Cardano Foundation tweeted: “Dear #Cardano Community. It looks like some of the well-known community members (either officials, ambassadors, or normal members) are being impersonated on a massive scale. Please don’t fall victim for these scams and report any fake account you see. Thanks! #ada #reportscam.” 

Sydney Ifergan, The crypto expert, tweeted:  “The Cardano warning is no surprise for us at the currency analytics team, as we remember going through a similar experience a week ago.  Beware, Cardano.”

Cardano ADA Stable Coin

The idea of launching a stable coin on the Cardano is likely to be a reality.  It is expected that when Cardano steps in, everyone else is going to work hard to sustain themselves. Launching the stable coin on Cardano Network will increase the demand for Cardano. Also, ADA will become the collateral for the stable coin. 

Charles Hoskinson tweeted:  “If we do this, then it will blow everyone out of the water. I started in this space with stable coins, and we’ve been thinking about them for seven years.”

When questioned about how the stable coin would benefit the ADA holders, Charles stated that if the coin makes use of ADA as a Central Bank Mechanism, then that it would increase the demand for the underlying asset.

The stable coin would add to more liquidity.  If Cardano stable coin should happen, it is expected to be better than DAI.

Cardano Upgrade

To ease up the upcoming Shelley and Goguen releases, the Cardano team has been working on a major upgrade.  This upgrade will allow third-party development teams to build on the Cardano, thus opening the door to enterprise adoption. The Cardano Haskell implementation was completed on Wednesday.

The new upgrade will introduce radical transformation to the current design of Cardano. The new node is modular as opposed to the previous node, which was monolithic.  Future integrations will be very easier to implement.

In the current architecture, the node, wallet, and the explorer exist as separate components.  A new wallet backend is also set to be released on Monday.  The current upgrades are happening after considerable effort on the part of the Cardano team.

Cardano seems to be living up to its mission of serving people and getting designed from scratch to facilitate mass adoption.  It continues to do justice to being a mission-critical system it evolves to be. Everything about the project is carefully coded to be in compliance with the authorities and regulatory requirements.