Here’s What Happened at the Cardano Summit 2021 By DailyCoin

• The Summit 2021 took place in six locations around the world between the 25th and 26th of September.
• Charles Hoskinson held a keynote at the start of the summit.
• Cardano announced major partnerships to fast forward their new development after the Alonzo upgrade.

Blockchain is rapidly evolving, and the promise of a new blockchain generation is eagerly awaited. The Cardano Summit 2021 has rendered a new image of the Cardano ecosystem. After successfully implementing the Alonzo upgrade, Cardano network capabilities grew to match those of after transitioning to the Goguen Era.

Smart Contracts Prime

The Alonzo upgrade served to bring Cardano’s network functionalities closer to the industry standard by enabling smart contract deployment. In addition, during the summit, Cardano announced two key partnerships to kickstart the development of new smart contract integrated features.

Chainlink was one of the key partnerships announced for the Cardano ecosystem. The Oracle (NYSE:) network will help feed quality data and help developers build accurate and feasible DeFi smart contracts. Input-Output (IOHK) noted that market price feeds will be the first ones to be accessible to developers. Moreover, developers will then have access to:

“Sports data for prediction markets, weather data for parametric insurance products, and verifiable randomness for gaming and digital collectibles such as non-fungible tokens (NFTs).”
As mentioned in a previous article about the event, COTI, which Cardano has backed up, will issue its first native stablecoin, Djed. Thus, DeFi can be a frictionless operation for users and individuals as it will mimic existing protocols on other chains.

Furthermore, EMURGO, the global blockchain solution provider, will allocate $100 million in the Cardano ecosystem to hasten DeFi and NFT education in the space. DeFi and DEXs are already being developed and perfected on Cardano as new development and updates are rolled out on the ecosystem.

On The Flipside

• Cardano faced criticism during the last testing phase for its concurrency issue.
• Cardano’s slow development process is hindering its adoption process.

Other Notable Mentions

Cardano illustrated the versatility of its network by expanding its network usability across a multitude of industries. In addition, the ecosystem announced Dish Network (NASDAQ:) would integrate with the blockchain. Specifically, Cardano will create a system for digital identities for Dish consumers.

Additionally, Cardano expanded into the world of esports. They partnered with Rival, an esports platform, to help develop an agnostic NFT marketplace that will expand in an ever growing market, where businesses or users can create, redeem, or transact digital goods in the form of NFTs.

What’s more, the Cardano summit was also held in a virtual world, which gives a small precedent for where Cardano wants to focus its resources. Cardano also announced their…