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Cardano ($ADA) Founder on Fixing Dogecoin and Elon Musk’ Fascination With $DOGE

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Recently, Charles Hoskinson, Co-Founder and CEO of IOHK, the technology company “contracted to design, build, and maintain the Cardano platform”, talked about Dogecoin ($DOGE), which seems to be Tesla CEO Elon Musk’s favorite cryptocurrency.

Hoskinson’s comments about Dogecoin were delivered during a conversation with MIT AI Researcher Lex Fridman on episode #192 of the “Lex Fridman Podcast“, which was released on June 17.

Fridman started this segment of his interview with Hoskinson by referring to a YouTube video Hoskinson released on May 17, in which he explained to Tesla and SpaceX CEO Elon Musk ideas for improving Dogecoin.

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Fridman wanted Hoskinson to talk a bit about how Dogecoin could be made better than it is already.

Hoskinson replied:

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Well, you know, Dogecoin is like that “Nine Inch Nails” song “Copy of A“… it’s Bitcoin gave Litecoin, Litecoin gave Dogecoin, and it was kind of a parody cryptocurrency. And I think Jackson [Palmer] was trying to do it to like prove a point about all coins, and then true to form, nobody got the doctrine and completely perverted the entire religion. It’s always like the “Emperor of Mankind” in [popular miniature wargame] “Warhammer 40K“, who was like this atheist… and now there’s like this whole religion built around the emperor…

So, Dogecoin has become a thing, and it’s become such a large thing that it is a reasonable target for somebody to fix it up, repair it, make it an interesting cryptocurrency. The point of the video was to show what a modern third generation cryptocurrency really would require. It’s a major overhaul, and there are already people doing this — you know, there’s Solana, Harmony, Cardano, EOS, and all these other guys and they have billions of dollars and huge dev teams and all these innovative protocols.

If you’re really serious about this thing sticking around, being useful in doing stuff, then the point of the video was to show the types of things you’d have to think about and the types of papers that are all open source, patent-free, and don’t have any notion of intellectual property behind them the his engineers could grab and go and do and he did mention on Twitter that he was looking for feedback on how to improve Doge and so I said ‘all right, well I’ll just put all these things together’. It was a little tongue-in-cheek because I figured he’d ignore it, but it was also showing how hard it is to innovate in this entire space...

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It’s really hard to build a cryptocurrency. Satoshi probably spent years thinking carefully and that work was a derivative of 30 years of work in the digital assets space starting in the 1980s working its way through. And then, Bitcoin only did very limited things relative to what Ethereum can do or Cardano can do and so forth. So the minute that you extend that complexity, you’re talking about years of R&D, years of engineering effort that needs to be done.

So what’s the point of DOGE? Is it just a meme? Is it actually contending to be useful? Or is it competing as a store value against Bitcoin? Now if it’s competing as a store value against Bitcoin, why the hell does it have the monetary policy it does?

Also there’s predatory distribution of the underlying asset, and over 90+ percent is consolidated — less than one percent of the holders… at a very very low price point. So they can sell at almost any price point and make a profit. So it hits 50 cents, they’re billionaires. And it’s not like20,000 people — it’s probably less than a hundred wallets that have that distribution… once the guys who are vested start selling, they can just keep selling and keep selling it right all the way down and make windfall profits regardless of what price they sell at. And who are they selling against — the retail investors, you know, people who make $500 spare money a month or something like that.

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Fridman then asked Hoskinson if it is possible for Cardano and Dogecoin to work together somehow.

Hoskinson answered:

Yeah, it’d be a lot of fun. I’m not averse to the idea of cleaning up the codebase but legitimately whoever comes in, it’d be two years or three years of work because you have to do real stuff and that code is like Litecoin circa 2012-2013.

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Fridman replied:

Well, the interesting thing about Elon [is] that combination of humor and extreme ambition like in the face of impossible odds is something he does really well. And so I think that’s the spirit of Dogecoin. It’s fun and almost like bold ambitious innovation. So I think you can’t discount the power of that.

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Cardano-based DEX RavenDex Unveils Frontend Demo Version

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RavenDex demonstrates UX/UI of its trading service ahead of RAVE seed tokensale

Cryptocurrency enthusiasts and traders can experiment with the UI of a pioneering decentralized exchange that leverages the largest proof-of-stake (PoS) blockchain, Cardano (ADA).

RavenDex releases front-end demo

According to the official announcement shared by the RavenDex team, the demo version of its frontend (UX/UI) is released for experimentation.

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This is the first technical progress announcement after the completion of the oversubscribed private tokensale of its core native asset, RAVE.

Therefore, this is the working demonstration of RavenDex operations and the utility of its RAVE token for early adopters who participated in a private tokensale.

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RavenDex Labs team is behind the development and promotion of the platform. The team is focused on advancing trading instruments in Cardano’s nascent decentralized applications ecosystem.

RAVE seed tokensale is in the cards

Also, the team shared the details of the next phase of its funding, i.e., the “seed” public tokensale of RAVE token. Currently, purchasing RAVE tokens is the only option for those interested in joining the RavenDex platform.

RavenDex private tokensale kicks off on Oct. 20, 2021. All ethusiasts of Cardano’s solutions are welcomed as early contributors of RAVE.

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The RavenDex team is going to collaborate with the alumni of Plutus Pioneer, a Cardano-focused developer incubation program. The next release will bring RavenDex closer to the mainnet launch.

As covered by U.Today previously, Cardano’s developers, Input Output HK, completed a Project Catalyst Fund6 voting round.

A total of 711 projects applied for funding and consulting support in the sixth iteration of Project Catalyst.

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Here’s how Cardano [ADA] plans to offer NFT creators an eco-friendly solution

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Ever since the debate of energy consumption sparked this year, Cardano [ADA] has been at the forefront of exploring eco-friendly solutions for the industry. In line with this, IOG, which happens to be the technical team behind Cardano, has announced the joint creation of an official cross-chain ‘bridge’ with the NFT platform, Bondly.

The bridge in question will connect the Cardano and Ethereum networks and enable non-fungible token [NFT] creators to opt for an eco-friendly alternative for their NFTs. According to Bondly, the project will be four million times more energy-efficient than Bitcoin [BTC]. The NFT creators will be able to easily move their NFTs from the “energy-intensive Ethereum” to Cardano. Bondly also revealed that the latter “will only ever use the energy equivalent of a family home.”

Meanwhile, Ethereum has been known to use the power equivalent to the nation of Qatar. Bitcoin, on the other hand, has been at the centre of this debate for a long time. The increasing concern about potential environmental impact has always followed the rise of the prices of these cryptocurrencies. And the 2021 bull run was no different. As a matter of fact, the partnership comes at the backdrop of a major NFT explosion that has witnessed several well-known faces hopping on the bandwagon.

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NFT bridge between Ethereum and Cardano

With the new bridge, the NFT creators will be able to mint or transfer non-fungible tokens without the risks associated with lost transactions or sudden high costs since Cardano provides price predictability as well as stability for transaction costs.

As part of the joint project that is slated to release in early 2022, Bondly is tasked with the development of a special series of eco-friendly NFTs celebrating the launch of smart contracts on Cardano.  

According to Harry Liu, CEO, Bondly, the latest project of a cross-chain NFT bridge between Ethereum and Cardano marks a “pivotal moment” in the transformation from traditional blockchain technology to highly-anticipated ‘third generation’ networks.

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Following the development, Charles Hoskinson, Founder of Cardano and CEO of IO Global, stated,

“We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so crucial, as it will allow NFT creators access to a leading solution for token creation which doesn’t compromise on environmental credentials.”  

Bullish for Cardano?

Here's how Cardano [ADA] plans to offer NFT creators an eco-friendly solution

Cardano [ADA] might have lost the third spot to Binance Coin [BNB], but the slew of developments taking place in its ecosystem could help boost its price movement. The much-awaited summit last month saw some of the most crucial partnerships.

Crypto Economy had earlier reported its partnership with Oasis Pro Market, which happens to be the first-ever United States regulated multi-asset Alternative Trading System [ATS], to bridge the traditional finance sector and decentralized finance [DeFi]. During the same event, Hoskinson had revealed another major partnership with the American Fortune 250 company, the Dish Network.

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Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold

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Crypto trader and Altcoin Daily host Austin Arnold thinks six major altcoins are gearing up for massive rallies in the next year.

In a recent crypto update, the YouTube star tells his 1,040,000 subscribers that Ethereum layer-2 (L2) scaling solution Polygon (MATIC) is gaining momentum after landing a partnership with the $20 billion gambling company DraftKings.a

Arnold shares a statement from DraftKings’ president of global product and technology, Paul Liberman, explaining how the company is positioning itself to grow alongside Polygon.

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“Although DraftKings marketplace is still in its nascency, we are bullish on the possibilities that blockchain, NFTs, cryptocurrency and more will present as we prepare for Web 3.0 alongside Polygon and the new innovations ahead for digital collectibles.”

Next, Arnold looks at the decentralized interoperability platform Polkadot (DOT). He points to a recent tweet from Polkadot founder Gavin Wood explaining that there are currently just under 19 million DOT tokens stored in the DOT treasury to fund community projects.

If any DOT goes unused, it gets burned. Currently, the Polkadot treasury is burning 239,988 tokens every month, according to Gavin Wood.

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“Either burned or used, the DOT token is only getting more scarce. We have seen a rally in the DOT price recently. This could be linked to some exciting developments ahead, such as the upcoming parachain launch and slot auctions – these parachain auctions will take DOT off the market as well.

And with the first 11 parachain auctions coming to Polkadot next month, along with the 100 or so available slots to be filled, this could boost Polkadot’s presence in the crypto sector, and could cement the multichain system’s rising status.”

The third coin Arnold looks at is the supply chain management protocol VeChain (VET). The trader highlights that VeChain recently landed a partnership with major logistics company DHL for enterprise NFT (non-fungible token) issuance.

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“This collaboration with DHL China, one of the first things it will allow customers to experiment with is customize the DHL mascot and then mint it as NFTs on the VeChainThor blockchain solution.”

Next up is the smart contract platform Cardano (ADA). Arnold notes that Cardano appears to be gaining more traction after landing partnerships with television satellite provider DISH and announcing that the network has received $100 million for investment in Cardano-focused projects in Africa.

“Simply put, there are so many people in more developing areas of the world that don’t have financial stability, and that can be changed with Cardano with blockchain.”

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Another coin on Arnold’s list is the decentralized oracle network Chainlink (LINK). He notes that despite the token’s lackluster performance over the last few months, he believes there is still massive upside for LINK to realize in the market as partnerships continue to rise month-over-month, with 84 integrations made just in September.

“I get it, but in my opinion, Chainlink still has a lot of room to grow. Think about this: Chainlink already has a ton of exclusive, big partnerships with big companies – Google and Oracle to name two – over 75 different blockchains already use Chainlink technology, as well as being used by many data feeds, including USD [US dollar] currency pairs. That’s a strong foundation.

My speculation is this: over these next few years, as DApp [decentralized application] platforms like Ethereum [ETH], Cardano, Solana [SOL], Polkadot, Elrond [EGLD], etc. continue to fight for market share… Chainlink is integrating with all of them… Something to think about.”

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Finally, the crypto trader thinks that the leading smart contract platform Ethereum is gearing up for a huge 2022. He notes that Ethereum developers announced that ETH is planning to make the transition into Ethereum 2.0 in May-June of 2022, which will convert the blockchain to a proof-of-stake protocol.

“The code should be ready around February 2022. The merge to mainnet, to ETH 2.0, in June of 2022 at the earliest. Next year will be known as the year of ETH. That’s where DeFi [decentralized finance] is, that’s where NFTs are.”

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