JAKARTA – Cardano (ADA) is a cryptocurrency that was launched to the public in 2017. It was first founded by the co-founder of Ethereum, Charles Hoskinson, in 2015. ADA is a public blockchain platform that has many capabilities, including decentralized application development, NFT, exchange decentralized (DEX), and so on.
Cardano is also one of Ethereum's competitors. Cardano is also capable of running a global financial infrastructure that allows financial services to be built on a transactional network that can be run without any third-party intermediaries. In this context, it is decentralized finance or commonly known as DeFi.
To strengthen its ecosystem, Cardano implemented a Decentralized Identity or DID from the Atala PRISM project. For your information, Atala PRISM is a self-sovereign identity (SSI) platform and suite of services for verifiable digital identity and data.
The platform is built on the Cardano network. Atala PRISM offers a core infrastructure for issuing DIDs (decentralized identifiers) and verifiable credentials, in addition to tools and frameworks to help expand your ecosystem.
Cardano also plans to integrate decentralized voting and identity in its crypto wallet version for Cardano, Lace. In addition, Lace plans to use many Cardano products, combining various functions into a new user experience.
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Therefore Cardano will combine Project Catalyst and Atala PRISM. For your information, Project Catalyst is a series of experiments that seek to produce a high level of community-based innovation. Catalyst brings on-chain governance to the Cardano blockchain by enabling the community to set their own priorities for growth. Meanwhile, Atala PRISM is intended to manage the identity and personal data of users.
Cardano wants to make a bigger impact on its users with the use of Atala PRISM's Decentralized Identity (DID). This is claimed to provide more control over user privacy. In addition, peer-to-peer payments will also be made simpler where participants can confirm who they are transacting with.
With the integration of DID and Project Catalyst, it is hoped that Cardano's decentralized finance (DeFi) can function better. A number of companies in Africa are claimed to have operated DID.
Last year, Global Input Output (IOG) announced its partnership with the Ethiopian Ministry of Education to provide a way for five million Ethiopian students to verify their academic credentials using Atala PRISM technology, which is built on Cardano.
Meanwhile, blockchain research firm Santiment stated that Cardano is the most developed asset today. The reason is, Cardano continues to be the most growing asset in the cryptocurrency space.
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