Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The Cardano blockchain network topped the charts when it comes to blockchain development activity beating its rival by almost a 2x margin.
The Cardano blockchain network has witnessed some major development activity over the last year and so. Cardano’s native cryptocurrency ADA has also participated majorly in the altcoin market rally of 2021. The ADA price witnessed a rapid surge thereby becoming the third-largest cryptocurrency at one point.
Now, the latest report from Santiment shows that the Cardano blockchain witnessed the highest development activity in 2021. Citing data from GitHub, Cardano witnessed a total of 140,000 events in the last year.
The Most Developed Cryptos on @Github in 2021 🚀
— CryptoRank Platform (@CryptoRank_io) January 3, 2022
However, this development activity may not have an immediate impact on the ADA price in the short term. But it certainly showcases the Cardano team’s consistent commitment to bringing major upgrades to the platform.
Furthermore, Cardano has also been leading the pack in terms of active contributors count in 2021. Thus, the Cardano blockchain protocol registered a total of 53 daily contributors to their Github repo.
Key Cardano Upgrades to Watch for 2022
Cardano founder Charles Hoskinson has always stayed in touch with the community appraising them of the key developments on the platform. In one of his recent AMAs, Hoskinson said that there are currently 127 projects in development on the Cardano blockchain.
Furthermore, Hoskinson also expects the number of Cardano users to surge by tenfold to a staggering 2 million. This could very much happen with the growing popularity of non-fungible tokens (NFTs). The technological advancements of the Cardano blockchain have been gaining traction post the recent Alonzo hardfork upgrade last year in September 2021. this introduced the much-awaited smart contracts on the Cardano blockchain.
Also, one of the notable developments on the Cardano blockchains has been the Layer-2 Hydra upgrade. This upgrade will channel transactions off to the staking pools without partitioning the ledger itself. Besides, it will also enable advanced linear scaling of the network via hundreds of “hydra nodes” with each processing hundreds of transactions.
Hoskinson also spoke about implementing a novel fintech funding mechanism dubbed the initial stake pool offering (ISPO). In this setup, blockchain enthusiasts will delegate their digital assets in a protocol and will receive tokens of the new projects as they fund the rewards.
In contrast, the developers will get the ADA staking rewards. Here, funds won’t leave the delegator’s wallet thereby securing the entire process.