BTCS Grows Blockchain Infrastructure Solutions Segment With Cardano Launch
Next-generation Proof-of-Stake validation is more energy-efficient and environmentally friendly than traditional resource-intensive crypto mining
CS Inc. a blockchain technology focused company, announced the expansion of its blockchain infrastructure segment with the launch of a new staking operation on Cardano, a decentralized third-generation proof-of-stake (PoS) blockchain launched by ethereum co-founder Charles Hoskinson.
“Recent price volatility in the digital asset space, which we consider immaterial to long-term use cases, has provided tremendous opportunity to grow our revenue-generating staking operations,” stated Charles Allen, CEO of BTCS. “Based on a detailed evaluation of key characteristics and metrics, we selected Cardano as the next addition to our staking program. We believe that Cardano’s blockchain quality, revenue potential, and technical difficulty provide a tremendous opportunity, and with existing as well as planned capabilities, we believe its token (ADA) is undervalued relative to its peer group.”
BTCS has deployed its own Cardano pool and pledged approximately 258,000 Cardano tokens (ADA). Staking is the environmentally-friendly technology used to process and validate digital asset transactions on Cardano, Kusama, Tezos, Ethereum 2.0, and other next-generation blockchains.
While it shares characteristics and applications with other blockchain platforms, Cardano distinguishes itself through a commitment to peer-reviewed scientific research as building blocks for updates to its platform. One of Cardano’s applications is identity management, used to streamline and simplify processes that require the collection of data from multiple sources, and traceability, used to track and audit a product’s manufacturing processes from provenance to finished goods, addressing the challenge of counterfeit goods. The Cardano platform also has a goal of providing banking services to the world’s unbanked population, an estimated market of 1.7 billion individuals according to The World Bank.
“Cardano has a leg up on many other altcoins because it lays out use cases across education, retail, agriculture, government, finance, and healthcare,” added Michal Handerhan, COO of BTCS. “Cardano’s undeniable strength rests in its focus on blockchain-based identity and traceability management solutions and creating a plausible decentralized financial system for the developing world instead of trying to target the entire smart-contract market.”
“Given that Cardano’s team has real firepower on board to make the goals a reality, and have several foundations filled with talented people doing the legwork, Cardano has a real shot at adoption in key markets,” continued BTCS CEO Charles Allen. “Cardano represents a significant opportunity for investment should its financial ecosystem begin to take hold within the markets it is seeking to impact.”