Cardano’s new open-source digital identity platform goes live
Cardano has launched Veridian, its open-source digital identity platform which provides a decentralized solution for both individuals and businesses.
Veridian, launched on Apr. 3, gives users complete control over their data by enabling them to safely manage their digital identities. The platform tackles the problem of centralized identity systems that frequently result in data breaches.
Without relying on third-party services, users can protect their digital identities through open-source protocols such as KERI decentralized identifiers and ACDC credentials.
Veridian can operate independently using optional trust layers, which are security protocols built on the Cardano (ADA) blockchain. These help to ensure safe, authentic, and verifiable online interactions without the need for middlemen.
Along with Veridian, the Veridian Wallet will provide a simple mobile app for securely storing digital credentials. The wallet creates a trusted experience across various industries by enabling users to manage and validate their credentials.
Cardano is moving forward in other areas in addition to the Veridian launch. Charles Hoskinson, the founder, revealed plans to integrate Bitcoin (BTC) into Cardano’s decentralized finance ecosystem in an Apr. 31 interview.
Using the Hydra scaling solution, which improves Cardano’s transaction speed, and the Aiken programming language, which allows for smart contracts to be written on both Bitcoin and Cardano, the network aims to connect Bitcoin with DeFi.
Hoskinson believes that within three years, institutional adoption of Bitcoin-based DeFi solutions will become a reality, thanks to Cardano’s infrastructure.
On the price front, Cardano has recently seen massive volatility. The price fell 13% over the previous week to about $0.65. Jonathan Carter, a market analyst, noted on a Apr. 3 X post that ADA may dip further to a new support level around $0.59, but there is still potential for it to rebound and possibly reach $1.
As Cardano continues to grow in areas like DeFi and digital identity, it may attract renewed investor interest and drive its price higher.
