- Cardano will be hosting a hybrid-virtual summit across all continents between September 25-26.
- Hydra, Cardano’s layer two scaling solutions, will be presented during the event.
- Cardano could announce the development of Singapore’s r-CBDC during the 2021 Summit.
Communities are the driving force of any successful cryptocurrency projects. Cardano, whose 2021 has been as successful as ever after delivering on its 6-year promise, has become a suitable contender to Etheruem after successfully implementing the Alonzo upgrade. Between September 25th and 26th, IOHK will stage the 2021 Cardano Summit across six continents.
A Hybrid Global Experience
Cardano’s summit is not location-bound. During the 2 day event, experts, innovators, and special guests will participate at Cardano’s 2021 Summit, which, according to IOHK, will be their “greatest ever.” The virtual and live event mix will appraise Cardano’s achievements and explore new updates implemented during and following the Alonzo upgrade.
The event will be held in person in places such as London, Miami, Berlin, Cape Town, Wyoming (the location of IOHK’s headquarters), and New York. It will also feature Misan Harriman to discuss the future of digital art and NFTs, as well as Dovydas Petkevicius from ADAX to talk about the importance of successful partnerships between the projects.
Charles Hopkins noted the event follows the implementation of smart contracts, which is expected to bring in “hundreds of ground-breaking innovations.” Moreover, Sidney Vollmer, Cardano’s Head of Product & Communications, said the foundation will announce partnerships that will “blow people’s minds.”
On The Flipside
- Charles Hopkins will speak at a 2-day blockchain educational seminar for governmental officials in Washington D.C.
- Cardano’s price is likely to dip during the Cardano 2021 Summit after partnership announcements are made.
Expanding the Network
The Alonzo upgrade represents a catalyzing moment for Cardano, as it enables scripting smart contracts through Plutus. As a result, Cardano can add and implement new blockchain features, including NFTs, DeFi, or even crowdfunding, matching Etheruem and other ecosystems while facilitating energy and cost-effective blockchain operations.
During the summit, the team at Cardano will present several new program features, including the dApps store, which is developed to alleviate industry fallacies such as malicious actors. dApps featured on the Cardano store will be scanned and audited for “dApp integrity.”
Moreover, Cardano will introduce Hydra’s layer two blockchain scaling solution. Finally, Cardano will present a developer preview during the summit, enabling users to test run one or multiple hydra heads. Nonetheless, the applicability of Hydra will be limited as in the current state; Hydra is still a proof of concept that is meant to be tested with a limited user base.
It’s also expected that Cardano developers and guest speakers will also discuss emerging trends, including but not limited to NFTs or a possible metaverse, seeing as how Cardano has built a “turtle island” to showcase Cardano.
Global Use Cases
Cardano’s Alonzo upgrade will bring “ground-breaking innovations” that will change the industry as a third-generation blockchain. Still, Cardano’s achievement adds additional value to their already global digital inclusion initiative.
IOHK’s most outstanding partnership with the Ministry of Education in Ethiopia aims to create digital identities for students, provide them with tamper-proof digital qualifications, and improve education in the country.
Micropayments are not a considerable progression in the current blockchain model. However, Hydra’s layer two solutions and COTI’s ADA Pay gateway processor can increase ADA’s ability to perform currency functions.
Twitter user COTI investor advanced the possibility that Cardano and COTI will introduce Djed Stablecoin during the Cardano summit, which is speculated to be their “big partnership” announcement. In addition, Input-Output Global (IOG) has been selected as one of the 15 finalists commissioned to develop the r-CBDC in Singapore. As COTI replied to a community question:
"Wait to see the announcement during the Cardano summit."
While developing the r-CBDC is not a partnership per se, Cardano could increase the use case of ADA as a micropayment method in Africa, where it already has an enduring country-specific partnership.
Why You Should Care?
Now that Cardano has implemented smart contracts on the network, it is expected that the ecosystem will expand. However, developers can only assess the network resilience and speed after thoroughly testing it in real-world environments. Still, Cardano can cause an industry flippening if both developers and users vouch for their concept and network.