Weiss Ratings Slam EOS Centralization Issues, Shifts Proof of Stake (PoS) Focus to Cardano | ELEVENEWS
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Cardano [ADA]

Weiss Ratings Slam EOS Centralization Issues, Shifts Proof of Stake (PoS) Focus to Cardano

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The U.S.-based financial investment rating agency, Weiss Ratings, has called out the EOS blockchain on what it believes to be severe problems with centralization. The agency subsequently downgraded the technology score it had previously awarded the EOS blockchain, stating in a recent tweet:

“#EOS has serious problems with centralization, so we’ve severely downgraded its technology score.”

The concerns seem to stem from the power wielded by the EOS Core Arbitration Forum (ECAF), a group set up to help resolve disputes on the EOS blockchain. However, after it was revealed that last year the group ordered EOS’s 21 ‘block producers’ to freeze 27 accounts, questions of over-arching power were raised. An EOS block producer (BP) is an elected core of voters that take the place of miners in a traditional proof-of-work (PoW) blockchain network. Since EOS uses proof-of-stake (PoS) it doesn’t require mining to maintain the network but rather relies on a ‘consensus’, method of verifying blocks.

Since the 2018 election of the networks 21 BP’s there have been several allegations of collusion amongst BP’s. Some say that rather than acting independently to ensure fair voting, several BP’s are banding together in order to force decisions that would mutually benefit them. The ECAF, meant to deal with these issues, itself became mired in controversy, resulting in EOS chief technology officer (CTO) Dan Larimer proposing a new constitution for the EOS network.

The ongoing issues have collectively resulted in Weiss Ratings significantly reducing the EOS decentralization score. It has now instead turned its focus on the Cardano (ADA) blockchain, a fellow proof-of-stake (PoS) network that may offer better decentralization. In the same prior (somewhat tongue-in-cheek) tweet, Weiss Ratings stated:

“It’s now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure.”

The Cardano blockchain uses a complex proof-of-stake consensus method known as Ouroboros. The method covers several phases and uses a detailed algorithm incorporating multiparty computation, slot leaders, elections and epochs.

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Cardano [ADA]

Cardano’s Shelly TestNet Is A Handover, ADA Adds 7.3%

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  • Cardano (ADA) is up 7.3 percent
  • The path towards complete decentralization continues through Shelly TestNet

Shelly TestNet is live. To the end, Charles Hoskinson is in Israel as he waits for feedback from the country’s developers. Meanwhile, ADA is consolidating along 9.5 cents following June 26 doji candlestick.

Cardano Price Analysis

Fundamentals

Charles Hoskinson is a technical leader, passionate about crypto. After parting ways with Ethereum following the contentious and implicating DAO, he continues to head Ethereum Classic development.

Overly, he is generally thorough, guiding Cardano’s IOHK in matters quality. As a smart contracting platform prioritizing quality and peer reviewing over speed and compromise, their five-step development through to Voltaire will produce a verified, peer-reviewed platform which is scalable and completely decentralized.

It may take some few years before Voltaire. However, the release of Shelly TestNet, the path towards the ultimate goal is being fast-tracked. Because of Shelly, there will be decentralization. That is precisely why the blockchain community has its interest in the project.

The TestNet which is live, launched on June 21, allows experimentation on Staking. Besides staking, this TestNet prepares the network for the final transition of transaction validation from IOHk to the community’s staking pools.

Testing will be in three phases. The first stage enables users to create a Rust Self Node while simultaneously establishing the basic configuration of staking pools. After that, all these Rust Self Nodes will connect into one “unified TestNet” before incentive building and delegation in the third stage.

Candlestick Arrangement

Cardano ADA

Trading at 9 cents, ADA is bullish and 7.3 percent higher from last week’s close. Despite the slowdown in the previous day, the path of least resistance is up. In an altcoin season, ADA is likely to attract capital, especially if this TestNet reveals the real power of Cardano.

Because ADA is within a bullish breakout pattern against the USD, every low is technically a loading point. However, while there is an opportunity for aggressive traders, it is imperative that prices edge past May 2019 resistance at 9.5 cents.

There were attempts on June 26, but the resulting doji points to indecision. ADA prices could print lower. On the other hand, any firm close above 9.5 cents, preferably with high trade participation could trigger ecstatic buys as traders aim at 12 cents. Such a move will confirm the bull breakout pattern of late March.

Technical Indicators

As the trend line shows, the dominant trend is up. Although there is consolidation, trading volumes are high. In that case, break and close above 9.5 cents, validating this trade plan should ideally be with high participation exceeding 603 million of June 26.

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Cardano [ADA]

Cardano (ADA) Price Gaining Momentum: Dips Remain Supported

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  • ADA price traded higher and was successful in clearing the $0.0935 resistance against the US Dollar.
  • The price is currently trading well above the $0.0950 level and it could continue to rise in the near term.
  • There is a major bullish trend line forming with support near $0.0965 on the 4-hours chart (data feed via Kraken).
  • The price is likely to accelerate higher once it clears the $0.1020 resistance level.

Cardano price is gaining bullish momentum above $0.0950 against the US Dollar, but struggling vs bitcoin. ADA could continue to rise if it clears the $0.1000 and $0.1020 levels.

Cardano Price Analysis

After forming a strong support above $0.0850, cardano price started an upward move against the US Dollar. The ADA/USD pair broke the $0.0920 resistance levels to enter a positive zone. Later, it even cleared the $0.0935 resistance and settled above the 55 simple moving average (4-hours). Finally, the price traded above the key $0.1000 resistance and traded towards $0.1020.

However, the $0.1020 level acted as a strong resistance and prevented gains on two occasions. The recent high was formed at $0.10209 and the price corrected below the $0.1000 support. It broke the 50% Fibonacci retracement level of the last wave from the $0.0934 low to $0.1020 high. However, the decline was limited and the price found support near the $0.0965 level.

The 61.8% Fibonacci retracement level of the last wave from the $0.0934 low to $0.1020 high also acted as a support. Moreover, there is a major bullish trend line forming with support near $0.0965 on the 4-hours chart. If there is a downside break below the trend line, the price could test the $0.0935 support area. The 55 simple moving average (4-hours) is also a major support near the $0.0930 level.

On the upside, an immediate resistance is near the 0.1000 level. However, the main resistance is near the $0.1020 level. If there is an upside break above the $0.1020 level, the price may continue to rise towards the $0.1050 and $0.1080 levels. The next key resistance is near the $0.1120 level.

Cardano Price Analysis ADA Chart

The chart indicates that ADA price is currently trading nicely above the $0.0965 and $0.0935 support levels. If the bulls fail to push the price above $0.1020, there is a risk of a fresh decline below $0.0935. The next major support could be near the $0.0920 level, followed by $0.0905.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is currently losing momentum in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently correcting lower from 65 and it could test the 50 level.

Key Support Levels – $0.0965 and $0.0935.

Key Resistance Levels – $0.1000 and $0.1020.

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Cardano [ADA]

Shelley Testnet launch marks the recent developments of Cardano

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Shelley Testnet launch marks the recent developments of Cardano

In the wake of recent developments, stability has been observed among the majority of the altcoin. The Cardano Shelley testnet is being viewed as a major achievement in Cardano’s development. Moreover, there has been a steady climb of ADA from $0.8 to $0.1.The much-awaited Shelley testnet by the Cardano community, could be the reason for spiked interest in the ADA, along with the altcoin stability in the last twenty-four-hour window.

Shelley marks the beginning of a Proof-of-Stake Consensus protocol and a step in the direction of absolute decentralization for the network of Cardano. Moreover, the users will be enabled to test the out staking and allocation of roles taking to stake the pools and provide the required feedback to the Cardano team for the preparation of the wider phase of Shelley. As the phases of Shelley will progress, the users will be enabled to experience faster synchronization of the network, Cardano debit cards, alterations to wallet backend, quantum resistant signatures and light client support.

Shelley is being viewed as one of the most important events in Cardano’s history. With the inclusion of Shelley, the Cardano community is getting ready to take charge of the blockchain via staking. However, the community can take full control only when there is sufficient stake from community members, and there are a certain number of nodes.

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