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It’s Not My Job to Make the Cardano Price Go up” – Charles Hoskinson

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In a new YouTube live stream, Hoskinson speaks about the ‘Price and Value’ of Cardano. He says price predictions of the token are the least interesting and most destructive thing to happen to a project.

The founder of Cardano Charles Hoskinson says, he doesn’t care about ADA price trends and it’s not his job to spike the prices. Moving further he says Cardano Price could be worth $10 in the future, but it does not matter to him, all that’s important is his life’s work that he has put into it.

He expresses that, the token’s price should not decide the potential of the project, and as an engineer of a tech company it not his job to make the price surge, but it is focused on how to develop the blockchain and solve the problems of DeFi world.

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I Don’t Know Why The Price Goes Up. I Don’t Know Why The Price Goes Down And I Don’t Want Anything To Do With Base Speculation About These Particular Things. It’s Not My Job, As A Technology Company, An Engineer Scientist To Make The Price Go Up.   

Cardano Is Building World Financial Operating System

For the people who have heavily invested in ADA, he says they have invested in something that will contribute to the world financial operating system. and they are a part of the governance.

“I’ll Remind Those People You Have Purchased Into Something That Carries Responsibilities, You Are Now Part Of The Story Of How To Maintain The World Financial Operating System We Are Building Together You Are Now Part Of The Story Of Governance”.

Hoskinson thinks the price trends are unpredictable and there’s still inside baseball due to regulation, and all of this is the game he doesn’t know how to win and doesn’t play.

ADA has soared 8122% in a year and achieved its ATH of $1.48 on Feb 27. Currently, it is trading at $ 1.21 with a market cap of $38.83 Billion.

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What is Cardano (ADA) and why the asset became so popular

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Today, cryptocurrencies face numerous challenges, including scalability, power consumption and the ability to interact with common money. Cardano calls itself a third-generation blockchain. Your community is working to solve these issues and be better compared to its predecessors like Bitcoin and Ethereum.

Currently, Cardano (ADA) is the fourth largest cryptocurrency by market capitalization.

What is Cardano?

You’ve heard about first and second generation cryptocurrencies, right? Cardano calls itself “the first cryptocurrency of the third generation”. Like Ethereum, Cardano aims to be a platform where people can create autonomous contracts.

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It was created by a team led by Charles Hoskinson, in an attempt to create a “more balanced and sustainable ecosystem” for cryptocurrencies. Originally developed as a research project, Cardano has evolved into a blockchain platform in its own right.

Its creators believe that blockchain standalone contracts such as Ethereum face challenges related to scalability and interoperability, and that these challenges can be better addressed by a new platform, built from scratch.

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The main responsible for the creation of Cardano is Charles Hoskinson, one of the co-founders of Ethereum.

A brief overview

In 2015, Cardano started as a research project to explore how cryptocurrencies could be improved.

On September 29, 2017, the Cardano team released the Byron phase to the public, which only provided support for transactions with the ADA token.

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In July 2020, the Shelley phase was launched, which improved the network’s decentralization, meaning investors could staking the ADA.

Goguen, the third phase, implemented autonomous contracts through the bifurcation (or “hard fork”) Alonzo and the native issuance of tokens.

The remaining stages are Basho, which focuses on scalability, and Voltaire, which handles blockchain governance.

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The name of the stages of Cardano pays homage to English poets. The network has already completed the Byron and Shelley stages and is now in the Goguen stage.

What is so special about Cardano?

The team behind Cardano was inspired by the world of scientific publishing and adopted its peer review approach to its cryptocurrency.

Thus, all changes and new features presented are developed, reviewed and approved by academics before being used, including Ouroboros, the consensus algorithm of the network.

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The network code is written in the Haskell programming language, used by companies including Bank of America (BofA) and the telecommunications company American Telephone and Telegraph (AT&T).

Input Output (IOHK), the company behind Cardano’s development, has published numerous academic articles describing the platform and its technology.

But not only that!

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Currently, the Ethereum network uses the proof of work (PoW) consensus mechanism to verify transactions, which uses a lot of electricity and can only process a limited number of transactions at a time. Cardano uses proof of stake (PoS), which consumes less energy.

The network uses an algorithm called Ouroboros to choose who creates the next block and to validate blocks (the Ethereum 2.0 update will make Ethereum move to proof of stake soon).

Proponents of the proof of stake algorithm believe that a consensus mechanism focused on staking makes blockchain networks more secure while significantly reducing their power consumption and carbon footprint.

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“If we hit proof of stake, the network will be 250 times more decentralized than Bitcoin,” said Charles Hoskinson.

Developer IOHK has already made progress in managing identity and traceability, announcing numerous partnerships.

In 2019, IOHK teamed up with shoe manufacturer New Balance to address sneaker counterfeiting, allowing customers to confirm the authenticity of products using the Cardano blockchain.

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In April 2021, the company entered into a partnership with the Ethiopian government to present a digitization solution that will be implemented in schools.

Ultra-fast transaction timings and interoperability with other blockchains are also being developed.

What are Cardano’s other differentials?

Cardano consists of three parts:

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1) Cardano Foundation: supports the research and development of the network;

2) IOHK: company that works together with several research and development universities;

3) Emurgo: distinct company that was hired to work on the blockchain and make it more commercially attractive.

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How is ADA produced?

ADA, Cardano’s coin, is a tribute to Ada Lovelace, a 19th century mathematician recognized as the first programmer, in addition to being the daughter of the poet Lord Byron.

Cardano’s ADA currency is not mined like Bitcoin. Instead of miners, there are validators, which are chosen by the network based on how much ADA they have.

If they are selected to validate block transactions, they present a bet on how confident they are in verifying all transactions. If the blockchain checks the validator’s block, the validator wins the bet and is rewarded in ADA.

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What is Ouroboros?

Ouroboros is the algorithm that defines Cardano, the first blockchain protocol to be based on polls by party review, in addition to the project’s proof of stake solution.

Basically, the consensus protocol supports Cardano’s ability to be a decentralized proof of stake platform. It is used to ensure network security, validate transactions and issue new ADA tokens.

It was created by a team led by Charles Hoskinson, in an attempt to create a “more balanced and sustainable ecosystem” for cryptocurrencies. Originally developed as a research project, Cardano has evolved into a blockchain platform in its own right.

Advertisement

Its creators believe that blockchain standalone contracts such as Ethereum face challenges related to scalability and interoperability, and that these challenges can be better addressed by a new platform, built from scratch.

The main responsible for the creation of Cardano is Charles Hoskinson, one of the co-founders of Ethereum.

A brief overview

In 2015, Cardano started as a research project to explore how cryptocurrencies could be improved.

Advertisement

On September 29, 2017, the Cardano team released the Byron phase to the public, which only provided support for transactions with the ADA token.

In July 2020, the Shelley phase was launched, which improved the network’s decentralization, meaning investors could staking the ADA.

Goguen, the third phase, implemented autonomous contracts through the bifurcation (or “hard fork”) Alonzo and the native issuance of tokens.

Advertisement

The remaining stages are Basho, which focuses on scalability, and Voltaire, which handles blockchain governance.

The name of the stages of Cardano pays homage to English poets. The network has already completed the Byron and Shelley stages and is now in the Goguen stage.

What is so special about Cardano?

The team behind Cardano was inspired by the world of scientific publishing and adopted its peer review approach to its cryptocurrency.

Advertisement

Thus, all changes and new features presented are developed, reviewed and approved by academics before being used, including Ouroboros, the consensus algorithm of the network.

The network code is written in the Haskell programming language, used by companies including Bank of America (BofA) and the telecommunications company American Telephone and Telegraph (AT&T).

Input Output (IOHK), the company behind Cardano’s development, has published numerous academic articles describing the platform and its technology.

Advertisement

But not only that!

Currently, the Ethereum network uses the proof of work (PoW) consensus mechanism to verify transactions, which uses a lot of electricity and can only process a limited number of transactions at a time. Cardano uses proof of stake (PoS), which consumes less energy.

The network uses an algorithm called Ouroboros to choose who creates the next block and to validate blocks (the Ethereum 2.0 update will make Ethereum move to proof of stake soon).

Advertisement

Proponents of the proof of stake algorithm believe that a consensus mechanism focused on staking makes blockchain networks more secure while significantly reducing their power consumption and carbon footprint.

“If we hit proof of stake, the network will be 250 times more decentralized than Bitcoin,” said Charles Hoskinson.

Developer IOHK has already made progress in managing identity and traceability, announcing numerous partnerships.

Advertisement

In 2019, IOHK teamed up with shoe manufacturer New Balance to address sneaker counterfeiting, allowing customers to confirm the authenticity of products using the Cardano blockchain.

In April 2021, the company entered into a partnership with the Ethiopian government to present a digitization solution that will be implemented in schools.

Ultra-fast transaction timings and interoperability with other blockchains are also being developed.

Advertisement

What are Cardano’s other differentials?

Cardano consists of three parts:

1) Cardano Foundation: supports the research and development of the network;

2) IOHK: company that works together with several research and development universities;

Advertisement

3) Emurgo: distinct company that was hired to work on the blockchain and make it more commercially attractive.

How is ADA produced?

ADA, Cardano’s coin, is a tribute to Ada Lovelace, a 19th century mathematician recognized as the first programmer, in addition to being the daughter of the poet Lord Byron.

Cardano’s ADA currency is not mined like Bitcoin. Instead of miners, there are validators, which are chosen by the network based on how much ADA they have.

Advertisement

If they are selected to validate block transactions, they present a bet on how confident they are in verifying all transactions. If the blockchain checks the validator’s block, the validator wins the bet and is rewarded in ADA.

What is Ouroboros?

Ouroboros is the algorithm that defines Cardano, the first blockchain protocol to be based on polls by party review, in addition to the project’s proof of stake solution.

Basically, the consensus protocol supports Cardano’s ability to be a decentralized proof of stake platform. It is used to ensure network security, validate transactions and issue new ADA tokens.

Advertisement

Ouroboros divides transactions into “epochs” which, in turn, are divided into time “slots”. A slot leader is elected to take care of each time slot and is responsible for adding a block to the blockchain. A new slot leader needs to consider the latest blockchain blocks as transient. This is known as “delay of settlements” and is the mechanism by which registration is transferred, in a secure way, between participants.

How to acquire ADA?

Among the top ten cryptocurrencies, you can buy or trade ADAs at the top crypto brokers, including Coinbase, Binance, Kraken and eToro.

What is ADA for?

Although you can buy and trade ADA just like any other cryptocurrency, and used to pay transactions on the Cardano blockchain, it is not considered a currency, just like bitcoin, which can be used to purchase goods and services.

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On the Cardano platform, users need to purchase ADA to make transactions, participate in governance, become a slot leader and get a share of fees paid for transactions.

“[Cardano] does everything we wanted to do using cryptocurrencies, which is to create an operational financial system for people who don’t have access to one — one that can really compete with the global financial system,” explained Hoskinson.

In July 2020, the Shelley update enabled delegate staking. For the first time, ADA holders could pool their coins with other users to earn interest on the cryptocurrency.

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The Alonzo Bifurcation

In September 2021, the main Alonzo network was launched, integrating standalone contracts with Cardano.

The launch allows Cardano to be on the same level as other blockchains that use autonomous contracts, such as Ethereum, which has been using autonomous contracts since 2015. Hoskinson, the founder of Cardano, said that Alonzo would usher in “a new era of Cardano”.

However, the launch of the Alonzo fork did not go smoothly.

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The first decentralized application (dapp) launched on the platform, a multipool brokerage called Minswap, was forced to suspend its activities shortly after its launch, as it had problems processing multiple transactions at once.

IOHK denied accusations that dapp had problems performing simultaneous transaction processing, describing these criticisms as “total FUD [‘medo, incerteza e dúvida’] and misinformation”.

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In one publication, IOHK argued that Cardano’s stand-alone contract design is a feature rather than a flaw, resulting in improved security and a reduced possibility of unexpected fees and concurrency issues such as those faced by Minswap, can be avoided.

The future of Cardano

Issuing ADA consumes a fraction of the energy needed to produce bitcoins. As such, Cardano is one of a number of proof-of-stake cryptocurrencies to benefit from a new emphasis on more sustainable crypto references after Elon Musk, CEO of Tesla, debated the issue.

In May 2021, shortly after Musk’s announcement that Tesla would no longer accept bitcoin as a means of payment, “sustainable” cryptocurrencies, including Cardano, soared to new record highs.

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In July, digital asset manager Grayscale added ADA to its fund with the largest capitalization cryptocurrencies (GDLC).

In September, a report published by VC Outlier Ventures revealed that Cardano is barely behind Ethereum in terms of monthly active developers, as Cardano dominated most monthly contributions on GitHub between July 2020 and June 2021.

At the recent Cardano Summit virtual conference, Hoskinson debated Cardano’s future to an audience of digital avatars, announcing a dapp store for the network, as well as a mobile wallet and integration with Chainlink.

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Despite the problems facing Alonzo, if Cardano proves that its rigorous approach to cryptocurrencies can draw big companies into the blockchain world, the network could be at the forefront of a crypto revolution in the coming years.

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Cardano (ADA), XRP Price Could Retest These Levels Before Skyrocketing!

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  • XRP could possibly hit highs of around $1.2. Extreme sell-offs would plummet XRP below $1.
  • ADA might hit its resistance around $2.4 but could test its support levels before the uptrend.

  The crypto space has been a rough sail for altcoins such as XRP and ADA. However, the coins have managed to withstand strong and gusty winds. Meanwhile, investors and traders are eagerly waiting for a pull-out from the blues.

XRP Price

XRP at press time is trading at $1.09, with negative gains for the last 24-hours at 1.1%. The market cap stands at $51,193,598,011. While the trading volume for the last 24-hours hovers around $3,742,571,734. 

XRP has been moving along the descending triangle. A triple top formation is visible on the charts. The coin has attempted to break through each time and has failed to keep up the momentum. 

The digital asset has been moving along a narrow range. If it breaks out the triangle, we can expect it to reach its resistance at $1.2. On the contrary, XRP would move across the narrow range. However, extreme sell-offs would result in XRP plummeting below $1.

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Cardano (ADA)

Cardano, the top-tier altcoin at press time is trading at $2.16 with negative gains at 1.1% for the last 24-hours. While the market cap is at $69,172,092,701. The trading volume for round the clock floats around $1,749,372,395. ADA has not let its foot lose at its level of  $2.0, despite the crash. However, massive sell-offs might result in ADA plunging to its strong support levels. Prior to rebounding to its resistance around $2.4

Collectively, XRP and ADA could propel towards their respective resistance levels in near future. And hopefully, bullish momentum could follow with the commencement of the alt season. Netizens are expecting a massive rally to follow, as it has been due for a brief period of time.

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Cardano

Cardano (ADA), XRP Price Could Retest These Levels Before Skyrocketing!

Published

on

  • XRP could possibly hit highs of around $1.2. Extreme sell-offs would plummet XRP below $1.
  • ADA might hit its resistance around $2.4 but could test its support levels before the uptrend.

  The crypto space has been a rough sail for altcoins such as XRP and ADA. However, the coins have managed to withstand strong and gusty winds. Meanwhile, investors and traders are eagerly waiting for a pull-out from the blues.

XRP Price

XRP at press time is trading at $1.09, with negative gains for the last 24-hours at 1.1%. The market cap stands at $51,193,598,011. While the trading volume for the last 24-hours hovers around $3,742,571,734. 

XRP has been moving along the descending triangle. A triple top formation is visible on the charts. The coin has attempted to break through each time and has failed to keep up the momentum. 

The digital asset has been moving along a narrow range. If it breaks out the triangle, we can expect it to reach its resistance at $1.2. On the contrary, XRP would move across the narrow range. However, extreme sell-offs would result in XRP plummeting below $1.

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Cardano (ADA)

Cardano, the top-tier altcoin at press time is trading at $2.16 with negative gains at 1.1% for the last 24-hours. While the market cap is at $69,172,092,701. The trading volume for round the clock floats around $1,749,372,395. ADA has not let its foot lose at its level of  $2.0, despite the crash. However, massive sell-offs might result in ADA plunging to its strong support levels. Prior to rebounding to its resistance around $2.4

Collectively, XRP and ADA could propel towards their respective resistance levels in near future. And hopefully, bullish momentum could follow with the commencement of the alt season. Netizens are expecting a massive rally to follow, as it has been due for a brief period of time. 

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