- South Korean Bithumb announces support for Cardano coin.
- ADA/USD gains nearly 5% on daily basis, the only growing coin from top-10.
Cardano (ADA) has recovered from the low reached at $0.1443 on Wednesday amid global cryptocurrency carnage. The coin touched $0.1754 during early Asian hours, but could not sustain gains as the upside momentum faded away. Cardano is the seventh biggest cryptocurrency by market value, according to CoinMarketCap, with current capitalization $4.5B. Its daily trading volume spiked significantly from $99M to $166M, emphasizing growing interest towards the coin.
Cardano is the only coin in green from top-ten, with positive momentum inspired by Korean bitcoin and cryptocurrency exchange Bithumb decision to add ADA to the list of tradable instruments. Currently, over 40% of Cardano’s trading volumes are processed by Upbit, with ADA/KRW being the most popular pair.
Cardano technical picture
Technically, ADA/USD broke above 50-SMA (hourly chart), currently at $0.1633, while the movement above 100-SMA ($0.1706) was not sustained. ADA/USD is changing hands at $0.1680 with local support created by the above-mentioned 50-SMA, followed by $0.1580. On the upside, growth above $0.1750 (Asian high) will open the way towards $0.18 and $0.20.
ADA/USD, the hourly chart
Are Cardano (ADA) updates to vague or are the holders just to impatient?
Cardano developer and CEO if IOHK Charles Hoskinson has been quite busy since the turn of the year. As the project moves towards implementing the Shelley update, one that is expected to bring several long-awaited features (like decentralization and staking), Hoskinson decided to hold another impromptu YouTube AMA and answer some popular community questions.
The AMA kicked off with Hoskinson addressing the Cardano internal workshop that was recently held in Berlin, Germany. The workshop wasn’t of public character and was visited by engineers from the IOHK, Haskell, Rust and Emurgo, all entities working on different aspects of Cardano. The purpose of the workshop was to discuss the internal specifications of Shelley, namely the delegation specification and formal ledger specification. He further explains that the team discussed other features of Shelley, including multi-asset tracking, extensions to the UTXO models, and the notion of preservation of data.
Next question he covered is how the project will get to Shelley from where Cardano currently is. According to Hoskinson, Byron will be retired with the update 1.5, which will also be the first time we’ll see Shelley-related code implemented into the Cardano mainnet. As a reminder, Cardano is currently on its 1.4 version, with work being done on releasing the 1.4.1 to fix some lingering issues.
Shelley will be gradually brought into existence through future updates, putting core infrastructure in place that will enable a process that should gradually decentralize the network, epoch by epoch. Ouroboros BFK and 1.6 Cardano update (bringing decoupled wallets) are the first infrastructure pieces that will be implemented in Shelley and will be important steps on the road of implementing staking features into Cardano, explains Hoskinson.
He also addressed staking pools and the ways the project intends to build them up. Explaining that this is a lengthy process which requires that those who want to stake will need time, information and exposure, Hoskinson further adds that Rust Cardano is currently working to deliver a testnet possibly sometime in February that will start off this process. He explains that the efforts of Rust and IOHK on developing staking features will eventually be merged in the Cardano 1.8 update, and this is when staking is expected to go live on the Cardano network.
Hoskinson further touched upon some other topics, including (summary of topics provided by Twitter user @adatainment):
- Gradual decentralization
- Plutus, Marlow, extended UTXO, mockchain
- Multi asset, staking rewards, terminal support, API extensions
- Threshold Multi Signature (TMS), lite client, sidechains, very fast bootstrapping
- What makes Cardano super competitive in 2019
- Fairness of POS vs POW
- Daedalus dApp platform
- Satellite staking pools/backbones and alternatives
- Possible password corruption edge case with Daedalus
- If Crypto Kitties would be ported to Cardano would it be sizably better? (scalability, TPS, trade-off between throughput and latency)
- Will the project be patenting its technology
- Does he know jiu-jitsu
- Is it possible to tokenize intellectual property rights on Cardano? (non-fungible assets, DRM in games)
- When can we expect Daedalus support for Ledger
- When docker images? (docker image is an easy way to provide and execute code, like for stake pool nodes)
- Embedded images on old address styles
- Tripoli Symposium
- Cardano blockchain deployment Ethiopia, MOOC
Hoskinson delivered the answers to these topics in his well-known, calm and collected manner. While some praised him after the AMA there were a few dissenting voices who had words of criticism citing the general vagueness of the updates, lack of actual tangible improvements, and the recent failure of ETC (project developed by IOHK and heavily shilled by Hoskinson) as the main things to hold against the lead developer of Cardano. This naturally didn’t ruin Mr. Hoskinson groove, who even found time to bask in the misfortunes that Ethereum recently found itself surrounded with.
This and other Cardano updates always seem to raise the always lingering dilemma: is Cardano moving too slow or is the academic, pedantic approach the right path to choose? There is no right answer here as it depends on your personal preferences, mostly time-wise. If you are a high-time preference trader looking for short term gains, ADA is not a project you keep track of as their updates are unspectacular, project leaders don’t push and hype the coin and the community is actually above average in terms of crypto knowledge and understanding which makes it resilient to fluff and empty pump and dump schemes.
Cardano Moves Closer to Shelley Release, Amid Flurry of News
Cardano is currently gearing up towards it next major update, which has been confirmed to arrive before Q1 this year. Now, Charles Hoskinson has revealed that he is about to review Cardano’s delegation mechanics.
Hoskinson finalizing delegation mechanics
More specifically, Hoskinson tweeted that he was about to depart to Berlin in order to participate in an internal workshop. Hoskinson’s tweet noted that they had 50 pages of math to go through before finalizing Cardano’s delegation mechanics.
Cardano’s next major release is called Shelley – named after the famous British author Mary Shelley. As a matter of trivia, Mary Shelley was the wife of Percy Bysshe Shelley, a close friend to Lord Byron – the namesake of Cardano’s current phase.
This news is especially intriguing, seeing as finalization of the delegation mechanics remains one of the main hurdles to clear before the general release of Shelley.
Furthermore, Shelley promises to give Cardanoincreased decentralization, 1,000 staking pools, and full autonomy. If realized, all of this would make Cardano’s system the most decentralized on the market. Hoskinson recently stated that Cardano would become around 100 to 50 more times decentralized than Ethereum, Bitcoin, and EOS.
It would seem that things are looking positive for Cardano as we head into 2019. In addition to the upcoming Shelley update, Hoskinson has taken a clear interest in teaching Africans to code.
Cardano’s ”Transform Africa” Initiative Progressing
IOHK has previously announced that they are ”getting involved” in Uganda, it toured Rwanda, and the Ethiopian government signed an agreement with Cardano in 2018. Now, Hoskinson recently shared a link to this initiative, stating ”how proud” he was of the African students.
In a nutshell, this initiative aims to teach Africans the ”Haskell” programming language, enabling them to help in the future development of Cardano. Hoskinson’s tweet, therefore, highlights that this project continues to move forward.
Moreover, this comes as recent data from CoinCodeCap has revealed that Cardano was the most actively developed coin of 2018. In fact, Cardano received approximately 46,000 code repository commits during last year.
This is a staggering amount, seeing as the second-most developed coin of 2018, Augur, had a mere 22,000 commits. Nevertheless, Cardano has also been in other news as of late. Charles Hoskinson was recently featured in an interview on Japanese television, in which he talked about ADA and cryptocurrency.
Cardano’s Charles Hoskinson Taunts Ethereum Amid Constantinople Launch on Twitter
The Ethereum community is ready for the launch of its biggest upgrade in a good time now, Constantinople, which will happen tomorrow, but some people are simply not too happy with this. The CEO of IOHK and Cardano, Charles Hoskinson, seems to be one of these people.
Hoskinson, which is the public face of Cardano the same way that Vitalik Buterin is the faced of Ethereum, has used the opportunity to launch some jabs at the ETH community, which is a sort of a rival of Cardano (ADA).
You like apples? We got them for you pic.twitter.com/NvLHkCqslb
— Charles Hoskinson (@IOHK_Charles) January 14, 2019
According to Charles Hoskinson, ETH’s upgrade might be important, but he will not be able to do what Ethereum has been promising for years: to implement its proof of stake system. He spoke on Twitter today about it and also used the opportunity to attack the critics of the proof of stake method, which believe that it may cause some inequality among node operators.
He claims that one of the main complaints that proof of stake receives is that it is less egalitarian and it makes the rich richer but, according to a paper that was co-authored by academics from Athens and the Edinburg Universities, proof of stake cryptos can be perfectly egalitarian for the parameters of the crypto world.
The main reason for the jab at Ethereum is because the proof of stake is a very old promise that simply was not developed and the Casper protocol, which is supposed to make it true, will only be launched in 2020 or after. The new protocol may be important, but it will still not bring to ETH the most important change that it needs.
What it is bringing, however, is more resistance against ASIC mining algorithms, which can make it more resistant against ASIC miners, which are not viewed with so much joy in the community.
However, it should be noted that Hoskinson may be “throwing stones from a glass house” since Cardano is still heavily centralized even when compared to Ethereum, which has proved to be better at decentralization.
The goal of the network to be more decentralized is still too far and the Shelley protocol, whose goal is to finish the decentralization process, is still far from completion. The official road map affirms that the Shelley testnet is only 20% complete and the mainnet was not even started, so it may be years before Hoskinson can actually talk about Ethereum without sounding like a hypocrite.
This does not mean that Cardano is in a bad place, necessarily. The network is known for being backed by scholars with important academic credentials. In fact, most of its decisions are backed by science instead of a consensus from the “community” alone.
It is still too early to know whether this will pay off or not because the network is very young still, but the expectative is that Cardano will be among the winners in the blockchain market.
At the moment, ADA is up 1.3% in the last 24 hours, a lot than Ethereum, which is rising up to 9% and having a great day.