Cardano Foundation unveils five-year development plan

By 2026, at least three Fortune 500 companies will be using Cardano’s cryptocurrency ADA, and 50 banks will be partners of the Cardano Foundation. Frederik Gregaard, head of the nonprofit, said.

We are very happy to share the Cardano Foundation’s strategy delivered by our CEO, @F_Gregaard.

Watch below to hear about our short & long term goals, strategy & implementation and more!#Cardano #blockchain https://t.co/8ME7N545kG

— Cardano Foundation (@CardanoStiftung) July 5, 2021

According to Gregaard’s presentation, under the short-term development strategy, the organisation has made progress in many areas. In particular, the Cardano Foundation is actively working on creating a centralized data registry for the platform’s native tokens, Cardano Registry, and launching services for developers.

According to the head of the organisation, by 2022 the Cardano Foundation will sign partnerships with 50 banks, add support for more than three new blockchain libraries, launch a developer service, improve the interpretability of the platform, and enhance the voting mechanism of the decentralized Project Catalyst fund.

Gregaard noted that by 2024 the Cardano Foundation intends to facilitate ADA token purchases by at least three Fortune 500 companies. The organisation also plans to expand on-chain activity and increase the number of wallets.

To this end, the project team will publish three official documents and several studies aimed at practical use of the blockchain platform. 

By 2026, the Cardano Foundation plans to grow the ecosystem’s user base to 1 billion. By that time, the project will enter the Voltaire era and will be fully governed by the community as a decentralised organisation.

Currently, Cardano’s cryptocurrency ranks fifth on CoinGecko’s ranking with a market capitalization of $45.33 billion. In the last 24 hours, ADA’s price fell 1.7%. At the time of writing, the price is $1.41.

The Cardano Foundation has ambitious plans, but critics often mock the organisation for failing to meet its stated goals.

On July 5, venture partner Placeholder Venture Capital’s Chris Burniske re-tweeted a post from last year by Cardano’s founder Charles Hoskinson, in which he laid out an optimistic forecast for the blockchain platform’s development. Burniske accompanied the post with the comment: “Did any of this happen?”.

Did any of this happen? https://t.co/dlQZ4B4cIW

— Chris Burniske (@cburniske) July 5, 2021

Earlier, the digital asset manager Grayscale Investments included Cardano as a component of the Digital Large Cap Fund.

Back in May, billionaire Mark Cuban criticized Hoskinson’s project for a lack of practical utility and too long a lead time to the final release.

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