Here’s What Happened at the Cardano Summit 2021

Smart Contracts Prime

The Alonzo upgrade served to bring Cardano’s network functionalities closer to the industry standard by enabling smart contract deployment. In addition, during the summit, Cardano announced two key partnerships to kickstart the development of new smart contract integrated features.

Chainlink was one of the key partnerships announced for the Cardano ecosystem. The Oracle (NYSE:ORCL) network will help feed quality data and help developers build accurate and feasible DeFi smart contracts. Input-Output (IOHK) noted that market price feeds will be the first ones to be accessible to developers. Moreover, developers will then have access to:

"Sports data for prediction markets, weather data for parametric insurance products, and verifiable randomness for gaming and digital collectibles such as non-fungible tokens (NFTs)." As mentioned in a previous article about the event, COTI, which Cardano has backed up, will issue its first native stablecoin, Djed. Thus, DeFi can be a frictionless operation for users and individuals as it will mimic existing protocols on other chains.

Furthermore, EMURGO, the global blockchain solution provider, will allocate $100 million in the Cardano ecosystem to hasten DeFi and NFT education in the space. DeFi and DEXs are already being developed and perfected on Cardano as new development and updates are rolled out on the ecosystem.

On The Flipside

• Cardano faced criticism during the last testing phase for its concurrency issue.
• Cardano’s slow development process is hindering its adoption process.

Other Notable Mentions

Cardano illustrated the versatility of its network by expanding its network usability across a multitude of industries. In addition, the ecosystem announced Dish Network (NASDAQ:DISH) would integrate with the blockchain. Specifically, Cardano will create a system for digital identities for Dish consumers.

Additionally, Cardano expanded into the world of esports. They partnered with Rival, an esports platform, to help develop an agnostic NFT marketplace that will expand in an ever growing market, where businesses or users can create, redeem, or transact digital goods in the form of NFTs.

What’s more, the Cardano summit was also held in a virtual world, which gives a small precedent for where Cardano wants to focus its resources. Cardano also announced their emergence into the world of AI through Grace, a robot designed for the healthcare industry.

As a final remark, Cardano introduced the UTOX Alliance to help expand and grow collaborations between developers within Cardano’s UTOX ecosystem. Thus, Cardano seeks to advance the network’s possibilities by relying on the collaborative nature of developers as well as researchers.

Key Takeaways

The summit gathered every moving piece from the Cardano ecosystem, started with a keynote from Charles Hoskinson, and showcased the network’s current capabilities while forecasting a new development trajectory as smart contracts have become native to Cardano.

The Hydra Layer 2 scaling solution is the next step forward for Cardano; however, the network needs to showcase its smart contract work before beginning new use cases in the ecosystem.

Why You Should Care?

The summit served to showcase the new Cardano smart contract capabilities. The new partnerships aim to reinforce Cardano’s place as the third cryptocurrency by market capitalization. However, it is worth considering that Cardano’s lengthy development process might also be reflected during the implementation process.

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