Cardano has been gaining a lot of traction recently with IOG launching their platform and the launch date for ADA coming up. The community is anticipating that ADA will be listed on Bittrex in the next week or so, along with some major developments from KEVM Labs
The “atala prism” is a new cryptocurrency that was launched on the Cardano blockchain. It’s been created by IOG, and it has some interesting features. The “ADA Whales Stacking More ADA” is an interesting story about how Ada coin holders are stacking more coins in their wallets.
Here are the main stories from the Cardano ecosystem this week.
Cardano whales have amassed 200 million ADA tokens in the previous five weeks.
In 2022, the Cardano network did not have as good a year as it had previous year. However, data from blockchain analytics company Santiment shows that Cardano whales have been purchasing up to 200 million ADA in the previous five weeks, indicating a favorable mood.
Wallet users with between 1 million and 10 million ADA in their accounts accumulated 196 million ADA at that period, according to a tweet released by Santiment on Tuesday. The move reversed a seven-month trend in which this group of investors liquidated as much as 1.7 million ADA tokens.
While ADA has lost up to 75% of its value since its high in September, greater institutional interest has resulted in increased network activity in the first quarter of this year.
The Cardano network is also thriving in several ways, notably in terms of its decentralized ecosystem’s development. According to Input Output Global (IOG), there are already 925 projects using Cardano, with the majority of developers generating NFTs accounting for 46.6 percent of the total. Marketplaces make up 4.1 percent of the projects, metaverse projects make up 3.4 percent, and gaming projects make up 4.2 percent.
Atala SCAN, a Cardano-native product authentication solution, has been announced by IOG.
With the introduction of Atala SCAN, IOG, the creator of Cardano, has announced its foray into the product authentication industry. To validate the legitimacy of a product, this blockchain-based authentication solution would use a smart microchip and a free application developed on the Cardano blockchain. The software would allow users to rapidly view the history of a marked product.
IOG is already in talks with prospective customers about offering this blockchain-based authenticator, which will allow users to check supply chain information and product legality. IOG claims that Atala powers the smart seal on that high-end spirit bottle you purchased with “an encrypted, auditable connection between the seal and the whole production history of the individual bottle.”
The smart seal, which would include an integrated near-field communication (NFC) chip, would be at the heart of this identification system, according to IOG. The seal uses no power and just “waits discreetly for a signal from a reader” before transmitting stored data for verification.
It would feature two antennae, one of which would be engineered to shatter if tampered with. After that, it works properly but gives a signal to indicate that there was a problem when scanned.
Cardano is currently in beta.
IOG announced the beta launch of the Essential Cardano website – the community-driven ecosystem platform – on Thursday. This website, produced by IOG and driven by the Cardano community, aims to help people understand the Cardano blockchain and ecosystem in general.
Essential Cardano, as a “dynamic directory of resources,” would let network members to promote their work and, in the long run, evolve into a useful resource. Users may participate (comment, upvote, cooperate, and peer review) on issues in the community since it is an open-source directory.
Morgan Schofield, IOG’s Head of Ecosystem Growth, noted at the end of March that the platform enables users to post material in a variety of forms, including videos, essays, development resources, and podcast audio. This diversity would aid the Essential Cardano’s development.
Visit our Investing in Cardano guide to learn more about the cryptocurrency.
The “cardano layer 2 projects” is a project that aims to make Cardano much more scalable. The project will allow for the creation of sidechains, which will be an alternative network to the main chain. This will create a more decentralized and secure system.
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