Project Atlas and Cardano (ADA) Cryptocurrency

Tons of third-generation blockchain technologies are developed with the purpose of ‘fixing Bitcoin’s scaling problems’. Cardano crypto (ADA) is one of those which aim to accomplish this but today they have released a new concept called ‘Project Atlas’.

Project Atlas is a project that was recently introduced by the Input Output (IOHK) on July 2, 2020 at the Virtual Summit. This is a revolutionary concept proposed by IOHK in an attempt to make the life of users of Cardano crypto (ADA) to be more efficient and streamlined. The technology is planned to be released by the end of August, but it will undergo extensive prototyping until it is truly realized. Thus, the official release date is still not available.

What is Project Atlas?

Project Atlas is a mission to develop Atlas which is a platform. The goal is to lessen the level of knowledge required to enter the blockchain industry.

Up until today, the process of adopting crypto technology has been daunting for most people. In the Virtual Summit discussion, IOHK shared research that states 97% of people who tried to adopt blockchain gave up because of the daunting processes that they had to undergo. The process goes as follows:

  1. Make an account on a crypto market. 
  2. Submit personal information then perform multiple verifications.
  3. Convert current funds into currencies that can be accepted by the market.
  4. Place an order for the token you want.
  5. Buy an e-wallet which is hardware that will contain your keys.

Blockchain may be decentralized, but the stuff the user needs to do is similar to the requirements of a physical bank. Many people are also afraid to give their personal information. IOHK seeks to solve that by introducing Atlas as a user-friendly platform by taking notes of common elements that an average person is familiar with. 

Atlas Features and Accessibility

The Atlas software contains many interface designs that are easy to read and navigate. It also includes monetization models that are similar to video games, applications, software, and browser apps. These are freemium, paid, and subscription. The most important features are available to general users for free even if they don’t make an account. However, there are also amazing tools that are only available to paid users. Here are the different payment plans and the features included in them.

Freemium

‘Freemium’ is a combination of two words: free and premium. This means that the features are completely free to use but you can pay to have better control or gain better information. The following features can be accessed for free:

  • Blockchain data
  • Delegation of stake pools
  • Dapps
  • Ballots and votes
  • Light wallet

Register Account

You can make an account to upgrade all of the free features. Aside from the upgrade, it also made Decentralized Identifiers (DIDs) available for the user.

Paid

The DIDs and all of the freemium features can be upgraded with a purchase. You only have to pay for those services once so you can use it forever. IOHK also offers cryptocurrency custody solutions through this model. Hardware wallets are also available for purchase. 

Subscription

You can upgrade your account to premium by committing on a subscription plan. This upgrades all of the aforementioned features and introduces two new tools at the same time. These tools include the crypto oracle for traders and the node for Dapp developers.

The Future of Cryptocurrency 

The future of cryptocurrency will be completely reshaped by IOHK’s Project Atlas. This does not affect the Cardano token (ADA) alone but the entirety of the field of cryptocurrency. Will IOHK be the leader of the industry? That is difficult to answer because there are over a hundred developers who have their own vision of the future.

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