Ever since the debate of energy consumption sparked this year, Cardano [ADA] has been at the forefront of exploring eco-friendly solutions for the industry. In line with this, IOG, which happens to be the technical team behind Cardano, has announced the joint creation of an official cross-chain ‘bridge’ with the NFT platform, Bondly.
The bridge in question will connect the Cardano and Ethereum networks and enable non-fungible token [NFT] creators to opt for an eco-friendly alternative for their NFTs. According to Bondly, the project will be four million times more energy-efficient than Bitcoin [BTC]. The NFT creators will be able to easily move their NFTs from the “energy-intensive Ethereum” to Cardano. Bondly also revealed that the latter “will only ever use the energy equivalent of a family home.”
Meanwhile, Ethereum has been known to use the power equivalent to the nation of Qatar. Bitcoin, on the other hand, has been at the centre of this debate for a long time. The increasing concern about potential environmental impact has always followed the rise of the prices of these cryptocurrencies. And the 2021 bull run was no different. As a matter of fact, the partnership comes at the backdrop of a major NFT explosion that has witnessed several well-known faces hopping on the bandwagon.
NFT bridge between Ethereum and Cardano
With the new bridge, the NFT creators will be able to mint or transfer non-fungible tokens without the risks associated with lost transactions or sudden high costs since Cardano provides price predictability as well as stability for transaction costs.
As part of the joint project that is slated to release in early 2022, Bondly is tasked with the development of a special series of eco-friendly NFTs celebrating the launch of smart contracts on Cardano.
According to Harry Liu, CEO, Bondly, the latest project of a cross-chain NFT bridge between Ethereum and Cardano marks a “pivotal moment” in the transformation from traditional blockchain technology to highly-anticipated ‘third generation’ networks.
Following the development, Charles Hoskinson, Founder of Cardano and CEO of IO Global, stated,
“We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so crucial, as it will allow NFT creators access to a leading solution for token creation which doesn’t compromise on environmental credentials.”
Bullish for Cardano?
Cardano [ADA] might have lost the third spot to Binance Coin [BNB], but the slew of developments taking place in its ecosystem could help boost its price movement. The much-awaited summit last month saw some of the most crucial partnerships.
Crypto Economy had earlier reported its partnership with Oasis Pro Market, which happens to be the first-ever United States regulated multi-asset Alternative Trading System [ATS], to bridge the traditional finance sector and decentralized finance [DeFi]. During the same event, Hoskinson had revealed another major partnership with the American Fortune 250 company, the Dish Network.
Here’s What Cardano Founder Charles Hoskinson Wants For Christmas
Christmas is just around the corner and Cardano founder Charles Hoskinson is already in the Christmas spirit. The founder went live on YouTube on Monday to do another surprise AMA where he answered questions from the community. As usual, Hoskinson responded to a number of questions from community members who asked about the Cardano project.
What Cardano Founder Wants For Christmas
During the AMA, Hoskinson gave a rundown of what he would like for Christmas and it was not your usual itemized list of stuff people want for Christmas. Instead, Hoskinson decided to address a pressing issue in the crypto space and that is the divide that is very much present among investors of different projects.
Cardano has been one of the harder hit projects when it has come to FUDs in recent times. The project had been subjected to what can be described as hateful comments all-around social media especially since its token ADA began its two-month-long decline. To this end, Hoskinson wants everyone in the crypto industry to start getting along.
“The one thing I want for Christmas is for everyone to start getting along in our industry. It’s extraordinary to me that when people are so close in philosophy and viewpoint, and in some cases technology, they can be so far apart as people. It’s extraordinary,” the founder said.
ADA trending low at $1.4 | Source: ADAUSD on TradingView.com
Pushing For Better Systems Going Forward
Hoskinson also addressed the systems that have kept investors against each other for years. He said that the crypto space is where this is more prominent as other industries do not see as much hate between each other as the crypto industry.
“You don’t see this in other industries,” Hoskinson said. “You don’t see in physics or biology, or cellphone manufacturing, or whatever, pick an industry, the amount of tribalism, hate, and vitriol that our industry has for each other.”
The founder went on to explain that as long as people keep hating each other, there will be no way to fight the real enemy, which he identified as the legacy systems. He said this system has held down three billion people and will continue to do so. The founder also acknowledged that this will not be easy as there will always be those who try to divide others in the space.
Hoskinson explains that there will be books and podcasters saying things to divide people. Even on social media, where the majority of the vitriol will be spilled. However, it is up to everyone in the industry to take a stand and put a stop to the hate.
“That has to stop and the only way it’s going to stop is if we get better systems that are more fair. And the only way we do that, is we have to work together. So, we’ll see, 2022, whether that’s accomplished.”
Cardano Launches Converter Testnet for Project by AI Pioneer Behind Robot Sophia
The AGIX ERC20 converter has been launched in testnet mode.
Holders of SingularityNET’s AGIX token can now ditch Ethereum and migrate to the Cardano blockchain.
According to a Dec. 7 announcement made by Input Output, its AGIX ERC20 converter has now launched in testnet mode.
ERC20 tokens can be converted into the new format and transferred to EMURGO’s Yoroi or Input Output’s Daedalus.
SingularityNET functions as a blockchain-powered artificial intelligence marketplace that aims to enable seamless monetization of various AI services.
Its utility token was initially launched on the Ethereum blockchain under the AGI ticker. In May, it was revamped to Cardano-compatible AGIX.
SingularityNET is helmed by AI trailblazer Ben Goertzel, who is famous for working on humanoid robot Sophia while he was the chief scientist at Hong Kong-based firm Hanson Robotics.
Goertzel said that migrating to Cardano will allow the project to add new functions:
The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.
The partnership between SingularityNET and Cardano was announced last September. The AI project, however, is not completely giving up on Ethereum: its users will have to pick the preferred platform.
In September, the Cardano blockchain was integrated into Grace, the SingularityNET humanoid robot nurse that aims to disrupt eldercare.
Input Output is also working on allowing users of other blockchains to migrate their tokens to Cardano.
Cardano price remains trending downwards while crypto markets rebound
- Cardano price is paring back losses that occurred last weekend.
- ADA price is still trending lower in line with a very well-respected trend line.
- Expect bulls to test and try to break $1.67, depending on the strength of the tailwinds.
Cardano (ADA) price has been declining since mid-November when its trend accelerated in the spillover from the Bitcoin flash crash. Now ADA price sees bulls returning to the scene as Cardano trades at an attractive discount. It is possible this may be a short-term reaction, however, as the downtrend is technically still in play, and buying volume will only pick up once bulls break above $1.67 to the upside.
Cardano investors sidelined as downtrend still active
Cardano price has already lost 51% of its value since the high of November when it reached $2.40. ADA would be expected to see quite some inflows from investors and buyers at the current price who may be looking to pick up some interesting cryptocurrencies at a discount. However, the uptick in buying volume is mild as traders know that the downtrend in ADA is still very much alive, with the black descending trend line acting as a reference for that trend.
ADA price will see investors start to buy back in once bulls can break above $1.67 around the intersection from the descending black trend line and a historical level that has been well respected since June. The two false breakouts on December 2 and 3 will make investors nervous, and would only see them starting to buy in when the price can consolidate above that level. That push higher will depend on whether the current tailwinds linked to the rebound in global equity markets extends.
ADA/USD daily chart
ADA bulls will, therefore, be closely watching for any breaks and the behavior of price action around $1.67. Once through there, expect bulls to quickly face further resistance at $1.90, with the 200-day and 55-day Simple Moving Average merging just above that level. So, price action is facing some pretty hefty resistance.. Should current tailwinds start to fade once again, expect a quick dip back below the red ascending trendline near $1.30, and a further correction towards $1.0.