The price of Cardano has been quite stable for a while after reaching its all-time high of $1.33 in January 2018. It took a sharp dip since then and is now valued for $0.067113 according to data by Coin Market Cap. Top analysts have made some bullish Cardano price forecast and still hold on to this prediction. Does this cryptocurrency stand a chance in the long term?
Cardano (ADA) Price Today – ADA / USD
Cardano (ADA) is a dApp and smart contract platform which is a lot like Ethereum. Both platforms let developers create dApps on the network. Cardano has been recommended over Ethereum because of its scalability. The founder, Charles Hoskinson saw the flaws of the Ethereum network and created Cardano to overcome those issues.
Cardano news today: a partnership with Ethiopian government could encourage mass adoption
Charles Hoskinson, the CEO of IOHK and founder of Cardano announced the unveiling of a new blockchain solution aimed at encouraging mass adoption of cryptocurrencies in Africa. This move is being made possible by a collaboration of Cardano and the Ethiopian government.
Hoskinson revealed that the name of the blockchain framework is Atala. This framework was created to mirror the IBM Blockchains, Hyperledger Fabric. The mission of this project is to be an option for firms looking to implement other new products as well as governments in developing countries.
The CEO spoke about the project in an interview with Forbes magazine. He spoke on the plan Atala has for catering to governments and their agencies. He says the plan is to be a solutions provider for the governments who are in need of a supply chain management system or a municipal currency.
Hoskinson gave some examples of how this framework can be implemented in real world applications. Some include supply chain management, a voting system, property registration and many other applications. The project is also devoting some of its focus on the mass adoption of crypto in Ethiopia. It hopes to provide a dependable and secure means of payment for the nation’s capital.
He announced that the project hopes to create digital payment systems that will let 6 million people pay in crypto.
“We are working with the Ethiopian government to create a new digital payments system that will allow six million users to pay their power and electric bills with cryptocurrency. We want to eventually combine this with an identity card.”
Cardano price prediction: What does this mean for Cardano price forecast?
Mass adoption means an increase in trading volume and this boosts investor confidence. Analysts believe that such a large influx of users could boost the price of Cardano. It can also find a spot in the top five cryptocurrencies by market cap.
The digital currency is presently at the 10th position on the list of cryptocurrencies by market cap. It has a market cap of $1,740,048,432 USD and a 24-hour trading volume of $68,490,450 USD.
If the Cardano project reaches some of its potentials, it will become a main contender in the dApp and smart contract sector. When it offers the best network security with increased scalability, more developers will transition to Cardano for developing dApps. This will result in more use cases for Cardano and ultimately lead to a higher value of the coin.