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Cardano (ADA) Looks to Double Down on Stablecoin Development, Here's How

Fri, 02/17/2023 - 12:41
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Godfrey Benjamin
Cardano working groups will bolster new aspect of protocol's development efforts
Cardano (ADA) Looks to Double Down on Stablecoin Development, Here's How
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Input Output Global (IOG), the parent company of the Cardano blockchain network, has unveiled it is currently facilitating the creation and bootstrapping of developer working groups, empowering the community to self-mobilize and collaborate on decision-making processes.

While it noted this initiative is to drive enhanced participation from the technically sound members of its community, IOG has outlined a number of initiatives that can drive its core protocol enhancements. One of these is the proposed working group on stablecoins.

According to the outfit, the working group will be tasked with supporting the existing stablecoin initiatives on Cardano. Other specialized working groups, including one on Interoperability, Developer Experiences and Certifications, will also be paid close attention to.

Just as their names reflect, the Working Group on Interoperability, for instance, will foster the development of cross-chain interaction between Cardano and other protocols. This remains one of the core hallmarks of the Cardano protocol that fueled the launch of its Sidechain Toolkit earlier this year.

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Input Output said it is currently seeking applications into each of these working groups and encouraged interested members with the required expertise to join whichever working group they preferred.

Cardano and ecosystem versatility

When it comes to Layer-1 blockchain networks, Cardano is tagged as one of the most versatile with an active developer ecosystem. Though the influence of its founder, Charles Hoskinson, is widely known, it has a robust developer community and is considered one of the most decentralized blockchain protocols around today.

Should the working groups be inaugurated, they will further help in decentralizing the protocol and fasttrack a lot of key innovations that have been mapped out for the rest of the year. While the emergence of DJED stablecoin helps push the protocol's relevance, efforts from the working group can help fuel the emergence of additional stablecoins across the board.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.