Cardano price will increase due to the development of a new payment gateway

Colin Baseman

NPO Cardano Foundation has announced the launch of an adaPay payment application. COTIpay platform, which was developed jointly by Cardano and COTI, allowed the creation of a payment gateway. What are the features of the app?

Opportunities provided by the COTIpay payment gateway

The new application allows you to accept payments in ADA cryptocurrency, which are almost immediately credited to bank accounts in more than three dozen fiat currencies. Integration is carried out through a system with a QR code or an adaPay button.

Capitalization of ADA is over $ 1 billion. The news about the introduction of a payment gateway had a positive effect on the rate of the coin.

How Cardano Coin Holders Can Make Extra Money

Since November 2019, Cardano users have the opportunity to build earnings on coin staking. This statement was made by Charles Hoskinson, who heads the IOHK company, after a test launch of the Shelley network. It was the first decentralized implementation of the Ouroboros Genesis algorithm. The company is currently working on introducing additional features of the staking protocol.

Mr. Hoskinson said: “We offer a good sandbox similar to Cardano. The main distinguishing feature is the ability to register a pool for staking and delegate an interface for staking".

At the next stage, staking will be tested among real users, each ADA coin holder will be able to participate in it.

David Esser, Cardano’s top manager, spoke about the company's plans to take a snapshot of the network, after which ADA money will be used on Yoroi and Daedulus wallets in the network under test. If someone stores Cardano coins on a Ledger wallet or on a cryptographic exchange, this option will not be provided.

According to Hoskinson, coins bought on the secondary market will not take part in staking, earned coins cannot be sold through the exchange. ADA tokens received due to staking will later be transferred to the main network. The launch is scheduled for the I quarter of next year. To avoid stressful situations on the market, the process will be proportional and gradual.

IOHK representatives did not specify the exact time of the network snapshot.

At the moment, the main Cardano network is based on the allied model, in which the nodes are controlled by IOHK, Cardano Foundation and EMURGO. The Shelley test network aims to test the Ouroboros-based decentralized network before changes to the main blockchain are launched.

The developers noted: “In the end, we strive for absolute decentralization and the transfer of a significant share of nodes to the community. From an engineering point of view, this task is complex, it involves reliable changes for the long-term development of the network”.

Mr. Hoskinson spoke about Cardano's prospects that the project could get ahead of Bitcoin and Ethereum.

What are the chances of Cardano to outperform Bitcoin and Ethereum

Charles Hoskinson said: “We are doing our best and are actively developing. Ethereum has been developing its own PoS Casper algorithm for three years. Our company is working on creating the Ouroboros consensus algorithm, we have been working on it for about 1.5 years. We already have a working network on proof-of-stake, we are more successful in this direction".

Cardano developers call compatibility with other blockchains an important advantage of the project, Ethereum smart contracts are more reliably deployed in the Cardano system.

The head of IOHK noted: “Developers of smart agreements can do everything on Ethereum today, and after the release of our layer, they will be able to start using the updated system. It will be much faster, safer and cheaper compared to Ethereum”. 

In case of this scenario implementation, Cardano will be able to get ahead of both Ethereum and Bitcoin. Hoskinson summed up: “Even if the capitalization of our cryptocurrency is lower, Cardano will be able to get ahead of Bitcoin and Ethereum in popularity”.

The Ouroboros technology on which Cardano is based is written in the Haskell programming language. From a security perspective, it is reliable, has a relatively small number of errors and bugs. In the article “Cardano Cryptocurrency” you can read more about this digital coin and its advantages.

Cardano executives have ambitious plans. In addition to developing a new payment gateway, it intends to integrate digital currency into Finney crypto smartphones. This will be possible through cooperation with the Israeli Sirin Labs.

On the road of integrating Cardano into Finney smartphones 

Israel company Sirin Labs announced a partnership with the Japanese Emurgo, due to which Cardano coins will be integrated into Finney smartphones. According to Forex Magnates, the first batch of phones with the SIRIN operating system will appear on the market in the nearest months.

While making payments in the DApp software store on Finney phones, you can use ADA coins. The Finney phone already uses the IOTA Tangle blockchain technology. Upon purchase, the Status program, which is based on Ethereum, will be installed on the smartphone. Thanks to the integration of different blockchain solutions, the owners of the device will be able to use smart contracts, cryptocurrencies, encrypt messages and other features.

The release of the new Cardano payment gateway is a matter of time. Today, the developers of the company direct huge efforts to innovation. You can often hear about Cardano in the news. If you are thinking of creating a cryptocurrency portfolio, definitely consider including the ADA coin in it. It is very promising and may grow in price in the nearest future.