Big Things Coming: Cardano Plans To Make “Industry-Defining Announcements” This Weekend

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Key takeaways

  • Cardano Summit 2021 is set to hold this weekend across various cities virtually.
  • During the summit, Cardano will showcase its achievements so far as well as make important announcements.
  • Industry participants are looking forward to announcements about Cardano’s layer-2 scaling solution, Hydra. 

The much anticipated Cardano Summit 2021 fixed for 25-26 September has been billed to be the biggest ever and most exciting event yet hosted by the organizations behind the development and promotion of the Cardano blockchain network. 

The summit’s format is to be both in person as well as virtual and will be held simultaneously in various cities across Africa, Europe, and the U.S. Community-led events will also be happening across six continents and over 50 countries. Attendance is also free and only requires interested persons to register on the summit’s website.

During the summit, Cardano plans to make “industry-defining announcements” and also reflect on the year it has had so far that has seen it most recently launch smart contracts capabilities that mean that decentralized applications can now be built on the blockchain. They will also showcase the latest in Cardano developments and will feature notable political figures, tech personalities, scientists, published academics in the field of blockchain, and business leaders who will be engaged in discussions on topics such as sustainability, regulation, blockchain adoption, and how to empower the world through the Cardano network.

Specifically, EMURGO, the investment arm of Cardano will headline dialogues and expositions on “creative blockchain applications for businesses and governments,” while the Cardano Foundation, the non-profit responsible for attending to Cardano’s long-term development, will focus on “Cardano’s trajectory towards providing social and financial services to the least developed parts of the world.”

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For Charles Hoskinson, the founder of Cardano and also CEO of IOHK, the summit is a chance to showcase what the work of six years of “intensive development and peer-reviewed academic research” has culminated into to the rest of the world.

Ken Kodama, CEO at EMURGO, who shares a similar sentiment with Hoskinson said that the event was a special occasion especially as this year had seen the blockchain usher in decentralized applications capabilities.

“Cardano is ushering in decentralized finance, a new breed of NFTs, and other decentralized services for an increasingly global user base. As one of the founding entities of Cardano, we look forward to sharing more details of our plans to support the development of these services through Yoroi Wallet and our core business areas.” Kodama said in an official press release yesterday.

One aspect of the summit participants will be looking forward to will be the official announcement and discussions surrounding the development of Cardano’s layer 2 scaling solution, Hydra. IOHK has already announced that the deployment of Hydra is the next milestone the network is aiming to reach.

According to Charles Hoskinson, Hydra is already in development on the Alonzo hard fork. It is billed to help the network to maximize throughput and minimize latency while incurring low to no costs, and greatly reducing storage requirements by processing transactions off-chain for a set of users while using the main-chain ledger as the secure settlement layer.