Cardano has managed to attract many new developers with the Cardano Github repository booming with developments. The influx of development has allowed for the blockchain network to begin expanding the utility of Cardano’s native token ADA.
The latest of these projects is the ADA Pay Plugin being integrated with Odoo (On Demand Open Object) — a business payments solution platform with over 7 million users.
This article was originally published on CryptoEQ
What is Odoo?
Odoo is an open-source business solutions company, offering software suites to businesses to optimize certain practices like point-of-sales (POS), accounting, invoicing, and more.
The point of interest for Cardano is on the e-commerce & purchase side of operations, where Odoo will now offer businesses the ability to transact in ADA. Odoo offers services to over 7 million users. These users include start-ups, medium businesses, and even large corporations.
The ADA Pay Plugin will be a formal payment system for businesses, allowing retailers to accept ADA as payment and process transactions. Previous engagements allowed Cardano to expand ADA payments to major digital commerce solutions like WooCommerce or WordPress. The partnership is also tied into Cardano’s relationship with COTI — a payment gateway provider within the Cardano ecosystem.
Why this ADA Pay Plugin Matters
The Cardano blockchain network has taken a big step forward with the introduction of ADA Pay, something that finally begins to address the global adoption of blockchain settlement layers. ADA Pay comes with its own user interface, giving users an all-in-one payment settlement application. This UI is operated with COTI’s payment technology and makes transactions highly efficient and easy to track.
It is important to consider that while 7 million new users have access to ADA as a digital currency, there is no guarantee as to how many will use it. Having these partnerships and integrations is a major progression for the Cardano ecosystem, but it does not guarantee outright adoption. Nevertheless, this adds a layer of competitiveness to the ADA token that it had previously lacked, especially when placed in competition with major stablecoins USDC or USDT.
The Cardano blockchain is seeing some of the highest overall development activity in the entire space. Partnerships such as this Odoo-led business payments opportunity will greatly expand the use case of ADA. Previously, Cardano had faced significant criticism for being one of the older projects in the space with little development to show for it.
What is Next for Cardano and ADA?
With its new influx of builders and developers, Cardano has managed to streamline multiple projects at once over the past several weeks. This optimization includes developments in many key areas such as:
- Smart contract technologies
- Wallet integrations
- Governance
- Native applications
There are over 1,000 projects being developed on the Cardano blockchain, with an average of ~3,000 Github commits each week. This has led to an uptick in the amount of active wallets on the Cardano network and showcases a renewed market interest in the development of Cardano. The ADA token remains one of the top cryptocurrency projects by market cap, holding a valuation of ~$16 billion.
Monthly active addresses have substantially increased since 2020, hitting a peak of over 200,000 active addresses during late 2021-early 2022. This rise in activity has coincided with the launch of Goguen’s smart contracts and NFTs on Cardano. Additionally, the transaction count and volume in 2021 also reached new heights for the network, as shown in the graphics below.
Source: Messari.io
Cardano’s reported partnerships over time include IBM, Wolfram Blockchain Labs, PriceWaterhouseCoopers, Polymath, ScanTrust, Edinburgh University, Finkda Advisors, Dust Identity, SIRIN Labs, the Berkman Klein Center of Harvard University, South Korea Government-Approved Trade Associations, and contracts as well as memorandums of understanding (MOU) with the governments of Burundi, Ethiopia, and Zanzibar.
Through these government partnerships, Cardano seeks to add millions of users to its network for real-world blockchain implementation, such as decentralized identity solutions. Cardano also aims to do the same with some of its enterprise partnerships, such as with Dish network. According to Hoskinson, Cardano plans to help Dish provide 8 million immutable digital identities on the Cardano blockchain.
Prominent investors in Cardano include Mutual Coin Capital, Royal Venture Capital, and Carbon Block Ventures.
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