ADA creator Charles Hoskinson disclosure an upcoming project with the potential to bridge the gap between the developed and developing world.
According to Hoskinson, an Africa-focused peer-to-peer lending project will be launched on the Cardano blockchain this year.
“Another thing that I think is really exciting in the coming period that we’re doing this year is the opportunity to do peer-to-peer lending in Africa…
We will be able to have stablecoins on Cardano, fully peer-to-peer, with blockchain-based identities in Kenya.”
According to the creator of Cardano, the seventh largest blockchain peer-to-peer lending project by market cap will help reduce income and wealth inequality between countries.
“Whether in the short or long term, if you do that, billions of dollars worth will flow from the developed world to the developing world, where interest rates are higher…
This makes me very happy because it helps us close the gap and create a global economy instead of two distinctly rich and poor economies.”
Hoskinson also reiterates the trusted nature of blockchain as one of the technology’s greatest contributions to the world.
“Total accountability is the ability to verify something someone tells you…
There are so many things in life, from information to voting to money, that you actually find yourself trusting a third party organization. But you can’t check that…
Bitcoin is a great example of Ethereum, Cardano, or any of those cryptocurrencies. You have full responsibility for the calculation. If I send you a bitcoin, don’t trust me. You have a knot. You can check and verify that it exists, it hasn’t been duplicated. So that’s called a comprehensive accountability system.”
According to Hoskinson, the use cases of blockchain technology now go beyond payment transactions.
“We are starting to take a step back as a society and are starting to ask questions like: what else can sustain total accountability? Whether it’s the supply chain – is the food organic? Is it safe or not? Is the water I drink safe? Medical information, credentials, voting information, whatever you have. Land – how do I know you actually own the land?
ADA to hit $58 by 2030?
The future of Cardano is therefore very rosy opinion poll Latest analyst opinions from Finder, a comparison website and money-making app. In their latest Cardano-focused report, a group of analysts predicted that ADA will reach a price of $58 by 2030. The survey also predicts that ADA will end at $2.72 this year, up more than 160%.
One of the biggest Cardano proponents on the board is product director at Permission, Vanessa Harris. She believes the altcoin can reach the $3 mark this year.
“Cardano is one of the few smart contract platforms that has put security, correctness, and decentralization at its core, backed by formal methodologies and peer-reviewed research.”
While Cardano has been criticized for being slow to introduce new features and functionality into the codebase during development, Harris believes this will help ADA be adopted by countries and NGOs due to its resilience.
However, not all consultants are equally optimistic. Balthazar CEO John Stefanidis and investor Veronica Mihai are notable names who aren’t too optimistic. Stefanidis expects ADA to decline in 2022 due to “inefficiencies and poor technology.” Mihai also believes prices will be lower in the next 10 years.
“Unless they make major technological advances and a significant user base, it may suffer the same fate as most POS coins.”
Cardano’s journey give me now
While Cardano launched in 2017, it’s only recently that they’ve started incorporating smart contracts into the code. The Alonzo smart contract hard fork was executed last year and hopefully brings important DeFi applications to the ecosystem. However, some argue that the project has relatively failed to accumulate the total value locked across the available DeFi platforms.
This is a factor that the board believes is relevant when considering ADA’s price drop following the Alonzo hard fork. 33% of the participants indicated that this factor has influenced the price action so far. Others also attributed this to overall market volatility and the still early post-update period.
ADA 4-hour price chart | Source: Trade View
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