Cardano (ADA), one of the largest and most popular crypto projects in the market is moving forward in the space. After starting a very positive 2020 pushed by all the crypto market, Cardano could certainly become a leader in the space with new solutions, projects and initiatives related to blockchain technology or virtual currencies.
In this article, we will share with you which are the most interesting projects that the team behind Cardano is working on and how they could affect the entire crypto market. Although this is not 100% sure that the projects and initiatives will be revolutionizing the space they will certainly provide new ideas and projects.
One of the most interesting projects related to Cardano could be the official launch of a new stablecoin that may be able to compete with Ethereum’s DAI. According to Weiss Crypto Ratings, Charles Hoskinson could be working on a new version of the DAI stablecoin based on Cardano.
At the moment, DAI is the only trustless stablecoin in the cryptocurrency world, however, a new one would be very useful to increase competition and help the market move forward. A new stablecoin created by Cardano would have great advantages over Tether (USDT) or USD Coin (USDC), which are the largest stablecoins currently in the market.
We hear that @IOHK_Charles wants to build a version of DAI on Cardano. So far, #DAI is the only trustless #stablecoin in #crypto world, but there should be more. Stablecoins like DAI have no central point of failure, which is a BIG advantage over the likes of #USDT or #USDC.
— Weiss Crypto Ratings (@WeissCrypto) February 11, 2020
Charles Hoskinson, the co-founder of Ethereum and founder of Cardano, said that if they decide to move forward with this proposal, it will blow everyone out of the water. He mentioned that he has been working in the market for over seven years when stablecoins were just starting to appear.
ADA could be work as a Central Bank mechanism for this stablecoin, which could be very positive for the price and demand of this virtual currency. At the moment, Cardano is the 11th largest virtual currency with a market valuation of $1.79 billion. Each ADA can be purchased for $0.069.
It is worth mentioning that despite the fact that Cardano could be working on this proposal, it may not happen in the near future. Indeed, many months may pass before seeing the development of this stablecoin.
DAI, which could be similar to Cardano’s-backed stablecoin, works by being completely decentralized, it relies on smart contracts, there are ETH coins backing its value and it runs on top of Ethereum.
Cardano Expands In The Market
Cardano has been growing in the market since January started. This is similar to the way in which other virtual currencies grew during the same period of time.
According to the official Cardano blockchain, the Cardano development has been organized into five eras, including Byron, Shelley, Goguen, Basho and Voltaire. Each of these eras is centred around different functionalities that will be delivered across multiple code releases.
Cardano is also working in order to launch staking services for users as soon as possible. Many crypto sites and exchanges could allow users to stake their ADA coins and earn some rewards on them. Although this might not be possible in the near future, it may be available throughout 2020.
Of course, there may be other initiatives for Cardano in 2020, but these are just two of the most important ones. In the future, Cardano could also become a top 10 digital currency as it has already done in the past. Furthermore, the bull market in the space could help this virtual currency to move forward even further. It is just a matter of time before we could see a new all-time high in this digital asset.
AltSignals Trading Strategies
It could be very positive for traders to start using AltSignals in order to profit from future developments and market movements. Indeed, you might not be able to enter the market if Cardano spikes and go out in the correct moment.
This is why AltSignals could help users and traders enter and exit the market at the correct time and profitably. If you want to improve your trading strategies and see what Cardano has to offer, AltSignals crypto trading signals could be very useful for you.
In this article, we aimed at showing you how Cardano could move forward in the market in 2020. Cardano developers are thinking about new solutions for the market and users are already excited about this possibility.
Considering 2020 started as a bullish market for digital assets, it may be a good moment to start paying close attention to virtual currencies such as Cardano and how to trade them with AltSignals.