined Bitcoin and Ethereum, as the only projects to integrate Wolfram Alpha
  • The integration will help Cardano offer Oracle Services
  • Cardano will aggressively pursue Fortune 500 companies starting in 2021
  • The value of Cardano’s treasury has topped $100 million

No doubt, 2020 was a great year for Cardano, the value of ADA rising by more than 500 percent. As the year came to an end, Cardano joined an exclusive list, including just Bitcoin and Ethereum, by Integrating into Wolfram Computational Intelligence Engine.

An Expansion of Cardano’s Services

Cardano’s integration into Wolfram Alpha, a technology and knowledge base, was made possible by a team-up with IOHK (Input Output Hong Kong). The partnership declared 2021 to be an exciting year. What are we to expect from Cardano in 2021.

The integration into Wolfram Alpha was just the first step involved in expanding the services Cardano offers. IOHK noted that they would leverage Wolfram Alpha to provide Oracle services for Cardano.

According to the announcement, IOHK and Wolfram are working to develop a collaborative framework that will allow Cardano to transport data from different sources into the blockchain.

The IOHK team noted that the information can be election results, sports scores, currency exchange rates, and even statistical data. The information from Cardano will also be made to virtual assistants like Alexa and Siri. Thus, expanding the possible use cases of Cardano.

On the Flipside

  • Russian cryptocurrency exchange, Livecoin, has shut down its servers following a hack that happened in December.
  • This comes after barely a week after TenX, a crypto wallet and payment project, which raised $80 million in 2017 announced that it will be discontinuing its services and shutting down.
  • Users have until March 31, to withdraw their funds without fees.

Cardano Vs Fortune 500

The founder of IOHK and Cardano, Charles Hoskinson, has announced that his company will aggressively pursue the Fortune 500 in 2021 to sell them on Cardano and the ADA.

Hoskinson believes that the Fortune 500 companies looking to expand their reach into developing economies in Africa and the Middle East, would require a faster and cheaper payment system for local transactions. This is where his company steps in.

Running on a third-generation blockchain means Cardano offers a more secure network, lightning-fast transactions with non-existent transaction fees.

As part of its strategy, Cardano has been expanding its physical presence in a majority of Africa’s leading economies and has also sought to build bridges within the blockchain world.

Hoskinson notes that young Africans are “already favoring digital currencies” over their local currencies. In getting to partner with Fortune 500 companies, he notes that:

How do you attract the Fortune 500? You do it by saying, ‘Hey, would you like access to the 100 million customers on my platform who now have money and would like to consume your products?

More Projects are Coming

The value of Cardano’s treasury on Friday, January 21, 2020, topped $100 million making Cardano one of the largest decentralized blockchain treasuries on the market.

The funds held in the treasury of Cardano are used to finance blockchain projects and proposals for improving the industry. These projects are usually chosen through community votes. A growing treasury means there will be more Cardano projects in 2021.

Price Forecast for Cardano

The price of ADA is up by more than 150 percent in the past three weeks after enjoying a massive breakout. Currently trading at $0.3619, ADA faces a huge resistance at the $0.38**levels.

Although getting rejected multiple times at that level, Cardano broke out of an inverse head and shoulders pattern as 2020 ended. The price target of ADA in the long-term remains $2, with a possibility of breaking above $1 in 2021.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

DailyCoin Team

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