I, As every Cardano supporter out there, I’m waiting to see the price of ADA go to space and beyond with an adoption curve lifting off charts, but before that occurs, I know there’s still path to go through. So I have asked myself a question, how can the development of third parties will help the ecosystem do that , besides the effort and work of the Cardano team, who by the way are doing an amazing job.
I will like to point out the developing that is going on right now on other Cryptocurrencies like XRP with the (InterLedgerProtocol) ILP. I do not want to extend much on this nor minimize the development of the Official Cardano Team, but is a key factor for consideration since they are finding options for usability in a day to day basics besides the just mining, trading and hodling case. If anyone knows a project that will like to point out, please just reply with the information, I’ll appreciate it.
Below are some example of the developments under the ILP of XRP:
- Coil & StrataLabs , both a service for micropayments,
- Mojaloop , an open source payment system for emerging markets backed by the The Bill & Melinda Gates Foundation , using Interledger to increase financial inclusion through interoperability.
- XRP Tip Bot enables Twitter, Reddit, and Discord users to tip one another using XRP and ILP.
- And at last but not least, Ripple itself, who is the vanguardist of a disruption Swift technology in the banking system.
Said this, I know that Charles Hoskinson is working hard in underdeveloped countries in Africa, targeting unbaked citizens as a good option to push mass adoption models, this is a great Sandbox to prove and test ideas that could be applied later into more advanced countries, but since Cardano is still in an early phase, it will be great to ask all of you, how can we improve the evolution curve?.
I will like to share out this chart that show the Technology adoption in US households from 1900’s to 2016, as you can see, the cycles of adoptions are getting shorter and shorter, going from a time-lapse of 100 years to a 6 years period, this is a good exercise to analyze how fast technology is being absorb this days and how can Cardano be a key player in this.
Now moving forward, last week I read a great article called “ Plutus Smart Contracts II: Pay $10 in ADA”, by Javier Casas ( http://www.javiercasas.com/articles/plutus-smart-contracts-pay-usd10-in-ada ) in which he points out a great question How can we make a Cardano smart contract to pay $10 in ADA for some product or service without the limitation of a manual verification process?
“This is a very valid use case. In a world dominated by the Dollar, the Euro, the Yen and the Yuan, pretending these currencies don’t exist is very shortsighted. So, how do I pay a smart contract $10? Well, first of all, there are exchanges. You know, you can convert USD to ADA, and pay the ADA. But, how much ADA? Technically, what the exchange rate dictates. So, the first approach, the manual one, is:
- You check the current exchange rate, and find how much ADA per USD.
- You pay the corresponding amount of ADA for $10.
- Someone on the other end checks what you paid, and checks the exchange rate. Does the maths, and confirms you paid the agreed amount.
This solution is perfectly viable. But it involves too many manual steps. We didn’t sign to the blockchain to do everything manually, didn’t we?”
In his article, Javier reflected the limitation of a manual verification process when paying $10 in the equivalent of ADAs, he pointed out an option to simplify that process coming up with a validator. These type of thinking are going to be very helpful to the Cardano ecosystem, since productive creativity will push boundaries, and not only waiting to see prices go to the moon.
Now that I made my point, I will like to ask the Cardano Community to come up for ways of usabilities cases using ADA. I will like to share some questions that goes around my head that may not have an answer yet, but I like to think of the possibilities: How Cardano will step in into the Internet of Payment?, How will ADA convertibility process through FIAT will fence off volatility? I know that there is a development process underway that will allow multi coin support on Daedalus, but still not sure what to expect. , How can we develop a system without depending on exchanges or old banking systems? Because at the bottom line we still interact in Fiat, not in Digital currencies ., When will development meet the demand of mass adoption? How can Cardano step in if we face a Liquidity Crisis? , How can we improve the PROBLEM OF TRUST in cryptocurrencies?, Can Cardano help fight corruption?etc…
Searching around the web I found some projects that are working to improve the curve of evolution, but I will like to know more if anyone knows one, below a few that I found:
- Sirin Labs
- Ada Check
- Ada Traker
- Cardano ADA price and Staking Calculator
- Cardano Staking Profit Calculator
If you are developing a project that can solve a day to day problem, or you know of any other than those listed above, please post a link in a reply. I’ll be updating this post with the new links so all the links are on top.
PS. Sorry if there are some misspelling, but English is not my first language.