Here are this week’s top headlines around the Cardano ecosystem
Cardano whales are stacking ADA – 200M tokens in the last five weeks
The Cardano network has not seen as bullish a year in 2022 as it did last year. However, according to blockchain analytics platform Santiment, data indicates that Cardano whales have recently been logging positive sentiment, buying upwards of 200 million ADA in the last five weeks.
According to a tweet shared by Santiment on Tuesday, wallet holders having between 1 million and 10 million ADA in their accounts accumulated 196 million ADA in that time. The trend reversed a pattern that had been established seven months prior to the renewed surge, during which this profile of investors dumped as much as 1.7 million ADA tokens.
While ADA suffered and lost up to 75% in value from its peak reached last September, increased institutional interest resulted in enhanced network activity in Q1 this year.
The Cardano network is also flourishing in different facets, particularly in the evolution of its decentralized ecosystem. Input Output Global (IOG) recently updated that the number of projects building on Cardano has reached 925, with most developers creating NFTs – 46.6% of the total. 4.1% of the projects are marketplaces, 3.4% are metaverse-focused, and 4.2% are in gaming.
IOG announces Atala SCAN, a Cardano-native product authentication system
IOG, the developer of the Cardano, has announced its entry into the product authentication space with the launch of Atala SCAN. This blockchain-based authentication system would employ a smart microchip and a free application built on the Cardano blockchain to verify the authenticity of a product. The app would enable users to browse the history of a tagged product instantly.
IOG is already in conversation with potential clients to offer this blockchain-based authenticator that promises users the ability to verify supply chain information and the legitimacy of a product. In the case of that premium-priced spirit bottle you bought, IOG says Atala powers the smart seal with “an encrypted, auditable link between the seal and the full manufacturing history of the specific bottle.”
At the core of this authentication system would be the smart seal, which IOG said would have an embedded near-field communication (NFC) chip. The seal won’t consume power but only “silently waits for a signal from a reader,” after which it transmits stored data for verification.
By design, it would have two antennas, of which one is designed to break upon tampering. Afterward, it functions normally but sends a signal to indicate a disturbance occurred when scanned.
Essential Cardano launches in beta
IOG on Thursday announced the launch of the Essential Cardano website in beta – the community-driven ecosystem platform. This resource, spearheaded by the Cardano community and curated by IOG, intends to enable users to understand the Cardano blockchain and its ecosystem at large.
As a “living directory of resources,”Essential Cardano would give users on the network a chance to showcase their creations and, in the long term, grow into a valuable resource. Being an open-source directory, users can interact (comment, upvote, collaborate, and peer review) on matters happening in the community.
Inviting users onto the platform, Head of Ecosystem Growth at IOG, Morgan Schofield, saidat the end of March that the platform allows content uploads in several formats, including videos, articles, developer resources, and podcast audio. This variability would help the Essential Cardano advance for the better.
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