Not a lot of hype going into the Cardano Summit, but definitely a lot coming out.
- Cardano Summit 2021
- Cardano Summit: The Various Announcements
- Will It Shut Up The Critics?
Cardano Summit 2021
As well as over 40 in-person events around the globe, we've designed 7 virtual worlds for you to explore!
— Input Output (@InputOutputHK) September 25, 2021
Cardano Summit 2021 took place over the weekend. Dubbed as “The Biggest Blockchain Event Ever,” it took place in six different locations across the world, including Berlin, Cape Town, London, Miami, New York, and Wyoming.
It was a wide-ranging event covering all aspects of Cardano’s present and future. The summit had surprisingly little hype going in considering Cardano’s marketing prowess. Nevertheless, it delivered a lot of significant announcements like partnerships with Chainlink and DISH Network.
But as usual, the question with Cardano is, is it enough to silence the critics?
Cardano Summit: The Various Announcements
Recommended: Smart Contracts Coming To Cardano In 90 Days
Cardano announced it will partner with Chainlink to use the oracle’s data feeds. This news came as a surprise. Seeing as Cardano invested in its own oracle, Charli3. However, Chainlink is responsible for 70% of DeFi’s data. Not to mention, it provides prices for the majority of crypto exchanges. Sergey Nazarov’s protocol is the industry standard as far as oracle’s go. Partnering with Chainlink ensures quality DeFi projects for Cardano moving forward.
DISH Network is surprisingly woke when it comes to crypto. The satellite TV company accepted Bitcoin as payment as early as 2014. The partnership with Cardano will include ID services for customers. It’s unclear what exactly Cardano is providing in the partnership, but it will likely include some form of identity service and loyalty program using Cardano’s chain.
Cardano announced that COTI will issue Djed, a stable coin focused on DeFi. Mainly, its purpose is strictly to keep fees low, and transaction speeds fast, on the network. It will do so via an algorithmic design using smart contracts.
The most underreported partnership of the summit is definitely Cardano’s partnership with SingularityNET. The AI company will use Cardano’s blockchain tech to assist with the development of Grace, their eldercare and healthcare humanoid robot. CEO of SingularityNET Ben Goertzel said that you can do “many interesting things” with Plutus that you can’t with Ethereum and Solidity.
Cardano also announced its first partnership with a regulated fintech company. UBX, based out of the Philippines, will run a stakepool and become a node on the network. UBX was the fastest growing fintech company in South East Asia in 2021. The company spun out of Union Bank, one of the largest banks in the Philippines.
Will It Shut Up The Critics?
Recommended: Check out our guide on Cardano
That was a short list of some of the bigger announcements to come out of the event. There were many more where those came from. Overall, it was pretty impressive. But, you know, it’s Cardano, so, like, was it enough to quiet the many haters of Charles Hoskinson and his chain?
In short: absolutely not. At this point, I’m not sure what Charles Hoskinson would have to do. I doubt walking on water, turning water into wine, or conclusively proving he’s Satoshi Nakamoto would work at this point.
Not to mention, a good chunk of Cardano “hate” is certainly astroturfed. So, even if the real “haters” could be convinced, the online hate towards the proof-of-stake chain online would not cease to exist.
That said, the summit did enough. Overall, it showed the ecosystem is growing. Concerns like whether DeFi is possible on Cardano should be assuaged with the Chainlink partnership. And, the Djed stablecoin sounds like it could help Cardano’s DeFi chances against Ethereum.
Not to mention, the fact that Plutus is being used to help develop eldercare bots in a time when long-term healthcare facilities are at high risk due to the pandemic is promising as far as actually useful usecases go.
Though, if I’m being honest, I would have liked to learn a bit more about what exactly Cardano is doing with DISH Network. It does feel a little half-baked right now.
Regardless, overall, the event did what it had to do. Which is, keep its faithful believing in the future.