CNS Mainnet Launch: A Major Catalyst for Cardano Ecosystem Explosion

Cardano Connect (CNS) is the identity layer infrastructure for the Cardano ecosystem. With the launch of the CNS mainnet, it will also become an important piece of the Cardano Web3 ecosystem and a major catalyst for the explosion of the Cardano ecosystem.

On-chain identity layer is becoming an important infrastructure in different on-chain ecosystems. In fact, after DeFi Summer, on-chain behavior and on-chain applications have gradually become the mainstream value discovery of the cryptocurrency industry, and everyone is eagerly using on-chain facilities to achieve transactions and expect to obtain benefits from potential on-chain behavior.

In fact, at this stage, most Web3 applications are logged into applications by authorizing login with account addresses, pseudonymous encrypted accounts, no one knows what kind of user is behind this account, and it is difficult for any Web3 application to build a user profile.

An example is that the lack of an identity layer has further led to the lack of a reasonable credit mechanism in the Web3 world. We see that it is usually through collateralized tokens as the main means to limit malicious behavior and obtain credit, such as the over-collateralized mode of DeFi protocols such as lending and insurance, which is to obtain some mainstream stablecoins through over-collateralized funds to make a profit.

For example, to obtain the identity of a Web3 application DAO community, it is usually necessary to pledge a certain amount of assets to obtain voting rights, so as to increase the cost of malicious behavior. This method is considered to be inefficient and has a low capital utilization rate. Similarly, the lack of an identity layer will also make Web3 social networking boring, we cannot connect the social graph of the Web2 world with the Web3 world.

In the new industry stage, the Cardano ecosystem is also exploring the identity layer through Cardano Connect (CNS), and hopes to further promote the ecosystem to expand to a wider narrative direction.

CNS Mainnet Launch: An Important Piece of the Cardano Web3 Ecosystem

Cardano Connect (CNS) is a social project in the Cardano ecosystem that empowers users to establish their own social image and supports users to use .ada domains as the entrance to social identity. The .ada domain it launched is similar to the ENS with social business cards on Cardano. Users who hold CNS’s .ada domain can get a deeper level of Web3 social experience in the Cardano ecosystem, connect with friends, and further expand the Web3 social graph relationship network. At the same time, CNS is also an achievement system that can issue some achievement certificates and medals to users and embed them into the user’s identity to obtain a series of rights from the Cardano ecosystem.

At the same time, CNS has also launched an auction system, and rare and meaningful CNS domains are reserved for auction. The domain registration process is completely on-chain, and it is also processed by Plutus scripts to ensure security. The auction process is completely decentralized, even the CNS team cannot access the funds locked in the auction, ensuring that bidders do not have asset security risks during the auction process.

CNS can ensure that all this information is stored decentrally on the chain in a secure manner, while also improving the efficiency of data storage. Its use of a decentralized domain registry can not only efficiently expand and protect user security, but its unique data architecture can also ensure that users fully own their CNS domains and related data.

These unique technical features ensure that each CNS is an NFT with unique identity guaranteed by Plutus (a type-function language based on Haskell concepts, often used in Cardano’s settlement layer for complex transactions, which requires formal verification to achieve high security). And with the support of Cardano’s underlying layer, it allows each UTxO to have more than 4000 casting records. Through further registration splitting methods, CNS V1 version can support more than 1 million registrations, which is enough to support the social needs of the early development of the Cardano ecosystem.

CNS Mainnet Launch: A Major Catalyst for Cardano Ecosystem Explosion

As a new identity layer, in addition to helping users establish a decentralized identity layer and establish a new Web3 social experience, CNS is also a SocialFi social protocol layer that redefines digital addressing within the Cardano ecosystem by providing practical solutions, higher security and unparalleled convenience.

In fact, Cardano is an old-brand public chain ecosystem in the cryptocurrency industry. After entering the market, it has established a huge community consensus. At present, its ecological token ADA is still the top ten cryptocurrency in terms of market value in the cryptocurrency market. Although Cardano was originally not Turing-complete, it entered a high-speed development stage after the Alonzo upgrade, covering most of the mainstream tracks in the industry.

However, from an ecological point of view, Cardano with certain technical advantages still has a certain gap with Ethereum, BNB Chain and others (only about 60 Dapps on the chain). In the new industry stage, seeking external development and exploring more innovative fields may be the key for the Cardano ecosystem to achieve further explosion.

The emergence of Cardano Connect (CNS), especially after its mainnet launch, is not only expected to bring a better on-chain experience to Cardano ecosystem users and help establish a new channel between the Cardano ecosystem and the Web2 world, but also to bring better function expansion capabilities to on-chain applications and developers in the Cardano ecosystem, so as to continuously enhance the competitiveness of the Cardano ecosystem and provide help for the further expansion of the Cardano ecosystem to new narrative directions.

It is precisely because of this that the CNS project has received seed round financing from Emurgo (Cardano’s official commercial affairs agency) and has long-term support from Cardano officials.

CNS: Important Infrastructure for Cardano Ecosystem

At present, CNS, in addition to being the identity layer of the Cardano ecosystem, is also becoming an important underlying infrastructure of the Cardano ecosystem.

Previously, it cooperated with the BHE exchange to launch the .bhe domain, which can not only serve as the DID identity of the Cardano on-chain ecosystem, but also as the digital identity within the BHE exchange. In terms of practicality, .bhe DID is the identity symbol of BHE and the Cardano ecosystem, which means that .bhe holders can seamlessly interact in these ecosystems through this identity.

At the same time, driven by CNS technology, .bhe domains have similar functions to .ada domains, that is, users can seamlessly use various dApps on Cardano through this DID, and can also use it as an account address for transactions.

In the meantime, CNS has also been integrated with Yoroi, a wallet in the Cardano ecosystem. With the launch of the CNS mainnet, users will be able to access various Cardano applications and perform a series of transactions directly through Yoroi wallet using .ada domains.

In the future, a series of Cardano ecosystem projects, including Minswap, Begin Wallet can display users’ .ada domains, and .ada will also become a smooth pass for the Cardano ecosystem.

In the long run, with the in-depth exploration of CNS in directions including account abstraction and narrative of intention, it is expected to become an important link between the Cardano ecosystem and the Web2 world, and provide a foundation for the further expansion of the Cardano ecosystem to potential fields such as RWA, DePIN, and AI.

Definite CNS Airdrop May Bring Wealth Effect to Cardano Ecosystem

The launch of the CNS mainnet marks the opening of a new value system for the Cardano ecosystem, and is also expected to bring wealth effects to Cardano ecosystem users. Previously, CNS announced that it would reserve 15% (total issuance of $CNS: 2 Billion) of its $CNS token economic model for airdrops to community users.

Previously, the CNS project launched CNS points in the test network as a way to identify and track users participating in CNS. Points are expected to be an important basis for airdrops. Users can obtain CNS point rewards by minting, participating in auctions, and recommending users to mint and auction. In addition, users who purchase CNS domains and users who participate in ADA token staking activities (SPO) are also within the scope of the airdrop, which means that under the promotion of the airdrop effect, a wave of CNS domain heat is expected, and it is expected to drive the staking rate of ADA token PoS.

With the launch of the CNS mainnet on May 7, 2024, it is expected to start a new round of wealth effect for the Cardano ecosystem.

Overall, Cardano has great potential and is well-positioned for a breakout.

Despite missing out on the initial wave of on-chain market growth during DeFi Summer, Cardano’s strong technological foundation and continuous advancements position it well for success in the next competitive cycle. The launch of the CNS mainnet is a significant milestone that further enhances the Cardano ecosystem’s capabilities and paves the way for its potential explosion.

Here’s a summary of the key takeaways:

• Cardano’s robust technology and unwavering community support provide a solid foundation for growth. Despite not being a first-mover in the DeFi space, Cardano’s commitment to innovation and its loyal community have kept it at the forefront of the blockchain industry.
• The Alonzo upgrade marked a turning point for Cardano, ushering in a new era of smart contract functionality and dApp development. This upgrade has significantly expanded the ecosystem’s potential and attracted a wider range of developers and users.
• CNS (Cardano Connect) stands as a crucial piece of the puzzle, establishing a robust identity layer and enabling seamless social interactions and Web3 experiences within the Cardano ecosystem. Its integration with Yoroi wallet and other ecosystem projects further strengthens its utility and paves the way for broader adoption.
• The upcoming CNS airdrop is expected to generate significant excitement and attract new users to the Cardano ecosystem. This airdrop has the potential to drive a surge in demand for CNS domains and ADA tokens, further fueling the ecosystem’s growth.

With the CNS mainnet now live, Cardano is poised to take a significant leap forward. Its combination of strong technological fundamentals, a dedicated community, and innovative solutions like CNS positions it as a strong contender in the rapidly evolving blockchain landscape. The potential for a Cardano ecosystem explosion is high, and the future looks bright for this promising project.

In addition to the points mentioned above, here are some other factors that contribute to Cardano’s potential:

• Focus on sustainability and environmental responsibility: Cardano’s Ouroboros Proof-of-Stake consensus mechanism is energy-efficient and environmentally friendly, aligning with the growing demand for sustainable blockchain solutions.
• Active research and development: Cardano’s development team is continuously working on improving the protocol and exploring new features, demonstrating a commitment to long-term innovation.
• Enterprise adoption: Cardano is gaining traction in the enterprise sector, with partnerships and projects in various industries, including supply chain management and identity solutions.

These factors, combined with the successful launch of CNS and the potential for an airdrop-driven surge in user interest, paint a compelling picture for Cardano’s future. While the overall cryptocurrency market remains uncertain, Cardano’s strong fundamentals and promising outlook make it a project worth watching closely.

Cardano Connect (CNS)

A Hub for Social Identity and networking on Cardano

Cardano Connect (CNS) is a platform for social networking on the Cardano network, empowering users to create and manage secure social profiles on Cardano, with .ada domains acting as gateways to their social identity that backed by Emurgo - founding entity of Cardano Network and Adaverse.

The platform facilitates connections, enabling users to find friends, engage in activities, and expand their network with verifiable users.

CNS also provides the ability to receive and share verifiable credentials for various achievements, all recorded immutably on Cardano. Built on a new data architecture, CNS utilizes an advanced data storage technique to enhance the efficiency of data storage on Cardano, ensuring all information is stored on the blockchain in a decentralized manner without compromising security.

Mint your .ada domain on Cardano blockchain: https://cns.space