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Cardano launches a Regulatory Compliance Solution! Analyst Predicts ADA Price to hit $13!

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After achieving a new all-time high on August 23, Cardano price is currently facing a sell-off. Before considering a new uptrend, this downswing is likely to prolong in order to find stable support.

ADA has shot up 124% in the past 30 days. As the token witnessed a sell-off, it is said that it has exhausted its rally. However, popular analyst Benjamin Cowen thinks ADA’s rally is far from over.

According to the analyst, if Cardano reaches its previous all-time high in terms of ADA/BTC pairing valuation, the asset might rise another 54% with BTC as a trading pair. This values ADA at the $4.5 level.

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He further says, if Bitcoin rises 2x during this bull cycle, ADA may reach $9. If Bitcoin reaches $150,000, ADA may be worth between $13 and $14.

“That $10-$20 Range Is Sort Of What I Would Consider Being Too Much For The Market To Continue To Bear Without Having A Substantial Pullback.”

Meanwhile, according to data analytics platforms Messari, the total number of Cardano wallets holding at least $1 million worth of ADA tokens increased from 3,625 to 9,830.

Launch of Cardano’s First Regulatory compliance solution!

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The Cardano Foundation picked blockchain analytics firm Confirm to deploy anti-money laundering and counter-terrorist financing (AML/CFT) analytics on it. With this, the first analytics/compliance solution for the Cardano network has gone live

According to a press release, the agreement will allow the Cardano network to fully comply with FATF requirements as well as “other international and national regulations.”

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Mel McCann, Head of Technical Integration at the Cardano Foundation, said This development is expected to garner mass adoption within regulated markets. The move is part of the long-term strategy to strengthen its institutional capabilities. 

Along with Cardano’s native Ada token, Confirm will provide AML and CFT analytics for every other asset minted on the cryptocurrency’s blockchain. Its tool will help law enforcement agencies and third-party Virtual Asset Service Providers support victims of theft on the blockchain.

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Cardano ($ADA) Announces New Stablecoin Issuer, Hoskinson Calls it Game-Changer

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Cardano ($ADA) blockchain is fast moving towards building its own decentralized ecosystem after the successful integration of smart contracts via Alonzo hardfork. During the ongoing Cardano Summit 2021, founder Charles Hoskinson announced COTI would be the official stablecoin issuer on the Cardano blockchain that would issue Djed stablecoins.

Hoskinson believes the new kind of Djed stablecoins could change the stablecoin game especially at a time when the demand is at the peak and regulatory scrutiny is also at its highest. Hoskinson said,

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“The Djed stablecoin could be a game-changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. Djed shares our commitment to formal verification, proving a robust method of combating the price volatility of crypto markets. COTI has been a long-time partner of the Cardano ecosystem, it’s great to have them on board with this new venture.”

What are Djed Stabelcoin?

Djed stablecoins make use of  DAG-based infrastructure and base protocol that is private, affordable, scalable, inclusive, fast, and finance-optimized. The protocol makes use of smart contracts to maintain a stable price floor with a stable reserve. It allows traders to mint and burns stablecoins to maintain a stable price point for the token and uses the transaction fee to carry the network operations.

COTI Group CEO Shahaf Bar-Geffen believes its DAG protocol use could help it derive a new stablecoin on Cardano that would propel it in the current market due to its decentralized nature, scalability, and security. He explained,

“The stablecoin ecosystem has matured tremendously over the past few years. Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed-based stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.”

$ADA maintained its price above $2.20 and looks to break the $2.30 barrier as the crypto market recovers from China’s crypto ban FUD. The third-largest altcoins had broken past a new ATH of $3.10 in the run-up to the key Alonzo upgrade, but since then the bearish September month has kept its price in check.

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Source: TradingView

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Cardano Will Soon Have Its First Stablecoin

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Cardano is going to have its first Stablecoin —Djed— soon, giving space to cheaper transactions and making it easier to run DeFi projects.

Software development company COTI announced a few hours ago the issuance of the first stablecoin designed to run on Cardano.

The news was first revealed by Charles Hoskinson, leader of Cardano, and Shahaf Bar-Geffen, CEO of COTI Group, at the Cardano Summit stage in Laramie, Wyoming.

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The Djed stablecoin will be issued on Cardano and will promote the growth of its nascent ecosystem, especially now that the blockchain is beginning to support smart contracts and markets have strong expectations about the possible development of DeFi platforms on a blockchain that has been touted as the future Ethereum Killer.

What is Djed and Why Does Cardano Needs a Stablecoin?

A stablecoin is a cryptocurrency designed to maintain a stable value with respect to a reference. The best-known stablecoins are cryptocurrencies like USDT or Stasis, which are pegged to fiat currencies such as the dollar or the Euro. However, there are cryptocurrencies whose value is pegged 1:1 to other commodities such as gold (like Digix) or even to other cryptocurrencies or baskets of cryptocurrencies.

There are several methods to achieve this relationship, ones more effective than others. The most popular is the holding or blocking of an amount of the reference asset that supports the issuance of a proportional amount of the correspondent stablecoin: For example, the market capitalization of USDC is $3,677,063,935 because there are 3,677,063,935 USDC tokens in circulation and Circle holds $3,677,063,935 in collateral.

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In the case of Djed, the value is kept stable by an algorithmic design, which leverages smart contract design on the Cardano blockchain to maintain a price as close as possible to $1. To achieve this, Djed maintains a reserve of base coins while mining and burning other stable assets and reserve coins to counter fluctuations.

Visual representation of how the Stablecoin Djed will work on Cardano. Source: IOHK
Visual representation of how Djed’s algorithmic design will work on Cardano. Source: IOHK

According to its whitepaper, there will be two versions of Djed: a minimal one, designed primarily to serve as a medium of exchange, and an extended one whose smart contract uses a continuous pricing model and dynamic fees to react faster to external events, ensure an optimal level of reserves and provide even more security when performing complex operations such as those performed in DeFi protocol transactions.

A Promising Development

Shahaf Bar-Geffen, chief executive of COTI Group, said at the conference that the use of a stablecoin such as Djed will allow users to maintain greater control over their transactions, thanks to its stable value and low fees.

Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.

For his part, Charles Hoskinson was enthusiastic about this new project as it would be one of the most ambitious implementations aimed at strengthening the Cardano ecosystem.

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The Djed stablecoin could be a game-changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. COTI has been a long-time partner of the Cardano ecosystem. It’s great to have them on board with this new venture.

This seems to be a major move for COTI. When its partnership with Cardano was first announced, COTI’s token spiked 50%, hitting an all-time high (ATH) of $0.60 in a couple of hours.

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Cardano to Power Humanoid Robot Nurse Named Grace

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Grace, a robotic nurse assistant for senior care, will be scaled with the help of Cardano

The Cardano blockchain has been chosen for powering the artificial intelligence (AI) modules of a humanoid robot called Grace.

Grace, who is fluent in English and Korean, was designed by Awakening Health and SingularityNET. It can be commercially applied both in eldercare and general healthcare. Given that the eldercare robotics industry has seen a huge boost due to the pandemic, demand is not an issue.

Equipped with powerful AI, Grace is capable of simulating 48 facial muscles, which allows it to have meaningful social interactions with patients.

The Cardano integration will drastically enhance the robot’s performance, meaning that it will take less time to process biodata.

On top of that, Cardano will make it more secure and private in order to protect medical records, according to SingularityNET CEO Ben Goertzel:

In applications like that, the robot needs to deal with medical records on the back end, and it needs to deal with potentially confidential information that elderly folks and medical patients can give her on the back end…This really makes use of the security of the Cardano platform.

At the Cardano Summit 2021, Goertzel explained that the affordances permitted by the Plutus smart contract platform would let his company do “many interesting things” that weren’t possible due to the limitations of Solidity.

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As reported by U.Today, the AI pioneer recently describes Cardano as “quite superior.”

Last September, SingularityNET announced that it would be the first major Ethereum-based project to at least partially migrate to the leading proof-of-stake blockchain.

Goertzel said that they were “not too far” from launching the AGIX token on the Cardano mainnet during his appearance at the summit.

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