Is Cardano (ADA) ready to lead the trend of attracting countries?

In the context of the crypto market undergoing profound changes, Cardano (ADA) has emerged as a notable name, attracting increasing attention from the community and even from countries. The involvement of governments in the blockchain space is demonstrating that the foundational technology potential of Cardano is becoming increasingly evident.

The applications of blockchain technology are very diverse. New directions emerge every day to leverage initiatives to improve the processes of the system. Accordingly, many projects are striving to rise to become the favored blockchain to promote the trend of acceptance.

Cardano is one of the pioneering names in this field and that is positively impacting the price of ADA.

What do countries need blockchain for?

According to Satoshi Nakamoto's design, the original idea of blockchain was to bring transparency to financial markets. With Bitcoin serving as a medium of exchange between users, a completely new level of accountability has emerged.

With blockchain technology, government agencies can store records on-chain, helping to reinforce the integrity of data. Over the years, innovators have adapted this immutable feature to enhance various aspects of public records.

In addition to storing records, blockchain or distributed ledger technology (DLT) is also used to store election data, promote procurement activities, and improve the process of tokenizing assets such as government bonds.

Not only limited to the application aspect, digital currencies generated from blockchain technology – such as Bitcoin – are currently becoming top investment assets and are supported by countries.

U.S. President Donald Trump recently signed an Executive Order to establish a national cryptocurrency reserve fund. At the same time, many other countries are also looking to get involved in this trend.

So far, the development process of blockchain has only lasted 15 years, indicating the immaturity of this technology. Over time, it is very likely that more new use cases will emerge in the field of public governance.

Cardano attracts attention

Amid the wave of searching for crypto innovations, the founder of Cardano – Charles Hoskinson – has drawn attention by mentioning the meeting between the President of Sri Lanka and the Director of the Intersect Council, Mr. Kavinda Kariyapperuma.

The meeting focused on discussing the potential of blockchain technology, sharing Intersect's Development Report, and highlighting efforts to promote education, raise awareness, and practical applications through Cardano.

Although details of the partnership are still being formed, it is clear that the Cardano protocol is widely recognized. In recent months, Charles Hoskinson has led several innovative initiatives emerging in the Cardano ecosystem. First is the transition to a community governance model through the hard fork Chang upgrade.

Intersect plays a key role as one of the core development units of the Cardano ecosystem. Besides Sri Lanka, there have been signs of potential collaboration between Cardano and other government agencies over the past year.

One of them is Argentina, where the Cardano community has a close connection with President Javier Milei. According to recent rumors in the industry, Elon Musk may be considering using Cardano as a platform to store the database for the Government Efficiency Department (D.O.G.E).

Although other blockchains like Algorand, Avalanche, and Polygon are also very popular, those in the industry still appreciate the technology of Cardano.

A strong shift for ADA price

Most initiatives related to the Cardano ecosystem aim to promote the widespread use of the network's native digital currency. This will create significant pressure, potentially driving the price of ADA to rise sharply in the future.

As of the time of writing, ADA has decreased slightly by 1.8% in the past 24 hours and is trading at $0.74. Over the past week, the price has experienced significant fluctuations. Bitcoin has also reached a new all-time high of $111,970.

ADA price chart 4 hours | Source: TradingviewBitcoin is currently attracting the most attention as a reserve asset for countries. However, Cardano may lead the wave of practical applications in the coming years.

Dinh Dinh