A dramatic 20% decrease in the price of Cardano (ADA) in a span of a month has eliminated investors’ positive sentiment.
Charles Hoskinson, the creator of Cardano, recently spoke with Big Pey regarding the debut of Lace, their latest cryptocurrency wallet. As per Hoskinson, this new offering will help Cardano reach a billion users.
Although it is still under development, the new cryptocurrency wallet will function as the financial operating system for the globe after its introduction. With Lace, users will get access to fresh use cases, non-fungible tokens (NFTs), protocols for decentralized finance (DeFi), and on-chain games, among others.
The new cryptocurrency wallet will advance the Cardano ecosystem by providing a one-stop answer for transactions, identities, and apps. Hoskinson claims that Lace is built on both legacy technology and cutting-edge technologies. He stated: “We put some of our best people together. We took a lot of great new technologies like Mithril and Atala PRISM and a lot of legacy stuff that we invented in the cardano ecosystem, and we pulled it all together, and now Lace as a product is starting to come out to market. It’s one of our first commercial B2C products, and so it’s not a reference client. It’s not like Daedalus, which is a neutral playground, but rather this is IO’s view of how crypto ought to be done.”
Hoskinson anticipates Lace will spur a transformation in the cryptocurrency sector and encourage cryptocurrency wallets to expand significantly. Products have been attempting to convince users to embrace identification solutions and certificates for a number of years, but they have not been effective. The first cryptocurrency wallet to succeed in the market may be Lace.
The owners of Cardano and ADA may end up benefiting so much, although Lace may have positive effects across the board for the sector. Anyone who owns a computer or smartphone, according to Hoskinson, will be capable of downloading and utilizing Lace.
Hoskinson was cautious to refrain from mentioning any timeframes, but the cryptocurrency wallet will transition from a demo phase to beta testing. According to Hoskinson, Lace might eventually be Cardano’s flagship product and a wallet for everyone, even new participants of the market. Hoskinson went on to say: “It’s also going to be cross chain. So, it’s not just Cardano. It’ll support Bitcoin, Ethereum,and a lot of other ecosystems and showcase what we’ve created as an ecosystem to the rest of the cryptocurrency space in that respect.”
Lace can potentially serve as a fresh bullish argument for the price of Cardano (ADA). Macro pressures are likely to cause the cryptocurrency to keep going lower if it misses.
Cardano (ADA) is currently trading at $0.37, up 2% in a 24-hour period and down 2% over the previous week.