Despite the falling prices and major capitulation happening in the cryptocurrency space, there are projects in the industry who continue to push forward with new developments. These projects do not care about the price, they stay laser focused on their goals and get stuff done.
One such project that has caught people off by surprise with their substantial growth and recent developments is Cardano.
The project has been on fire as of late with the release of two new smart contract tools that are a potential boon for the fintech industry.
These tools named Plutus and Marlowe have the potential to put Cardano on the map as a leader in the development of smart contracts for the fintech industry. Also, Cardano’s major update version 1.4 is on the testnet and things are going well.
So well in fact that Charles Hoskinson, the CEO and co-founder of the blockchain research and development firm IOHK, has announced the release date for Cardano v1.4:
After seven release candidates and a huge amount of QA work, I’m pleased to announce that our best effort release date for Cardano 1.4 is December 18th. Daedalus users will get an in-client update notification next week. Thanks everyone for your patience and support
— Charles Hoskinson (@IOHK_Charles) December 14, 2018
This update’s release will be the most significant update ever made to the Cardano ecosystem.
It will include major amendments to the code base, an increase in storage capacity on the Cardano blockchain, and is crucial to Project Shelly which will shift Cardano into a fully decentralized and autonomous network.
The v1.4 update is something to be excited about and comes at a dark time in the cryptocurrency sphere, where some projects in the space are failing to deliver on their promises.
Cardano Overcomes Internal Struggles and Criticisms
Cardano has undergone a lot of scrutiny in the past regarding their slow peer-review process and lack of development. The argument is that other projects are moving faster and could gain a competitive advantage.
However, this argument does not hold well for the current state of the cryptocurrency ecosystem. There are very few people using decentralized applications and the blockchains that rushed to launch these dapps have already proven to be too slow and difficult to scale.
The tech is still in its early days and therefore Cardano seems to be taking the right approach in taking things slow and getting it right. It doesn’t matter which project does what first — what matters is getting things right.
Cardano has resolved its internal struggles after the resignation of Michael Parsons, who was Chairman of the foundation, and the internal strife clearly hasn’t had a negative effect on the development side of the project.
Overall, Cardano’s future is looking bright. While they may not be the first blockchain to tackle smart contracts and dapps, their blockchain has some of the strongest fundamentals.
Now with some serious development and updates underway, we can expect to see a lot more from IOHK and the Cardano blockchain.
What do you think of IOHK’s approach to developing Cardano? Will Cardano rise to be a top contender with Ethereum during the next bull run? Let us know what you think in the comment section below.
