Posted 9 months ago | by Catoshi Nakamoto
September is going to be a huge month for Cardano. With smart contracts ready to go live and teams already building on the network, this is one of the most exciting times in the history of this project’s development. It looks like ADA holders will finally be getting the last laugh, and anyone who bet against them will need to pay up.Read More
Let’s get it.
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In this video, we’re going to cover some of the developments happening in the Cardano ecosystem as we approach the much-anticipated launch of smart contracts.
But before we get into it. Make sure to join our 5 ETH to 5 Million giveaway. We’re growing the Bitsquad to 5 million across the interwebs and are giving away 5 Ethereum and thousands of dollars in other crypto prizes. Click the gleam.io link in the description to enter before time runs out.
Each phase of the Alonzo upgrade has, more or less, gone according to plan with no major issues, and now we are less than two weeks away from the network going live. Launch day is scheduled for September 12, and it doesn’t seem like there will be any more delays. In a livestream this week, Charles Hoskinson told the Cardano community that smart contracts will be launching on time. Unfortunatley for secret cyberpunk project Cardano City they’ve had to push back the release of their NFTs, citing some “technical issues”. I’m a big fan of Cardano City not just because it’s cardano and it looks cool. But they also used me in their promo spot…aw…thanks guys. Or girls. The Cardano City NFTs are sure to be extremely cool and no doubt one of the hottest NFT drops of this summer.
The price of ADA has rallied this month in response to these recent developments, climbing from around one dollar at its local bottom all the way up to nearly three dollars where it has recently begun to consolidate. This movement has taken Cardano even further into the mainstream, and it has recently caught the attention of the Reddit crowd that does most of their investing on Robinhood. Last week, the “Dogecoin millionaire” Glauber Contessoto announced that he would be going all-in on Cardano, saying that he plans to “start buying up as much Cardano as humanly possible.” I have been bullish on Cardano since before it was cool and I have expected it to hit anywhere between 5 and 8 dollars during this bull run, but now after the price action we’ve seen, I believe it will break through 10 dollars during this cycle.
As the public launch of smart contracts approaches, development teams are hard at work on the first applications, or “Dapplications” that will live on the Cardano blockchain. A variety of different DeFi platforms are expected to launch shortly after smart contracts go live, including the decentralized exchange SundaeSwap, which will have direct integration with the Daedalus and Yoiri wallets, allowing users to trade and provide liquidity directly from their non-custodial wallets. That’s a great first move for Cardanno Defi, as non-custodial wallets are far more secure than custodial accounts like on Coinbase. It’s important to remember that dapps like Sundaeswap have been in development for many months and working on the very robust cardano testnet for a while now. The Sundaeswap demo last week made it very clear that Cardano Defi is going to be a sweet deal.
Speaking of sweet deals, if you want to stake your ADA to make passive income, do it on the best Cardano staking pool around…the Bitpool. Click the link in the description to find instructions on how to stake your ADA with us.
In a press release this month, IOHK also gave us some new information about the Cardano native stablecoin Djed. This stablecoin will be algorithmically pegged to the US dollar, but price oracles will also allow it to be displayed as different currencies.
This is one of the most important problems that need to be solved in order to make decentralized finance truly decentralized. Most stablecoins like USDC and Tether are centralized and require full reserves to back up the assets. This creates a variety of different problems including central points of failure and attack vectors that hackers or regulators can take advantage of. There are plenty of algorithmic stablecoins on the market already, but many of them are experimental and risky. In fact, you might remember Iron Finance, the project that Mark Cuban got Rekt on earlier this year, well that was actually a stablecoin project.
Djed is promising to be far above the competition with an entirely new type of stablecoin protocol that will act as an autonomous central bank, as this INTENSE diagram shows.
A test version of this stablecoin has already been deployed on the Ethereum blockchain, along with Binance Smart Chain, Avalanche, Polygon, and others networks.
As the smart contracts start to go live on Cardano, hackers from around the world will be putting it to the test and searching for vulnerabilities. This is an everyday thing in crypto, but in this case, a large portion of these hackers will actually be on Cardano’s payroll, working to secure the network and find exploits before the bad guys do.
This week, The Cardano Foundation announced a bug bounty program as part of a partnership with Hacker One, an organization composed of “ethical hackers” who use their skills to find bugs in vital systems and report them so they can be fixed. These are the same teams that help secure networks for some of the largest corporations and government agencies in the world, including The U.S. Department of Defense, Dropbox, Goldman Sachs, and Google.
As we have discussed on this channel before, the financial cartel has been spreading FUD about Cardano because they aren’t invested and they see it as a threat. One of the cheapest shots that crypto media has taken against Cardano this year is suggesting that Charles Hoskinson and the other builders behind the project are intending to colonize Africa by helping to provide blockchain infrastructure there. It’s true that corporations generally don’t have great reputations in the developing world, but blockchains aren’t corporations, that’s kind of the whole point. Most of us in this industry want to do things differently and change the world for the better, and this technology could greatly improve the quality of life for people all over the world.
The people who being brought into the Cardano ecosystem will be sharing in the ownership of the platform by holding the ADA asset. They will also be free to build on this blockchain and create wealth for themselves and their communities, in ways that just weren’t possible before.
This is the whole idea behind “banking the unbanked,” one of the major goals that this technology is seeking to achieve. Establishing blockchain infrastructure in the developing world is obviously a part of this process, and anyone who’s been paying attention to the Cardano community knows that this has been the plan all along. Crypto adoption is actually happening at a faster pace in Africa than it is in the rest of the world because there is more of a need for this technology than there is in the west where we have banking systems.
Cardano is also planning to provide important resources to the communities where its blockchain is used. Just recently, IOHK announced a partnership with the European Business University of Luxembourg (EBU) to make education accessible for people in developing countries.
This partnership will bring educational resources and material to students across Africa for free, so they can learn the most important skills to succeed in today’s world, including coding for blockchain and web development.
But that’s all I got. Be Blessed. Bitboy Out.