Cardano founder met with Mongolian minister, Damdin Tsogtbaatar to discuss blockchain innovation in the country.
Cardano’s founder Charles Hoskinson was in Mongolia recently to discuss how blockchain technology can be used to bring innovation to the country’s public and private sectors. Cardano has been actively pushing towards the adoption of blockchain technology in developing countries and the discussion with the Mongolian government is just another step towards this goal.
Hoskinson could however not reveal the specific details of his meeting with the county’s minister, Damdin Tsogtbaatar. Hoskinson, who is a member of Ethereum’s founding team, has led the blockchain to develop pivot blockchain solutions tailored for the poorest nations globally. He believes blockchain technology has the potential to unlock these countries’ opportunities through applications in both government and business sectors.
Cardano taking root in developing countries
Earlier this year, Cardano signed a Memorandum of Understanding (MoU) with the Ethiopian Ministry of Technology, a move that will see the platform train blockchain developers in the country. According to Hoskinson, the first group of developers is expected to graduate before the end of the year and is expected to make contributions to Cardano’s code to improve it further. Many companies in developing countries are exploring new ways to innovate with blockchains to enhance the quality and efficiency of their service offerings. However, adoption has been slower compared to more developed nations and it is yet to be seen how much impact Cardano’s effort is going to have in these countries.
Cardano remains a promising platform with features making it a worthy competitor to larger platforms such as Ethereum. Cardano allows for the development of smart contracts with Proof of Stake consensus mechanism which is more efficient compared to the Proof of work previously used on Ethereum. The platform also uses a layered architecture which enhances security. Recent developments in the platform include listing on Abra. The decision by Abra follows constant requests from its users to list Cardano (ADA) alongside Tron (TRX) and BAT. Another exchange, Bittrex also announced that it would enable for crypto/fiat trading pair between ADA and the USD beginning this September. These developments improve the crypto’s liquidity and make it more accessible to users globally.
Cardano (ADA) price analysis
Cardano (ADA) has gained 8.9% against the dollar to trade at USD 0.069 with a market capitalization of close to USD 1.8 billion. There are over 25.9 billion ADA coins in circulation and the platforms founder is hopeful that the coin will be the world’s first to hit a USD 1 Trillion market capitalization. To achieve this, the coin will have to climb from its USD 0.069 price to USD 38.50 a unit. The Cardano team is working hard to lay the foundations that will enable it operate next generation smart contracts efficiently once they hit the main net. Some of the elements that make the platform admirable are its functional live features, a long term roadmap, a growing community and its peer reviewing process for its smart contracts. The platform has also continued to be transparent in its development giving the community insight and confidence in its potential.