The digital currency cardano has jumped over 8% in value during the last 24 hours and 25% over the last seven days. The price move follows an update on Charles Hoskinson’s and IOHK’s plans for the Cardano network in 2022.
Charles Hoskinson’s 2022 Cardano Outlook: ‘A Formal Open-Source Project Structure Is Going to Be Formed’
Cardano (ADA) supporters were pleased to get two updates from IOHK, the team behind the crypto project’s development. On December 24, the founder of Cardano, Charles Hoskinson, spoke for 30 minutes in a new video explaining some of his goals for the next year. “My goal for the second half of 2022 is to figure out how to put all the pieces together to get an end-to-end microfinance transaction on Cardano,” Hoskinson said during his video.
Hoskinson further noted that a formalized open-source system would be introduced that would be similar to Linux. “A formal open-source project structure is going to be formed, kind of like Hyperledger to Linux,” the Cardano founder disclosed. Hoskinson also said there are “almost 15 companies working on Cardano right now across the world — The sun never sets for the project.” The Cardano executive stressed:
We need to make that hundreds, and then eventually thousands. We need institutions like universities and nation-states to actively cooperate and collaborate and have a stake in the success of this project.
IOHK Blog Post Highlights ‘Realfi’ and the ‘Greenest Coin’ Compliment
In addition to Hoskinson’s 30-minute Youtube talk on Christmas Eve, the development team behind Cardano, IOHK, also published a post that explains how users can introduce family members and friends to ADA during the holidays. The post explains how the Cardano team is focused on decentralized finance (defi) but refers to it as “Realfi.” The blog post details that there are around a billion people with no legal identity and this is where Realfi can help.
“There’s where Cardano steps in, thanks to real finance, or Realfi,” IOHK’s blog post details. “Cardano can give those billion people an identity. A digital identity, in fact, which they can use to access finance. Realfi creates value and opportunity for the real people who really need these things.”
IOHK’s blog post also highlights the fact that the network uses a negligible amount of energy consumption in comparison to Bitcoin’s proof-of-work consumption. The development team noted how it was dubbed “the greenest coin,” back when ADA saw some limelight after Elon Musk criticized the BTC network’s energy consumption. IOHK added:
You have probably heard about climate change, energy crisis, etc. Cardano is very much a green blockchain, as it consumes far less energy to produce new blocks than the Bitcoin or Ethereum networks. That is because Ouroboros is a proof-of-stake protocol.
Cardano (ADA) managed to jump over 8% in value during the last 24 hours and is up more than 25% over the last week. Year-to-date statistics indicate that ADA is up 887% but the crypto asset is down 49.2% from its all-time high of $3.09 per unit on September 2, 2021. At the time of writing, ADA’s 24-hour price range has been between $1.43 and $1.59 per unit.