In the last 24 hours, the digital currency known as Cardano saw its value increase by almost 8%, whereas it has gone up by almost 25% in the last week alone. This upward movement in price comes after the updates from Charles Hoskinson and IOHK about their plans for the Cardano network in the next year. IOHK is the team behind the development of the Cardano project and they gave two updates, which were well-received by supporters of Cardano (ADA). Charles Hoskinson, the founder of Cardano, talked for half an hour on December 24th in a video where he explained some of his plans for next year.
During his video, Hoskinson disclosed that his plan was to spend the second half of next year in putting all the pieces together that would help to achieve an end-to-end microfinance transaction on the network. It was further noted by Hoskinson that they would open a formalized open-source system that would be quite similar to Linux. The Cardano founder said that it would be like Hyperledger to Linux. Hoskinson further elaborated that currently, 15 companies were working on the network across the world, which means that work is constantly being done on the project. The Cardano executive further added that they intended to turn these into hundreds and then thousands.
He went on to say that they needed institutions like nation-states and universities to cooperate and collaborate actively and also have a stake in the project’s success. Along with Hoskinson’s 30-minute video on YouTube, a post was also published by the development team of Cardano IOHK. This post sheds light on how friends and family members can be introduced by users to ADA during the holiday season. The post elaborated how the team behind Cardano is focused on decentralized finance (defi), but prefers to call it ‘Realfi’.
The blog post went on to elaborate that more than a billion people in the world did not have any legal identity and this is where Realfi could prove to be useful. IOHK’s post said that this is where Cardano could help, thanks to Realfi or real finance. Cardano could provide these people with a digital identity that can be used to access finance. Realfi creates opportunity and value for the real people who actually require these things. Another fact that has been highlighted in the IOHK blog post is that a negligible amount of energy is consumed by the network, as opposed to the proof-of-work (PoW) protocol of Bitcoin.
It was also noted by the development team how Cardano had been dubbed as ‘the greenest coin’ when the bitcoin network’s energy consumption had been criticized by Elon Musk. IOHK said that the energy crisis and climate change were being talked about a lot recently, but Cardano is a green blockchain that consumes very little energy for producing new blocks as opposed to the Ethereum and bitcoin networks. This is due to the fact that it uses a proof-of-stake protocol. As per yearly statistics, Cardano has increased in value by almost 887%, but it is still down by 49.2% from the all-time high that it had reached on September 20th this year.