It has been a year since Charles Hoskinson predicted that Cardano was going to become one of the largest projects in the crypto space. While Cardano has not lived up to the prediction yet, with no signs of dApps and smart contracts still not live, there are signs of life, with several positive developments occurring in the project.
Cardano may not be where Hoskinson predicted they would be a year ago, but they are certainly going in the right direction.
Back in 2020, Hoskinson had taken to Twitter, demonstrating his bullishness when it came to Cardano. He tweeted predicting Cardano will see immense innovation and growth in 2021. The tweet stated,
“This time next year, I predict there will be hundreds of assets running on Cardano, thousands of DApps, tons of interesting projects, and lots of unique use and utility. 2021 is going to be so much fun watching Cardano grow and evolve. The community is definitely ready to innovate.”
However, smart contracts have still not made their way to the platform, and dApps are also some way away.
Moving In The Right Direction
However, Cardano is moving in the right direction, with several reasons to be bullish about the protocol’s future. To start off with, Cardano is forecasted to become one of the big three cryptocurrencies along with Bitcoin and Ethereum, and with the Alonzo mainnet debut, we will see the advent of smart contracts and NFTs on Cardano soon.
Morningstar Strategist Bullish On Cardano
Portfolio manager at American investment giant Morningstar, Amy Arnott, has predicted that Cardano, Bitcoin, and Ethereum could become one of the “big three” of the cryptocurrency world. Arnott was discussing the regulation of cryptocurrency, Ethereum, and Cardano in discussion with Business Insider when she made the prediction. Arnott stated the following,
“Cardano is similar to Ethereum in that it’s a protocol that has a lot of potential technical applications. There’s a lot of enthusiasm about Cardano and also various stablecoins.”
Solving The Stablecoin Problem
Cardano Founder Charles Hoskinson also introduced a new stablecoin design for the Decentralized Finance ecosystem called Djed. According to Hoskinson, Djed will act as an autonomous bank for the DeFi ecosystem. Hoskinson teased a glimpse of the paper on Twitter, which he described as unique since its association with the Isabelle code.
The paper aroused considerable curiosity in the community, with users on Twitter attempting to understand the practical value of the Djed stablecoin, to which Hoskinson replied that an “Algo Stablecoin” was on the checklist.
There have been several instances when Tether users were unsure about what was backing their stablecoins, with certain inefficiencies in the stablecoin ecosystem coming to the fore. With Djed, Hoskinson intends to ease Stablecoin use within the DeFi space.
NFTs And Smart Contracts Making Their Way To Cardano
With the Alonzo update nearing deployment on the mainnet, we will see smart contract capabilities make their way to Cardano once the update is deployed. Previously, Ethereum was the go-to platform for smart contracts and NFTs, thanks to its ERC-721 token.
Alonzo is being deployed in blue, white, and purple phases, with each phase adding more functionalities to the protocol. White was the most recent update on the mainnet, bringing increased capacity for smart contracts. Once Purple is deployed on Cardano, the protocol will have the capability to support smart contracts fully. It will also be able to support an ERC20 converter, allowing Ethereum tokens to function on the network.
NFTs, too have been doing the rounds, with the first NFTs on Cardano appearing in March with CardanoKidz. CardanoKidz are cartoon representations of prominent personalities from across the network.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.