Cardano is a decentralized, fully open source, public Blockchain protocol with a smart contract ecosystem and cryptocurrency.
Cardano is a decentralized, fully open source, public Blockchain protocol with a smart contract ecosystem and cryptocurrency. The Cardano coin is called ADA also popularly known as the name of their organization, “Cardano”. Their ecosystem has many developers and investors that are mainly based in Japan.
Cardano is a third-generation protocol and as one of its peculiarities, it is noteworthy how it is developed mostly based on scientific research backed by peer review publications. It is being built by a large international team with very concrete intrinsic objectives including sustainability, interoperability and scalability based on mathematical models.
The main objective of Cardano is to work with smart contracts, similar to that of Ethereum. Indeed, it has been called the Ethereum of Japan, although its presence is outstanding in Hong Kong and Korea too.
The first card for payments in public stores of the Cardano ecosystem (ADA) has just been launched in South Korea. Several media, based on statements made by Ken Kodama, the CEO of Emurgo, Commercial Department of Cardano, have made the announcement public. It has already been announced that the new card will be accepted by more than 33,000 merchants in South Korea, including the popular Korean convenience stores such as GS25 and Emart24.
Kodama has explained that his company’s goal is to reach more than 30 million people with the new card, available in denominations of 100 and 1,000 ADA, as can be seen in interviews available on social networks. It has also been made public that Emurgo has partnered with Metaps, a well-known Japanese Fintech organization, to form Metaps Plus, the platform that will drive the new card.
On its official website, Metaps announces this alliance saying the following: “Metaps Plus and EMURGO Collaborate on Joint Launch of World’s First ADA CRYPTO CARD in South Korea~Expanding cooperation to support demand for Cardano in the South Korean market ~”.
The CEO of Metaps Plus, Seungyeon Kim, is quoted saying, “It’s very meaningful for us to work with ADA, with the entire team, because they were the strategically ready one … Emurgo was the only partner ready with deep understanding to be into offline payment integration and strategic focus to provide a practical application for cryptocurrencies. We plan to develop this product further to ensure we have solid use case for broader offline adoption with Korean online and offline merchants. “
Kodama, meanwhile, emphasizes the importance of mass adoption that this can help bring, as people will use cryptocurrencies more and more in their daily lives. To this point, he states, “People will be able to make purchases via mobile app, but there is even more than that. Now with the ability to charge ADA onto a crypto card, people in Korea will be able to take their ADA and physically hold it in their hands and use it in their daily life. My hope is to see this develop into the widespread adoption of this new method of payment. “
Cardano is a Blockchain that aims to revolutionize the financial industry based on the development of a futuristic generation of technology called the Network 3.0. Its purpose is to correct the many limitations that other Blockchains have presented and/ or been subjected to through functional computing languages capable of helping to resolve errors and generate more reliable code.
We are still in an intermediate period between the Network 1.0 and the Network 2.0 according to many analysts. So the best of Cardano is still in the future. However, these high-level products can help Cardano move at a faster pace, as is being seen in Asia.
