A Look at Cardano’s Overcollaterized Stablecoin Djed
The Djed stablecoin is scheduled for roll out after the chain index syncing compeletes.
Cardano is a public blockchain working under the Ouroboros Proof-of-Stake algorithm. It’s touted to be the first one to have been founded on peer-reviewed research. It was founded by Charles Hoskinson – a mathematician who also co-founded Ethereum.
Cardano is also developing a smart contract platform that is supposed to deliver more advanced features than its competitors. It should serve as a stable and secure platform for developers to create enterprise-level decentralized applications (dApps).
Cardano was primarily initiated as a two-layer protocol that separates the ledger of the accounted figures from the reason for which these figures are passed from different accounts.
This distinct separation lets the smart contracts (still to be deployed) on the platform be more compliant.
Cardano works through the Ouroboros Proof of Stake (PoS) algorithm. The core innovation that Ouroboros introduces beyond security is a modular and flexible design that enables the composition of many protocols to enhance the overall network functionality.
ADA is the native token of Cardano. Interestingly, it’s named after Ada Lovelace – a 19th-century mathematician who is recognized as the very first computer programmer, also the daughter of the poet Lord Byron.
Every ADA holder also holds a stake in the network. Token holders can also delegate their tokens into a staking pool and earn rewards and participate in the governance of the blockchain.
Going forward, once Cardano’s smart contracts are live, ADA should also be usable for a variety of applications and services.
It has become one of the world’s largest cryptocurrencies, with a total supply of 45 billion.
In 2021, Cardano moved closer to integrating smart contracts on its network and continued with the new developments, in general.
On March 1st, the team launched the Mary update. It introduced core Goguen features of native token functionality and multi-asset support. On the other hand, Goguen is a major upgrade stage on the Cardano roadmap that introduces smart contracts and also the ability to build decentralized applications.
The Djed stablecoin is scheduled for roll out after the chain index syncing compeletes.
Developer counts on non-Ethereum blockchains are catching up.
IOG stated that "the systems behaved exactly as expected."
In an intersting trend, modular blockchains saw significant traction in terms of developer activity.
The exec said that he will review the financial data before making a decision.
Input Output Global (IOG) has announced a new toolkit for developers to deploy custom sidechains on the Cardano network.
Coti's MultiDAG 2.0 public mainnet went live on Thursday.
Development activity on Cosmos has seen a notable increase on GitHub.
The stablecoin will be backed and overcollateralized using solely cryptocurrency, including ADA and SHEN – the smart contract’s reserve token.Â
According to Charles Hoskinson, FTX's meltdown could indicate the bottom of the ongoing crypto winter.