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Cardano ($ADA): New Project to ‘Accelerate Decentralized Application Development’ Launched

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Cardano ($ADA): New Project to ‘Accelerate Decentralized Application Development’ Launched

The Cardano Foundation has, along with the official commercial arm of Cardano EMURGO, launched a new project to “accelerate decentralized application development” on the Cardano ($ADA) network by third parties.

According to an official announcement, the project will see both organizations combine their resources to “foster the development of a community-generated and maintained tool stack to support the Cardano ecosystem.”

The project will consist of two stages, MVP1, and MVP2, with MVP1 consisting of a modular tool stack that’s set to be built by infrastructure development company Five Binaries, which is focused on creating customized, highly reliable blockchain solutions. In the second stage of the project, the Cardano Foundation is set to reach out to other collaborators from across the ecosystem and invite them to contribute.

The development of a second application backend for the Cardano ecosystem is seen as essential. The announcement adds:

Developing a second application backend for the Cardano ecosystem is crucial as it increases the diversity of options available for developers to build solutions on Cardano and will allow various applications to be built by third parties

The CEO of EMURGO, Ken Kodama, said that the organization fully supports “the development of valuable Cardano infrastructure components and we are excited to contribute towards its development by a team with an experienced track record.”

Cardano, as CryptoGlobe reported, has seen its transaction volume briefly surpass that of the Ethereum ($ETH) blockchain ahead of the launch of a highly-anticipated decentralized exchange on Cardano called SundaeSwap.

 Transaction volumes on Cardano exploded after SundawSwap, a “native, scalable decentralized exchange and automated liquidity provision protocol” announced it was preparing to launch on mainnet on January 20. The platform is backed by cFund, Alameda Research, and Double Peak Group.

As CryptoGlobe reported, the number of Cardano wallets grew over 1,200% year-over-year from 190,000 to 2.5 million, showing that adoption of the cryptocurrency’s network has been steadily growing, partly thanks to the implementation of smart contracts.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured image via Unsplash

Source: www.cryptoglobe.com

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