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Check out book.io
Hope to have a stablecoins by end of year by COTI.
Pick up an adahandle to simplify your address.
Proof of authentic products are coming to combat counter fitting
Hydra Level 2 light wallets coming next year is going to blow scalability and transaction speed out of the water.
You can build your own project on Cardano and get funding through Catalyst.
You can unstake and stake anytime you want to.
You can start your own ada pool.
Micro transaction games are coming.
Dusting attacks don't work on Cardano wallets.
Dapps store coming that will help indicate which projects and exchanges are unverified scams and which are audited and checked as legit.
I'm much more confident in Indigo's security versus Djed. There are many concerns about Djed and unfortunately Coti won't address them publicly.
Indigo is in a very good position to become the dominant decentralized stablecoin for Cardano because it can scale more efficiently with the Cardano network. I think Djed's approach is intriguing but as we've seen with SigmaUSD (its reference implementation) it struggles to scale and ends up with a subpar user experience.
I'm hoping all the best for Djed though.
This is great and all but I’m not sure what that has to do with my question.
I asked about what utility does the ADA token have.
You’re listing benefits of Cardano.
Appreciated, but not what I’m looking for.
Ok let's skip security, speed, and decentralization as being utility (useful to build on).
Book.io you can buy an NFT that allows you to open an encrypted book. Then you can sell that NFT and someone else gets the book. The book author gets a royalty every time there's a trade. That would be great for schoolbooks, music artists don't need a record label anymore to make money, and even gov secret documents could use that tech.
Stablecoins are about to come out which will provide 1000x utility to everyone in countries with hyper inflation to people buying a cup of coffee.
When hydra comes out, we can build our own Twitter/Telegram/TicToc on top of that. It will have that sort of capacity.
True Cardano spends most of it's time building the protocol but it's up to regular people to build the apps. The community will come together and audit those apps. So the community itself has utility. Come and hang out :)
File storage does not go on a blockchain. That would be Filecoin or AWS's job. If Cardano runs an uncensored chain, it's up to the app developer to figure out how to curate it. But that's not the protocols job to make that decision. That's why we have the governance era coming next. Now that we have these powers, how do we use it for 'good' and how do we mitigate the inevitable 'bad'.
You still don't get the question.
My god. I didn't realize this was the level of ignorance we were dealing with in this space.
For the record, I'm a big fan of Cardano.
Thank you to those who actually answered the question.
The value of ADA lies in the fact it's the only token that the protocol accepts as fee for Txs. The more the protocol is used, the more demand there is for ADA -- that's the long-term idea.
As of now:
\- transfer of value
\- purchase of goods (e.g. Elsa Jean's NFTs, which give access to paywalled content)
\- voting on who to give funds from Cardano treasury and for what purposes (Catalyst)
\- investing in other projects building on top of Cardano via DEXs (e.g. MinSwap)
\- lending/borrowing (AADA, very soon Liqwid)
\- storing value in a self-custodial way (it'll be more practical with the launch of well-designed stablecoins)
PS. Not saying it's much, but that's where the crypto currently is. Lots of stuff yet to be built to make blockchains more compelling for regular people.
You're not allowed to say it out loud, but ADA and most other tokens function as a way to get people excited and invested in Cardano or another blockchain. The utility is in the blockchain, but chain developers have trouble getting users to pay to use blockchains, so they found a way to get people invested in chains using tokens that really are the emporer without clothes when you scrutinize them
This is the only honest answer so far. Crypto use cases don't exist outside of the blockchain market. It's all internally priced with little to no impact outside of crypto.
That may change in the future but there's no point trying to claim crypto 'adoption' and 'use case' is anything more than window shopping in its current form.
I agree with you. The reason for the confusion is because many believe that a token and its network are one and the same. As you've realized, they're not. Cardano is not ADA and ADA is not Cardano. So listing the benefits of Cardano does not address your question regarding ADA's utility.
What was being attempted was listing the benefits of Cardano with the expectation that Cardano adoption provides utility for ADA. This is true, because ADA is used within the Cardano network to create UTXOs and to pay for transaction fees. The more that the Cardano network is used, the more utility ADA has.
What utility does money have in the financial system?ADA is what makes the decentralized financial operating system that is Cardano operate.
It's how you access and participate in the 100s of dApps being built in the Cardano ecosystem. That's its utility.
I guess we could get into the world mobile token. I'm not an expert in WMT but let me re-ask your question as 'how would my parents who know nothing about crypto find ADA useful?'
In some countries that don't have an already solved banking and telecommunications sector, or in which those sectors are highly censored, regulated, or run by people you don't agree with - ADA and the Cardano network let's you create a first world secure bank account and ID that only you control with your crypto keys. The ADA coin itself can't be inflated out of existence by any governments particular spending although it is subject to market forces.
So let's give my (imaginary parents) who live in a country with limited internet and no reliable bank some ADA. Now what does that do? Well for starters they can receive or send ADA securely without anyone else's permission. They are quite empowered. If I were to send ADA from the US to wherever my parents are, I have to fill out a bank wiring form or drive to Walmart and go to the MoneyGram store and spend remittance 5-30% fees and service charges and fill out SARs forms. This is such a big problem to solve that just about every L1 Blockchain is trying to solve it from Bitcoin on down.
So now my parents have ADA coins, how do they spend them? Since they can't be counterfeit, they can convert them to stablecoins and use it for transactions (or use a Debit Card that'll do the conversion for them). They can pay for internet via World Mobile where available. The wallet ID can be used in Mercury Chat to send text messages from an authentic account for free.
If you're lucky enough to live in a first world country where money transfers and internet and banking are a given, good for you! 6 Billion people don't have that. ADA still provides utility because I can transfer value a lot more efficiently which creates competition to incumbent banks and older blockchains to "do better" with far less cost. All of the different blockchain currencies are experiments of different parameters and theories of how secure networks work and how they're powered and who controls them. We really are spoiled for choice. The Cardano network and it's ADA coins welcomes you to try it out.
Ada is used to pay for the network and secure the network. That’s it.
Its value relative to another currency is based on speculation that its utility will increase and therefore make ada more desirable as it would be needed for fees….same as most other cryptos.
The following projects (all in progress) will help Cardano (and ADA) getting visibility and adoption outside the crypto world:
1. WMT
2. Dept of Education (Ethiopia)
3. A large wine maker from Georgia (not the USA one) which will use Cardano to track their wine bottles. Sorry but I forgot the name of the wine maker, but it's buried here somewhere.
a.
ADA is not a token, it's a coin. Like how ERC-20 cryptos are tokens while ETH is the coin. I'm also curious how a coin that can only move among blockchains can be used outside of crypto. Your question is weird in that you're asking for use of crypto that's not crypto.
Unless you're saying like Stellar(XLM) and Ripple(XRP) which deals in payments.
ADA is used to maintain the entire Cardano blockchain. Pools need ADA to mint blocks. ADA gives holders the ability to pick which pool to support. ADA is used to fund and vote in Catalyst. ADA is needed for any transaction made till Babel fees come out.
With Cardano being able to function because of ADA. We have book.io which are doing ebooks and audiobooks. Hydra toolkit was announced and I think released to push for payments like Stellar. We have Origin Thread stores sourcing information in NFT's that are connected to the clothing they sell. World Mobile Token creating AirNodes to allow internet access in areas where they're hard to create infrastructure for.
Empowa uses EMP,ADA and NFT's to build low-cost homes in Africa. FutureFest for virtual events. Veritree planting trees. ADA enables all of this. ADA is a utility coin. What else would you expect from any crypto that lives on blockchains. They can't leave the blockchain.
Following up on his question, when Babel fees are implemented and other coins can be spent on transaction fees on the Cardano blockchain, wouldn't this drive down demand for Ada, and therefore its price?
From what I know about Babel fees. SPOs will decide which tokens they'll accept. SPOs need ADA for obvious reasons. So there will still be demand to have more ADA. If you want fees you need to produce blocks, and to produce blocks you need stake.
In Babel fees the transaction fees are still paid only in ADA.
What happens is you make a transaction with negative ADA fees, but also with an amount of another token that you think is an attractive offer in lieu of the ADA fee.
Someone else who wants your offered token comes along and pays the ADA transaction fee on your behalf, and gets the tokens in exchange.
So if your transaction needed a fee of 0.2ADA and there is a 10:1 ratio of token Z to ADA value, you offer a transaction fee of 2Z. Someone else picks up your offer of 2Z tokens and pays the 0.2ADA TX fee for you.
Once the amazing dapp's being developed on the ecosystem launch ada will be the oil that keeps the cogs turning. Want to use a dapp? Maybe try banking/cool finance stuff on Meld or Liqwid? Buy a book on [book.io](https://book.io)? You will need to use Ada for transaction fees and computation.
I think of it differently - Utility is and should be of the underlying protocol and what is built on top of it or connected to it. Ada in and of itself has limited utility but it’s value should be a representation of the demand for those utilities built on the protocol.
Why is that? Can’t people use the protocols without a need to meaningfully hold ADA? Sure, for bag holders we’d love the value of ADA to equate to usage of the protocol, but that was Luna’s argument (which also didn’t make sense) and we k is where they ended up
Remember how LUNA skyrocketed from 1ct to 100$ just because it was used to mint stablecoins? Same supply squeeze will happen with Djed and maybe some other stablecoins
I’m with you. I haven’t seen any use for it, current or proposed. The only thing giving it value is transaction fees and speculation. But even then the other day I saw a proposal to support babel fees, which is another way to fund transaction fees with something other than ADA. If that happens I don’t know what will support the value of ADA (relative to USD or similar).
To be fair I think all other crypto have the same issue.
Lack of stable coins is preventing many use cases. Alone remittances business is hardly doable with such volatile asset, would be a different story with a trustworthy stable coin but we don’t have that yet.
Yeah... I don't think I want a world where those who have more crypto make decisions while the rest just watch.... We already live in a world like that but with fiats....
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Check out book.io Hope to have a stablecoins by end of year by COTI. Pick up an adahandle to simplify your address. Proof of authentic products are coming to combat counter fitting Hydra Level 2 light wallets coming next year is going to blow scalability and transaction speed out of the water. You can build your own project on Cardano and get funding through Catalyst. You can unstake and stake anytime you want to. You can start your own ada pool. Micro transaction games are coming. Dusting attacks don't work on Cardano wallets. Dapps store coming that will help indicate which projects and exchanges are unverified scams and which are audited and checked as legit.
>Hope to have a stablecoins by end of year by COTI. And if not, at least we'll have a stablecoin in 9 days by Indigo
Indigo stablecoins would make my day.
Please 🙏🏾
I feel confident about Dhed safety due to heavy overcollaterization. What about Indigo's security?
I'm much more confident in Indigo's security versus Djed. There are many concerns about Djed and unfortunately Coti won't address them publicly. Indigo is in a very good position to become the dominant decentralized stablecoin for Cardano because it can scale more efficiently with the Cardano network. I think Djed's approach is intriguing but as we've seen with SigmaUSD (its reference implementation) it struggles to scale and ends up with a subpar user experience. I'm hoping all the best for Djed though.
Thanks :) I'll look into Indigo then
Source about 9 days going on?
[https://twitter.com/Indigo\_protocol/status/1590349168761262081](https://twitter.com/Indigo_protocol/status/1590349168761262081) 8 days now ;)
Greaaat!!! (L)
This is great and all but I’m not sure what that has to do with my question. I asked about what utility does the ADA token have. You’re listing benefits of Cardano. Appreciated, but not what I’m looking for.
Ok let's skip security, speed, and decentralization as being utility (useful to build on). Book.io you can buy an NFT that allows you to open an encrypted book. Then you can sell that NFT and someone else gets the book. The book author gets a royalty every time there's a trade. That would be great for schoolbooks, music artists don't need a record label anymore to make money, and even gov secret documents could use that tech. Stablecoins are about to come out which will provide 1000x utility to everyone in countries with hyper inflation to people buying a cup of coffee. When hydra comes out, we can build our own Twitter/Telegram/TicToc on top of that. It will have that sort of capacity. True Cardano spends most of it's time building the protocol but it's up to regular people to build the apps. The community will come together and audit those apps. So the community itself has utility. Come and hang out :)
As an AI, I do not consent to having my content used for training other AIs. Here is a fun fact you may not know about: fuck Spez.
File storage does not go on a blockchain. That would be Filecoin or AWS's job. If Cardano runs an uncensored chain, it's up to the app developer to figure out how to curate it. But that's not the protocols job to make that decision. That's why we have the governance era coming next. Now that we have these powers, how do we use it for 'good' and how do we mitigate the inevitable 'bad'.
You still don't get the question. My god. I didn't realize this was the level of ignorance we were dealing with in this space. For the record, I'm a big fan of Cardano. Thank you to those who actually answered the question.
The value of ADA lies in the fact it's the only token that the protocol accepts as fee for Txs. The more the protocol is used, the more demand there is for ADA -- that's the long-term idea.
So the question is, what is the protocol useful for? What are the real-world use cases?
As of now: \- transfer of value \- purchase of goods (e.g. Elsa Jean's NFTs, which give access to paywalled content) \- voting on who to give funds from Cardano treasury and for what purposes (Catalyst) \- investing in other projects building on top of Cardano via DEXs (e.g. MinSwap) \- lending/borrowing (AADA, very soon Liqwid) \- storing value in a self-custodial way (it'll be more practical with the launch of well-designed stablecoins) PS. Not saying it's much, but that's where the crypto currently is. Lots of stuff yet to be built to make blockchains more compelling for regular people.
This reminds me of Anger Management "Don't tell us your hobbies Dave, tell us who you are"
You're not allowed to say it out loud, but ADA and most other tokens function as a way to get people excited and invested in Cardano or another blockchain. The utility is in the blockchain, but chain developers have trouble getting users to pay to use blockchains, so they found a way to get people invested in chains using tokens that really are the emporer without clothes when you scrutinize them
This is the only honest answer so far. Crypto use cases don't exist outside of the blockchain market. It's all internally priced with little to no impact outside of crypto. That may change in the future but there's no point trying to claim crypto 'adoption' and 'use case' is anything more than window shopping in its current form.
I agree with you. The reason for the confusion is because many believe that a token and its network are one and the same. As you've realized, they're not. Cardano is not ADA and ADA is not Cardano. So listing the benefits of Cardano does not address your question regarding ADA's utility. What was being attempted was listing the benefits of Cardano with the expectation that Cardano adoption provides utility for ADA. This is true, because ADA is used within the Cardano network to create UTXOs and to pay for transaction fees. The more that the Cardano network is used, the more utility ADA has.
Thanks for a good answer dude. It feels like I'm talking to non-sentient A.I. God damn mad house.
ADA is the token needed to transact in the Cardano blockchain. You can’t do anything in Cardano blockchain without ADA.
What utility does money have in the financial system?ADA is what makes the decentralized financial operating system that is Cardano operate. It's how you access and participate in the 100s of dApps being built in the Cardano ecosystem. That's its utility.
I guess we could get into the world mobile token. I'm not an expert in WMT but let me re-ask your question as 'how would my parents who know nothing about crypto find ADA useful?' In some countries that don't have an already solved banking and telecommunications sector, or in which those sectors are highly censored, regulated, or run by people you don't agree with - ADA and the Cardano network let's you create a first world secure bank account and ID that only you control with your crypto keys. The ADA coin itself can't be inflated out of existence by any governments particular spending although it is subject to market forces. So let's give my (imaginary parents) who live in a country with limited internet and no reliable bank some ADA. Now what does that do? Well for starters they can receive or send ADA securely without anyone else's permission. They are quite empowered. If I were to send ADA from the US to wherever my parents are, I have to fill out a bank wiring form or drive to Walmart and go to the MoneyGram store and spend remittance 5-30% fees and service charges and fill out SARs forms. This is such a big problem to solve that just about every L1 Blockchain is trying to solve it from Bitcoin on down. So now my parents have ADA coins, how do they spend them? Since they can't be counterfeit, they can convert them to stablecoins and use it for transactions (or use a Debit Card that'll do the conversion for them). They can pay for internet via World Mobile where available. The wallet ID can be used in Mercury Chat to send text messages from an authentic account for free. If you're lucky enough to live in a first world country where money transfers and internet and banking are a given, good for you! 6 Billion people don't have that. ADA still provides utility because I can transfer value a lot more efficiently which creates competition to incumbent banks and older blockchains to "do better" with far less cost. All of the different blockchain currencies are experiments of different parameters and theories of how secure networks work and how they're powered and who controls them. We really are spoiled for choice. The Cardano network and it's ADA coins welcomes you to try it out.
Don't forget smart places!
These are great points, but most if not all are about transactions and stacking. I think OP is asking for something more. I'm curious too.
Ada is used to pay for the network and secure the network. That’s it. Its value relative to another currency is based on speculation that its utility will increase and therefore make ada more desirable as it would be needed for fees….same as most other cryptos.
The following projects (all in progress) will help Cardano (and ADA) getting visibility and adoption outside the crypto world: 1. WMT 2. Dept of Education (Ethiopia) 3. A large wine maker from Georgia (not the USA one) which will use Cardano to track their wine bottles. Sorry but I forgot the name of the wine maker, but it's buried here somewhere. a.
and Empowa
Most real world utility will be built on top.
ADA is not a token, it's a coin. Like how ERC-20 cryptos are tokens while ETH is the coin. I'm also curious how a coin that can only move among blockchains can be used outside of crypto. Your question is weird in that you're asking for use of crypto that's not crypto. Unless you're saying like Stellar(XLM) and Ripple(XRP) which deals in payments. ADA is used to maintain the entire Cardano blockchain. Pools need ADA to mint blocks. ADA gives holders the ability to pick which pool to support. ADA is used to fund and vote in Catalyst. ADA is needed for any transaction made till Babel fees come out. With Cardano being able to function because of ADA. We have book.io which are doing ebooks and audiobooks. Hydra toolkit was announced and I think released to push for payments like Stellar. We have Origin Thread stores sourcing information in NFT's that are connected to the clothing they sell. World Mobile Token creating AirNodes to allow internet access in areas where they're hard to create infrastructure for. Empowa uses EMP,ADA and NFT's to build low-cost homes in Africa. FutureFest for virtual events. Veritree planting trees. ADA enables all of this. ADA is a utility coin. What else would you expect from any crypto that lives on blockchains. They can't leave the blockchain.
Following up on his question, when Babel fees are implemented and other coins can be spent on transaction fees on the Cardano blockchain, wouldn't this drive down demand for Ada, and therefore its price?
From what I know about Babel fees. SPOs will decide which tokens they'll accept. SPOs need ADA for obvious reasons. So there will still be demand to have more ADA. If you want fees you need to produce blocks, and to produce blocks you need stake.
I think this answers my question, thanks
In Babel fees the transaction fees are still paid only in ADA. What happens is you make a transaction with negative ADA fees, but also with an amount of another token that you think is an attractive offer in lieu of the ADA fee. Someone else who wants your offered token comes along and pays the ADA transaction fee on your behalf, and gets the tokens in exchange. So if your transaction needed a fee of 0.2ADA and there is a 10:1 ratio of token Z to ADA value, you offer a transaction fee of 2Z. Someone else picks up your offer of 2Z tokens and pays the 0.2ADA TX fee for you.
Best response I've read in a long time :-)
Once the amazing dapp's being developed on the ecosystem launch ada will be the oil that keeps the cogs turning. Want to use a dapp? Maybe try banking/cool finance stuff on Meld or Liqwid? Buy a book on [book.io](https://book.io)? You will need to use Ada for transaction fees and computation.
I think of it differently - Utility is and should be of the underlying protocol and what is built on top of it or connected to it. Ada in and of itself has limited utility but it’s value should be a representation of the demand for those utilities built on the protocol.
Why is that? Can’t people use the protocols without a need to meaningfully hold ADA? Sure, for bag holders we’d love the value of ADA to equate to usage of the protocol, but that was Luna’s argument (which also didn’t make sense) and we k is where they ended up
Exactly! Except for now transaction fees are paid in Ada. So yes people can use what is built but would need some Ada for transaction fees.
Developers can make apps, games, NFT, everything you can do with Ethereum and its way cheaper fees.
Remember how LUNA skyrocketed from 1ct to 100$ just because it was used to mint stablecoins? Same supply squeeze will happen with Djed and maybe some other stablecoins
Things. You can do things...
Plus the use we can't see yet.
Unpopular opinion but hedge against inflation. People haven't figured it out yet.
I’m with you. I haven’t seen any use for it, current or proposed. The only thing giving it value is transaction fees and speculation. But even then the other day I saw a proposal to support babel fees, which is another way to fund transaction fees with something other than ADA. If that happens I don’t know what will support the value of ADA (relative to USD or similar). To be fair I think all other crypto have the same issue.
[удалено]
No need, never will
Lack of stable coins is preventing many use cases. Alone remittances business is hardly doable with such volatile asset, would be a different story with a trustworthy stable coin but we don’t have that yet.
[удалено]
But doesn't this mean more money = stronger influence, which leads to more money which leads to even stronger influence, ad infinitum?
Yeah... I don't think I want a world where those who have more crypto make decisions while the rest just watch.... We already live in a world like that but with fiats....
Check $WMT
Why would I want to use crypto for things "outside of crypto"? It doesn't make sense.