Connect with us

Cardano

IsCardano in Accumulation Phase? ADA Price Can See Massive Gains With Major Updates!

Published

on

The latest crypto crash, titled Bitcoin’s worst dip ever, sent Bitcoin and the majority of altcoins plummeting. It’s fair to say that Cardano Price has had an explosive month in May. In April, ADA, like Bitcoin, set a new high. However, a month later, as Bitcoin struggled to hold on to its gains, the ADA price surpassed its previous all-time high of $1.5600.

Alonzo Testnet is almost here!

The forthcoming Alonzo hard fork falls somewhere in the center of Cardano’s roadmap, signaling the conclusion of the Shelley era with the Allegra hard fork at the end of 2020 and the start of the Goguen era. As a result, Alonzo will lead in the Goguen era as the first hard fork.

The most recent update, codenamed Daedalus, was released on April 1. It allowed users to access their ADA tokens via a simple interface while also allowing them to retain all Cardano-native tokens. Plutus smart contracts, according to the website, are much more stable than Ethereum’s. This alone could attract a new wave of investors to Cardano.

Advertisement

This period will last two months. Plutus will go through a “function freeze” at the end of June, which will be the last move before it goes live. Developers are already working on the dApps, according to IOG’s CEO:

It Will Be About Four To Six Weeks To Actually Do The Hard Fork And Turn On Smart Contracts For The Mainnet. We Have Also Started The Plutus Pioneer Program Where We Are Training Over 1,000 Developers Who Expressed Interest In Writing Decentralized Applications (DApps) On Cardano.

On the flip side, this may be an opportunity for traders to buy the dip before the major update is announced. Since the crash occurred before the update was released, investors may take another shot at buying ADA. Cardano is currently trading at $1.38 at the time of writing.

News Source

Advertisement

Cardano

Is Cardano (ADA) Slowly Becoming a Stable Coin

Published

on

Someone said:  Why don’t you hand over Cardano’s management to those who really have the courage to burn?

Community response:  Alright, let’s have a chat about this. First off, could you please explain your position on why burning tokens is a must-do?

Yes, come on, first because ADA is turning into a stable coin.  Second, it has been losing space to others, example BNB, which does exactly what? Burn! AVAX and Solana are coming with everything supply Infinitely smaller.  Third, the community owns the coin, and 80% of it wants to burn.

Advertisement

How is ADA turning into a stable coin? Losing space? You mean market cap ranking, in which case welcome to the Altcoin world. Explain why you actually need to burn tokens. “Everybody else does it” is a pathetic reason. Get technical please.

I don’t think is a must do, but would surely help spike the price for investors. As less supply = price increase. Hooray for market manipulation.

Cardano’s “management” is with the Cardano community who decide on future plans and projects, hence the word “decentralized”.  If you believe that burning coins will improve Cardano, please state the reasons how this would be beneficial for Cardano.

Advertisement

Burning a token just takes it away from 1. Staking, 2. Catalyst, 3. The people transacting on the network. Improving the 3 of these are what increases the value of ADA, burning tokens damages them and therefore damages Cardano unnecessarily.

We just hit a new ATH like a month ago. Chill. Charles doesn’t care about price action to begin with but also remember the fact that ADA was close to 18 cents on January 1st.

I’m hopeful for another leg or 2 up but I have never paid more than 7 cents for ADA. Stacked way back. 25x up and feeling good.

Advertisement

Anyone can burn their ADA if they want too. I personally feel that IOHK Charles cares more about helping people and making things better for everyone than pumping the price of ADA to make money that is why I hold and stake ADA. There is plenty of pump and dumps out there.

Burning tokens is a pathetic and craven move with zero function other than to artificially pump price.  Only insecure greedy projects do this.

Burning tokens burns the utility. It’s not sustainable in long term. With SC, the tokens become time locked anyway that’s similar to token burn but in a natural way.

Advertisement

A sustainable system does not need to burn tokens. IMO burning tokens is a sign of failure and I hope more than 80% are against burning.

I understand the function is nearly there burn your coins first see how the price moves and buy more.

News Source

Advertisement
Continue Reading

Cardano

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

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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!

Advertisement

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.

Advertisement

“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.

Advertisement

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:

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Advertisement

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”.

Advertisement

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.

Advertisement

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.

Advertisement

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.

News Source

Advertisement
Continue Reading

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.

Advertisement

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.

News Source

Advertisement
Continue Reading