The Cardano blockchain has been called by many names in the last few weeks. The third-generation cryptocurrency sneaked up several contenders and snatched 3rd position only after BTC and ETH recently. In February, many financial analysts predicted a steady fall and bear correction in the Cardano ecosystem. The prediction seems to be materializing as time goes by. Currently, ADA has gone down to the rank of the 5th most dominant crypto asset in the world.
The name Ethereum Killer has been following Cardano all around as the cryptocurrency has shown promise of addressing major issues like forking, scalability, and partial centralization. For the cryptocurrency to stay afloat for longer, it is very important to have more long-term investors that stay for at least one year on the token.
Hoskinson Shifting Cardano Weight Towards NFT Markets
Charles Hoskinson, the CEO and co-founder of Cardano blockchain, has big plans for this cryptocurrency. He has been announcing major updates related to the system since the beginning of 2021. In a social media stream, Hoskinson has now introduced the ambition to introduce Cardano as a top NFT market for the future. The non-fungible tokens or NFTs have been getting massive attention from the music and arts industry as the new form of expression.
Hoskinson talked about the issue of the NFT markets struggling with metadata, identity, authentication, and governance that are plaguing the existing NFT markets at present. However, he plans to manipulate the Cardano platform to facilitate the users with issuing, curating, transferring, and exchanging NFTs at the mainstream level. Hoskinson further added that the platform has already started to port the top NFT platforms and plans to become a giant of the industry in the coming years.
Cardano to Introduce Another Major Upgrade on the Blockchain
The Cardano has been known as a third-generation blockchain due to its Proof-of-Stake (PoS) protocols. The fifth-largest cryptocurrency in the world is approaching yet another milestone. The blockchain’s smart contracts would become the center of attention of the entire crypto-verse through its final metamorphosis transformation with D-parameter and K-parameter.
After successfully implementing ADA-stakes, the D-parameter would finally be reduced to zero, which would increase the computing power from the staking pool. On the other hand, the k-parameter would stop the large-scale pools from overtaking the controls over the block production. Hoskinson has also introduced smart contracts, the Alonzo hard fork in the same vein.