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Cardano Makes Big Announcements Ahead of Summit – Cardano Weekly

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The Cardano Summit event starts today, and the Cardano development team has already hinted at what the community can expect. Meanwhile, the ADA token is trading fairly positively following a crash that saw it sink below $2 earlier this week. A look around the Cardano network:

Investment strategist Raoul Pal reveals he owns Cardano (ADA)

Real Vision founder and Global Macro Investor Raoul Pal recently revealed he holds Cardano on his portfolio. The former hedge fund manager confirmed his interest in the token in an interview with Bitboy Crypto. Pal, a former Goldman Sachs executive, also observed that the ADA token has a lot of potential in the next few years if it continues seeing adoption.

The macro guru also cited the Cardano community as one of the positive factors that could help it grow.

“I like the project. I think it’s very interesting. We really need to see more network adoption, so it is early stage for me…It’s doing well. There’s a big community behind it so that gives you one side of the network. […]I own some and I’m just waiting to see really is it going to start getting a lot of traction, people building stuff on it?”

The entrepreneur also gave his projection on the token, saying that it wasn’t the biggest performer but could ‘probably do very well’ once its community gets the hang of the smart contract functionality.

Cardano to launch a decentralized application store

The development company behind Cardano, Input Output (IOHK), on Wednesday, posted a blog post announcing that Cardano was working on a dApp store. The store, dubbed Plutus dAppStore, will host certified, decentralized applications making it easier for them to be located. The Cardano community will effortlessly access dApps on the upcoming storefront once they are uploaded by developers on the network.

Cardano’s Head of Product (smart contracts), Shruti Appiah, explained that the store helps bridge two gaps simultaneously. The network, at present, lacks a discovery process for its dApps. It also has no assortment of dApps in specific ecosystems. The Plutus dAppStore will solve both problems as users will be able to browse through all dApps available from one location via a web browser.

The development company is additionally looking to introduce an official certification program for third-party Cardano dApps. The Cardano team averred that the purpose of the same would be to ascertain the integrity of the dApps on the platform. Appiah confirmed that there wouldn’t be restrictions on the apps listed, and both certified and uncertified applications will be featured in the store. A preview of the storefront prototype will be exhibited during the Summit event, but the official launch date is yet to be revealed.

Late last week, Cardano announced Hydra 2 that will allow developers to deploy their dApps safely. The blockchain’s founder, Charles Hoskinson, posted on Twitter that more details will be revealed during this weekend’s summit.  The layer 2 scaling solution will be crucial in reducing latency, increasing throughput, and lowering storage requirements. Software engineering lead Sebastian Nagel noted in a September 17 blog post that the development team had implemented a proof of concept prototype.

The hyped Cardano Summit begins today

Cardano Summit 2021 officially starts today and will run throughout the weekend. The one-of-a-kind event, which has been billed as the most significant event for the network, will be a blend of both live and virtual sessions. The latter will feature avatars that will allow users to interact. Meetups will take place in six different locations, and the events are divided into seven worlds. These are Cardano World, Adoption, Community, Catalyst, Governance, Impact, and Utility.

The summit will also have notable keynote speakers addressing the attendees. Only minor details about what is expected are known, but all signs point to industry-defining announcements being made as previously teased. Limited edition NFTs will be available and can be collected throughout the weekend. Users can sign up for the event for free here.

Cardano token performance in the market

Cardano was one of the cryptocurrencies affected by this week’s crypto slump. The token dipped, touching a low of $1.92, according to data from coinmarketcap. ADA/USD posted a mild recovery on Wednesday and early Thursday before seeing a sharp correction to $2.02 during Thursday’s mid-day session.

The token is currently changing hands at $2.28, having lost 1.95% in the last 24 hours. The short-term outlook points to a brief rally towards $2.50 over the weekend. That said, the summit event will likely have an impact on the price of the token, depending on the announcements made.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.