Cardano (ADA) appreciated more than 400% per cent in the year and 100% last month to become the fourth largest cryptocurrency by market value.
Cardano’s ADA has risen more than 400% this year, thanks to the efforts of the IOHK development team and a series of exciting launches.
Cardano recently announced the release of his new Goguen update, replacing the previous Shelley protocol.
Although the update is limited to the project’s public testnet, Goguen seeks to offer smart contract functionality through Cardano, transforming the project into a decentralized finance platform (DeFi) and competitor of Ehtereum.
IOHK, the Hong Kong-based development team founded by ethereum co-creator Charles Hoskinson, announced that it will relinquish control of production on the new block on March 31, solidifying the transition to Goguen.
The company also announced efforts along with the Cardano Foundation to promote the adoption of blockchain in Africa, creating a potential corridor for millions of new ADA users.
Speaking of a interview last week with Proof of Africa, IOHK’s chief operating officer, John O’Connor, revealed that a blockchain project would be launched specifically to address issues unique to the continent.
“What I can say is that we are in the final stages of a major government contract that would have millions of users integrated into the platform for implementing blockchain in the real world.”
In addition to Goguen and smart contract functionality, the market has responded to the potential growth of the cardano user base, taking altcoin to the fourth largest cryptoasset by market capitalization.