Infireum Explores Migration onto the Cardano Blockchain
According to a trusted source, Infireum is exploring the possibility of continuing its development on the Cardano ecosystem.
Infireum was first created on the Ethereum blockchain as an ERC20 token in 2018. In 2019, the Infireum team announced the completion of their private chain, InfireumChain, to support its wallet system and back-end transactions. While there has been no official update from the Infireum team, a closer look at their blockchain transactions revealed that about 4 million Infireum tokens had been transacted as of April 2021.
The source reveals that the Infireum tech team has been continuing development of their private blockchain, even though no official announcement about this Generation 2 Infireum upgrade has been made to the public or their community. Creating a wallet system on the private blockchain allows the unbanked market access to digital services by working with e-commerce platforms and retail businesses to create an ecosystem that can be adopted by the masses.
The leak also revealed that Infireum is in their late-stage exploration of the integration of the Cardano blockchain for an upcoming Generation 3 Infireum upgrade, where every Infireum token will be backed by an asset.
When probed about the reason for the migration, the Infireum team confirmed that they had always been exploring ways to complete a “missing piece” in their blockchain product, and that
“the COVID-19 lockdown showed us a different world, and we decided to take the opportunity to future-proof Infireum with scalable assets to back each Infireum token in order to support its value”.
They were tight-lipped as to the type of asset that will be backing and supporting the value of Infireum, but hinted that an official announcement will be made in due time. There was no mention of changing the total supply of Infireum.
About Infireum Holding
When questioned about locating their headquarters, Infireum Holding, in New Zealand, the team cited two main reasons: firstly, the market shows more clarity on the regulations of blockchain businesses, and secondly, they have plans for a public listing status in the country. A public listing will display transparency in the business operation and allow retail investors to participate in the entire ecosystem to reap its rewards.
About Cardano
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open-source. Cardano is developing a smart-contract platform that seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers.
Cardano certainly has several good things going for it. Its technology is often considered superior to many of its peers, also has a strong community backing.
ADA, named after Ada Lovelace, the world’s first computer programmer, is the digital currency associated with the Cardano platform.
IOHK (Input Output Hong Kong) is the research lab behind Cardano. Its focus is on decentralization and the challenges it poses to existing global financial systems. The Cardano development team is made up of academics and scientists, and they work closely with academia to have everything peer-reviewed and transparently shared. The Cardano Foundation and EMURGO, along with IOHK govern Cardano.
Why Cardano?
For those who are unfamiliar, Cardano is a smart-contract platform, which developers can use build decentralised applications.
The current market leader for smart-contract platforms is Ethereum. Ethereum’s value has soared this past year for several reasons. Firstly, several high-profile institutions have onboarded its open-sourced network. Secondly, Ethereum is currently the backbone of the non-fungible token (NFT) marketplace. Finally, it has also been the main platform that decentralized finance (Defi) projects have been using for development.
However, it is not a perfect system. Unable to scale as quickly as the demand, miners are forced to raise fees to prioritise transactions. Consequently, developers on the Ethereum blockchain are plagued with high fees and delayed transactions. Cardano aims to beat Ethereum on both of these counts with its lightweight design.
Cardano was founded by one of Ethereum’s original co-founders, Charles Hoskinson, who stepped out on his own a year after Ethereum launched in 2013.
He believes Cardano can help billions of people thanks to its focus on the vision of assisting people to achieve a better quality of life. DeFi built on Cardano is intended to benefit some of the poorest, hardest-hit regions in the world. Hoskinson believes that by demonstrating that the technology works in these places, it proves that it can work anywhere. He states that this initial success would be the catalyst that brings about mass adoption.
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