Cardano is known as one of the blockchain projects with the slowest developments in the space. That is about to change as Cardano founder and IOHK CEO Charles Hoskinson says the project has picked up and is developing faster than it was projected to perform. The CEO mentioned this during a surprise AMA video on Youtube.
According to him, Jörmungander, the node behind Cardano has gone through a major upgrade to the testnet with several releases last week, making the beginning of a successful broadscale stress testing of the Shelley testnet.
He added that an incentivized testnet for Shelley is on schedule for November as there are times when over 2800 people are on the testnet at a time, pointing to a bright future for the project.
Also recently, the company announced a partnership with New Balance for a project called NB Realchain, which is the first mass-market product on the Cardano network. The project which focuses on the authentication of luxury goods is set to lay a foundation for handling issues arising from the secondary market for luxury goods.
Cardano also intends to spread to Africa and has already started making plans towards this. Although not much has been revealed concerning this, the company seems to be working towards launching a currency pilot by June 2020. This will be an important step towards Cardano achieving its primary goal of tokenizing fiat currencies and the World Bank may be covering part of the cost, Hoskinson said.
During the AMA, other issues that came up were the Cardano debit card which he said will be launching soon as well as the company’s involvement with the University of Wyoming. He did not give any details on the latter but said an official announcement will be coming soon.
Although it is currently ranked 12th by market capitalization, Hoskinson believes ADA will eventually become one of the first cryptocurrencies to hit a $1 trillion market cap. He, however, admitted that Algorand was a major competition as well as Starkware.
Cardano is research-focused with high tech blockchain applications in real life as its major focus. It works with several higher institutions globally in certificate verification and educational development. Its research team submitted 18 papers in September and October alone and promises to do more.