Cardano grows stronger after successful Virtual Summit

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With 10,500 attendees from around the globe, the recent Cardano Virtual Summit was a resounding success. The event took a deep dive into Cardano and the scientific research underpinning it, as well as revealing the latest blockchain technology advances with applications both in the developing world and for wider enterprise.

Over two days of presentations and discussions, the three host companies, IOHK, Cardano Foundation and Emurgo, showcased Cardano’s recent developments, inspiring thousands more to believe in and join their project. The sessions were held across five virtual rooms: Main Auditorium, Science of Blockchain, Delivering Solutions for Business and Enterprises, Supporting ADA Community, and Governance & Regulations.

The virtual summit was indeed so successful and inspiring that Cardano and its coin ADA surpassed Litecoin, briefly taking the position of 7th largest cryptocurrency, with a market cap of $2.74 billion.

This summit’s main topic was the Shelley update, which, as announced, has been successfully completed. The team revealed the launch of Project Catalyst and the Voltaire era, which will focus on establishing a democratic platform governance system.

About the announcement, Charles Hoskinson, one of the minds behind Cardano, said: “ADA holders need a simple process where they can directly influence the future of Cardano. This process needs to be fair, usable and lead to impactful funding decisions, something that to date hasn’t been achieved by any other system in the industry. We’ll be rolling this out in Q4 of this year. With a simple mobile interface and voter rewards, our community will be able to fund initiatives they believe in. Project Catalyst primes us for Voltaire and is a huge step in fulfilling IOHK’s promise of a decentralised, fair and impactful treasury system.”

Other important announcements included the release of Cardano’s Atala PRISM, a multi-purpose decentralised system providing “self-sovereign” identities and access to a blockchain marketplace for financial and social services. Furthemore, PRISM seeks to address cybersecurity vulnerabilities and privacy concerns, providing a blockchain system for users to exchange personal and sensitive information safely.

The launch of PRISM is a testament to Cardano’s mission to build technology systems which can provide financial services to the populations of developing countries, more particularly to the three billion people who are currently excluded from mainstream banking services. According to the Cardano website, PRISM technology can be applied in a variety of industries such as education, government services, digital identity and finance.

Hoskinson said about PRISM: “As an open and inclusive system potentially accessible through simple cell phones or paper wallets; this could fuel a new wave of applications extending social and financial systems to millions worldwide.

“PRISM could give almost 2 billion unbanked people an economic identity, track global goods from source to sale, and de-risk investment in emerging markets. In the wake of an increasing backlash against Silicon Valley firms over data privacy, this decentralised identity system gives people sovereignty over their data and reduces the risk of data privacy breaches for service-providers.”

In even more exciting news, IOHK announced the launch of a venture fund with Wave Financial Group intended to support development and strengthen IOHK platforms: among them, Cardano. IOHK is investing $10 million and Wave plans to raise a further $10 million, with the total amount to be distributed to start-ups and early stage companies around the world whose products are built on top of IOHK technologies. It is hoped that the move will widen Cardano adoption.

Underneath the technological refinement of Cardano lies the philosophy of creating a blockchain enterprise based on a human-centred approach to innovation. The project has been developed by thorough research and in-depth study. Education has always been the backbone of Cardano’s philosophy, underpinning its mission to establish itself as a leading institution in the academic study of blockchain by tackling difficult research questions. The recent summit clearly demonstrated that Cardano and its partners are fully committed to making this mission a reality while building a solid foundation in the industry.

The project’s original aim has expanded, as increasing opportunities showed the game changing power it can offer society. It is not just about providing financial services and technological infrastructure to developing countries; it is about individual and community empowerment, social impact and innovation, and human progress. More use cases have been tested and are currently in development.

Ahead of the Summit, Cardano launched its new website. Visit cardano.org, the hub for all things Cardano, where users and businesses can find information about development, updates and industry applications.

Cassiopeia Services and our in-house production FinancialFox are media partners of the event and long-term supporters of the Cardano project. Watch our recent FinancialFox interview with co-founder of IOHK and Cardano Charles Hoskinson:

Charles Hoskinson will be speaking at Binance 'Off the Charts Virtual Conference' on July 14th. Register for free here: https://www.eventbrite.com/e/binance-off-the-charts-virtual-conference-tickets-108855951080

Be sure to follow us on social media @cassiopeia_ltd to keep up with more news and updates in this exciting sector, and don’t forget to subscribe to our channel for further upcoming interviews on FinancialFox.