Cardano ADA is a third-generation blockchain platform. This blockchain is unique because it is developed through science-based methods and founded on peer-reviewed research.
Cardano combines a wide range of pioneering technologies to deliver sustainability and unparalleled security to decentralized systems, applications, and societies. Since its launch a few years ago, Cardano ADA has grown significantly. This is evident in the recent financial report of the company. To give you more insights on the financial report, this post discusses some of the notable details.
ADA Shows Steady Revenue Increase
The ADA ecosystem has grown significantly. Despite being on the market for only a few years, this platform has forced its way into the top five largest cryptocurrencies. Its blockchain system is also working excellently, with more people using it. This sharp increase in usage has seen the ADA ecosystem grow its revenue.
The platform registered a 38% increase in revenue, despite last year being affected by the pandemic. This year, Cardano is riding high, and its revenue might skyrocket. ADA ecosystem is also finding its way into different industries. The unique nature of this blockchain has enabled its usage in diverse sectors, including academics.
Soaring High in Academic Research
Apart from being one of the largest cryptocurrencies, Cardano ADA also plays a part in academic research. Unlike other blockchains and cryptocurrencies, Cardano ADA does not depend on technical foundations to run its operations.
Instead, this platform uses research from world-leading academics to implement its strategies. Its close involvement with academics has seen the platform invest in this industry.
Several universities and colleges have partnered with Cardano ADA on various programs. As a result, the ADA ecosystem has increased its revenue and created a solid reputation among academics. The partnership with several universities in Africa has seen the ADA ecosystem spread beyond America and Europe.
Smart Contracts
Smart contract functionality is another significant invention by Cardano ADA. This system allows Cardano to compete with other programmable blockchains. It is important to note that smart contracts are tiny pieces of code inside the ecosystem.
These contracts are game-changers, spreading the use of ADA beyond the banking industry. It is important to note that the smart cards project was a collaboration with several companies in the tech sector. With these contracts, it is easier to sign deals online and maintain their legality. You don’t have to meet physically to sign a contract.
Here are a few other things that smart contracts will make possible;
- DeFi (Decentralized finance) applications: DeFi is an umbrella term referring to all financial applications working without intermediaries like financial institutions. Most of these financial applications offer loans that don’t need middlemen.
- Non-fungible tokens (NFTs): These are a unique set of assets you can purchase online. It is important to note that NFTs have in-built digital signatures that make the ownership process easy.
- Gaming apps: Those that love gaming can also own in-game assets thanks to smart contracts. This can increase value of your ADA NTFs.
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