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Here Is How Cardano-Based New Digital Economy Is Developing: Details

Wed, 07/27/2022 - 16:14
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Tomiwabold Olajide
Use of cryptocurrencies to make payments expanding
Here Is How Cardano-Based New Digital Economy Is Developing: Details
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Cardano might be a big contender for running global financial infrastructure as it allows financial services to be built on top of the transactional network that can operate without an intermediary.

Cardano would enable this through a decentralized ID (DID) implemented through the Atala PRISM project. Lace, a lightweight wallet for Cardano, intends to integrate voting and identification in upcoming versions.

Additionally, Lace plans to use many Cardano products, fusing a variety of functionalities into a unified user experience. This will incorporate Project Catalyst for simple voter registration and Atala PRISM for managing identities and personal data.

The use of cryptocurrencies for making payments is expanding. It is unclear if these will be stablecoins or the native coins of specific projects. Cardano wants to have a big impact as it will enable the tokenization of the economy.

Decentralized Identity (DID), which gives consumers more privacy control, might be a pillar of this future. Peer-to-peer payments will also become simpler since participants might be able to confirm with whom they are conversing. DeFi hopes to function fundamentally better thanks to DID, and existing financial services and enterprises will eventually incorporate these ideas. Dish, a Fortune 500 corporation, and a few African nations are beginning to employ DID.

Last year, Input Output Global (IOG) announced its partnership with the Ethiopian Ministry of Education to provide five million Ethiopian students with a way to verify their academic credentials using Atala PRISM technology, built on Cardano.

Cardano reigns as most developed asset in the space

According to Santiment, Cardano continues to be the most developed asset in the crypto space: "Cardano reigns as the most developed asset in crypto, according to our analysis of code pushes, issue interactions, and more. Routine updates from teams are excluded to ensure only relevant development is included."

Over the last 24 hours, 635 commits were pushed across 50 repositories, per Cardano's updated Twitter handle.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.