What do these developments mean for Cardano?
Amid the market frenzy, Cardano hosted summit 2021, wherein the team shed light on the upcoming partnerships and vision for Cardano. To begin with, IOHK founder Charles Hoskinson pointed at the governance issues ailing the world and opined that blockchain and decentralized technologies offered potential solutions.
As was visible with Cardano, it has been working on revamping the governance system with changes from voting to payments. Cardano was also striving to be able to run the currencies of nation-states, according to Hoskinson. He added, for this to happen, a lot of “real-life data about how to do governments differently” was needed. Hoskinson added,
“You could run a nationstate on this type of infrastructure -- not today, but in three to five years, definitely possible.”
The blockchain was already trying to “position itself in the marketplace of ideas to be a legitimate option for at least some of these systems and some of these institutions,” as per Hoskinson.
As it strived to move ahead with the rising competition, Cardano also announced two new partnerships- one with the fortune-500 American television satellite provider, DISH Network and the other with Chainlink.
Although both partnerships serve different purposes for Cardano, they will eventually contribute to the growth of the entire ecosystem.
A partnership with DISH, Cardano can boost its adoption and offer benefits to DISH’s users with 8 million digital identities [D.I.D] on phones satellite.
While the main idea was to create a network where users can move seamlessly from one space to another, the underlying business infrastructure remained “ossified.”
Hoskinson went on to explain,
“We think there’s a lot of intersection between the use of identity the movement of data capacity exchange and other things that can be done and explored. And it can be done at a scale of millions to tens of millions, and eventually at a global scale. So, this is a super exciting relationship we can’t wait to see how it goes.”
Meanwhile, the partnership with Chainlink will offer its oracle integration and help developers build smart contracts for Cardano DeFi apps. It looks like, while the rest of the market was taking a breather from the recent price collapse, Cardano’s team was preparing to level up the competition in the future and keep its market position among the top 5 assets.