The emergence of blockchain technology and cryptocurrencies in the global financial system has been an outstanding revitalization and a propellant towards the inclination of the financial sector’s success story.
The first and most popular modern cryptocurrency is Bitcoin. In its early days, it has faced so many criticisms by stereotypical individuals but Bitcoin and other cryptocurrencies such as Ethereum and ADA(Cardano) have been able to pull through by exclusive features which include portability, divisibility, inflation, resistance, and transparency.
Brief Enlightenment on Cardano
Cardano is a blockchain founded in 2015 by Ethereum co-founder Charles Hoskinson. Cardano’s mainnet was launched and went live in 2017.
The development and proceedings of all activities run on the Cardano blockchain are overseen by three tiers: the “Cardano Foundation” which is the overseer and then the other two “EMURGO IOHK”.
Cardano’s native coin is known as “ADA”. Since its launch, till date, the ADA coin has had a maximum supply of around $45 billion used for staking and running transactions.
So, many believe Cardano’s success story is a result of Cardano’s CEO Charles Hoskinson’s experience when he was an Ethereum co-founder, but the truth is Cardano (ADA) is a smart contract cryptocurrency that aims to use blockchain technology to solve real-world problems making it almost unrivaled. With the usage of a Proof of Stake consensus mechanism, it can process around 300 transactions per second.
Smart Contracts are independent programs stored on the blockchain that executes the instructions (codes) given to them by a programmer or developer once the predetermined conditions have been met by the involved parties (buyers sellers).
They are programs that work efficiently without the interference of a third party and their decision-making is not biased in any form as they only carry out the assignment once conditions are met and verified hence, they are fast, reliable, accurate and most of all secure and efficient.
The Cardano Smart Contract Effect
Surprisingly, it has been a long time coming since the Cardano Smart contract has been greatly anticipated by investors and cardanians. Despite not having launched its smart contract over the years, Cardano has rivaled other cryptocurrencies and taken the market by surprise making it the 3rd largest cryptocurrency by market cap.
The implementation of Smart contracts on Cardano went live on September 12, 2021. Cardano’s CEO Charles Hoskinson said: “He and his team want to create smart contracts with real utility and that their slow methodical rollout will ensure that projects will be robust from day one”.
What is to be Expected Now That Cardano Smart Contracts Are Live?
A lot of long term and profitable projects are on standby waiting to be launched on the smart contracts, but none is yet to be launched due to Cardano’s unique e-utxo model which has led to concurrency issues (usage of an app by several people at once) for some of these dApps.
Nevertheless, some of these projects know what it means to get their projects up and running on Cardano’s Smart contract and have found ways and solutions to overcoming this little barrier so their launch could be sooner than we expect.
Auspicious Projects to Be Launched
Here are the top five promising projects to be launched very soon on the Cardano smart contract. These projects are in the pipeline, and they seek to make a stand in the Cardano ecosystem.
SundaeSwap was founded in April 2021, it is an AMM DEX with similarities to that of Uniswap hoping to become Cardano’s leading DEX and also a hub for initial DEX offerings (IDOs) for other upcoming Cardano projects.
The SundaeSwap protocol executes for types of transactions namely, creating a liquidity pool, Swap tokens, deposit liquidity, and withdraw liquidity.
The SundaeSwap tokens will be distributed to ADA holders and investors that have staked their $ADA on the SundaeSwap staking pool through its initial stake pool offering with an even distribution of 55percent of the token between the community and users after its launch.
Just like SundaeSwap Ardana was also founded in April 2021. The Ardana is a stablecoin project that seeks to be Cardano’s Maker DAO making it possible to mint a US dollar stable coin known as SUSD by making use of $ADA as collateral thereby paving way for a massive amount of liquidity.
Ardana project aims to create stable coins paired with other currencies which will be tradable of Ardana’s Dhana swap DEXs.
Drunken Dragon Games
Drunken dragon games were also founded in 2021 and at the moment its NFTs are being distributed to cardanians delegating to its stake pool. This NFT game is still far away from launch but regardless of this, its NFTs have already been sold for tens of thousands in ADA on its dedicated marketplace.
Meld DeFi protocol was established in March 2021 with its current ISO program running till the end of the year. It is a lending and borrowing project just like the Arve protocol on Ethereum making it feasible to borrow and lend tokens on Cardano. Its uniqueness as a lending and borrowing project is that it supports fiat currency lending and borrowing with KYC is required.
Empowa was founded in April 2021 and its existence was initiated through funding from Cardano’s project catalyst in August 2021. As the name implies its sole purpose is to empower African homes with affordable housing starting with Mozambique.
Investors and contributors who support the EMPOWA real estate project development by purchasing EMPOWA tokens will secure a cut of the future rental income from the properties built by EMPOWA.
Despite meeting most of the major development milestones Cardano is still far from complete and with the functionality of the Smart contract going live, now is the best time to get accustomed to the system, invest and make profitable income so you don’t lose out on this golden opportunity on a silver platter.