Charles Hoskinson shows the world a glimpse of a new future for Cardano with key announcements and developments.
The Cardano Global virtual summit was held on 25th and 26th September 2021. Ada enthusiasts around the world sat behold with rising excitement to witness what could transform the Cardano platform in the coming days.
Cardano Foundation’s big announcements include the inclusion of AI robots, collaboration with Dish Network, ChainLink and issuing authority of COTI over the new Djed stablecoin.
Here are the key takeaways of the Cardano summit.
- EMURGO announced $100 million to the Cardano ecosystem. The investment will go to develop Defi and NFT solutions and Blockchain education.
- Cardano Blockchain welcomes AI Healthcare Robot Grace.
- The partnership with Dish Network will help Cardano Blockchain network to enter the Telecom sector and enhance networking in America.
- The collaboration with ChainLink will enable Cardano developers to build smart contracts features.
- Charles Hoskinson announced COTI as the official issuer of the new Djed stablecoin.
AI robot on caradno blockchain
One of the chief announcements at the Cardano Summit was the introduction of an AI robot on the Cardano Blockchain network.
Grace is an AI healthcare robot developed by Hanson Robotics and SingularityNET. She has been designed efficiently to smartly diagnose as well as respond to people’s emotions. Grace is fluent in Korean and English.
Awakening Health announced that it has trusted Cardano to ensure that Grace meets the guidelines as set by HIPAA. Cardano also has the responsibility to upgrade Grace so that she meets the strict GDPR framework.
Awakening Health is a joint venture by the creators of Grace. They believe that the Cardano Blockchain network will provide a more secure environment for the robot’s modules. Operating Grace on the Cardano blockchain will enable quick biodata processing, privacy and security at a low cost.
The world before the COVID-19 pandemic ignored mental and physical health at large. However, the post-pandemic world is different. AI robot like Grace is a revolutionary step in the healthcare sector.
Ben Goertzel the CEO of SingulariyNET said “…solutions like Grace are so important, to combat loneliness and ease the burden on frontline workers. And with Cardano’s market-leading capabilities, she will be able to scale to meet this global challenge.”
Cardano blockchain enters the telecom sector
One of the major announcements in the Cardano Summit was the partnership with Dish Network.
Here’s the Dish/Boost announcement: https://t.co/bzk35RbcaM
— Charles Hoskinson (@IOHK_Charles) September 25, 2021
The American Telecom network announced a partnership with Cardano Blockchain to provide digital identity services to Dish customers. The IOHK founder believes that this partnership will turn the tables and set a new structure in the telecom industry. Despite the challenges to enforcing Blockchain technology in the telecom sector, this collaboration will create 8 million digital identities on phones satellite. The goal is to develop a network where people can move from one space to another while the framework remains rigid.
Smart contract integration
Cardano’s parent company Input Output said that it has partnered with ChainLink. The official tweet of Input Output says that this partnership will empower the developers to create smart contracts for Defi applications. With the support of ChainLink, the Ethereum Blockchain rival can build smart contracts via integrating oracles.
Announcement: we partnered with @chainlink to help Cardano developers build smart contracts for secure DeFi applications. For press release, DM us or email firstname.lastname@example.org #CardanoSummit2021 pic.twitter.com/1qOs0WdLtq — Input Output Media (@IOHKMedia) September 25, 2021
The inclusion of these oracles on the Cardano blockchain will enable development teams to include institutional-grade data given by Chainlink into their smart contracts. The oracles will initially provide market price feeds, followed by support for other Chainlink decentralised services.
Weather data for parametric insurance products, Sports data for prediction markets and verifiable randomness for gaming and digital collectables like non-fungible tokens (NFTs) are among them.
COTI as the official issuer of Djed
Charles Hoskinson made the biggest announcement of the Cardano Summit. The founder of one of the largest cryptocurrencies announced that COTI will become the official issuer of Djed stablecoin.
COTI and Djed stablecoin remained in the limelight of the Cardano summit after the announcement. Djed is the newly launched stablecoin by Cardano. It is based on the Cardano algorithm. It is developed to facilitate simple transactions to efficiently support Defi projects. The stablecoin uses smart contracts to ensure its price stability as well as decentralized financial transactions.
While burning and minting other stable assets and reserve currencies, the Djed stablecoin keeps a reserve of base coins. It can be used to pay transaction fees on Cardano. This makes the transaction prices more predictable for Cardano users and protects them against gas fees.
Why is it important for you?
The Cardano Summit showcased the new developments in the Cardano ecosystem. The announcements and collaboration projects open up possibilities of Cardano surging up in the market.
The smart contracts feature holds the future for the Cardano Blockchain and ADA investors. However, the new development projects are too lengthy. We will have to wait and see how everything comes together.