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Cardano SPO: ADA Australia (ADAOZ)

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This week’s guest on the Cardano SPO Column is ADA Australia [ADAOZ] , a stake pool from the so-called “Down Under”. One of the operators is also the host of the YouTube channel and the podcast called “ Learn Cardano “.

Last week’s guest was a made-in-Italy stake pool from beautiful South Tyrol . They are currently providing extra incentives in ADA in addition to regular staking rewards.

This initiative is a point of reference for everything related to Cardano and every week or two we will invite a Stake Pool Operator (SPO) to answer a few questions and give us an update directly from within the Cardano community.

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Considering that many of our readers are new to the crypto space, we will have a mix of simple and technical questions.

Hi, it’s a pleasure to have you here. Introduce yourself, where do you come from and what is your background?

I live on the sunny Gold Coast, Queensland, Australia. If you’ve ever watched Australian TV shows featuring long white sand beaches, surfers’ lifestyles and relaxed outdoor living, this is it. Your perception of what Australia could be is where I live.

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My background is in web design and development. I own a web development company that specializes in niche WordPress development, where we design and build customer facing websites that integrate with third party APIs. We combine them to create solutions for our customers. 

How did you discover Cardano and what inspired you to become a Stake Pool Operator (SPO)?

I discovered Cardano in 2017 when a friend introduced me to the white paper. Cardano was priced at 3 cents per ADA. I didn’t pay much attention to it and the white paper was too much to read. However, I decided to buy a share and watched the price rise high in the bull run period and collapse in early 2018. After that, I essentially lost all interest in cryptocurrencies. At the time, I had no idea about Cardano’s technology or mission.

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In late 2020, after hearing staking was possible, I started delegating what I had to a pool. I thought I’d give it a try and see what kind of rewards I would get. I checked my portfolio to see what earnings I was making, and that’s when I started wondering how it all worked.

I began to immerse myself in stake pool operations, Charles’ videos, and understand what Cardano was and its potential. At this point I have sold all my digital assets for Cardano. 

As host of the Learn Cardano podcast , you are at the forefront of spreading knowledge related to Cardano, how do you feel about this endeavor?

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This podcast is a lot of fun. I had another podcast called The Joomla Beat Podcast that I have been running for three years. I managed to build a large community around it, but I had to close it down. The Learn Cardano podcast was a great way for me to share what I learn, build relationships with others in the community, and educate people entering the industry.

I found that a lot of the cryptocurrency-related material is aimed at experienced people with a technical and previous cryptocurrency background, and there was nothing beginner-friendly in this space. Learn Cardano was my answer to this, and I hope it helps the mass adoption of Cardano and cryptocurrencies.

With over 2800 stake pools and more adding every day, is there realistically a place for all of them?

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The network currently has a k parameter set to 500. The parameter indicates how many pools are required on the network. 500 is well below the ~ 2800 currently active pools.

Competition is tough right now for any stake pool that is just starting. If you don’t have a high amount of ADA that you can pledge or delegate to your pool, you’re already behind.

If you don’t have a significant influence on social media, you will be competing with who has it.

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If you have the technical skills to set up a pool but don’t have the marketing skills to grow the pool, you will struggle.

If you don’t have a unique point of difference that makes you stand out from the others, you will struggle.

There is hope for every pool that is starting. If you can join other pool owners or teams to create a dynamic pool that ticks all the boxes, you can make it through a year in business and move on.

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You can join initiatives such as First 2 Lifetime Block (F2LB) or various pool alliances where communities are formed to share knowledge and resources.

It may be that this metric and the number of transactions will increase over time with the introduction of smart contracts on Cardano, but that’s not something I count on as a stake pool operator.

Finally, the Cardano Foundation and Input-Output Global can procure a seed delegation to help grow small pools.

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Realistically, however, many of the pools will not make it through their first year of operation and will close with others taking their place. Stake pool management and marketing is a demanding, full-time job. If you plan on starting one, keep all of this in mind.

Thank you for your time. Do you want to add something? Where can people find you?

There are many places where you can contact me or the team: Twitter , Facebook , YouTube , Spotify , Website . 

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Thank you for inviting me to write about our stake pool. It is a pleasure to connect and interact with other members of the community.

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Breaking: COTI Will Issue Djed Stablecoin on Cardano

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  • Cardano founder declared that COTI will be the official issuer of its new stablecoin.
  • Charles Hoskinson said this during the Cardano Summit.
  • It is said that the Djed stablecoin leverages smart contracts to ensure price stability.

The founder of Cardano (ADA), Charles Hoskinson, revealed in the Cardano Summit that COTI will be the official issuer of its new stablecoin based on the Djed stablecoin protocol.

Presently, Cardano is one of the world’s largest blockchain platforms. For the fast-growing Cardano ecosystem, the new stablecoin is a timely venture. In detail, the Djed stablecoin protocol leverages smart contracts to ensure price stability. What’s more, its smart contract programming mechanism also guarantees that the stablecoin will work effectively for decentralized finance (DeFi) transactions.

On the other hand, COTI is an all-encompassing “finance on the blockchain” ecosystem. It is designed to meet the needs of both centralized and decentralized finance. COTI assures this by “giving a new type of DAG-based base protocol and an infrastructure that is scalable, fast, private, inclusive, and low-cost, and optimized for finance.”

CEO at COTI Group, Shahaf Bar-Geffen, stated:

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The stablecoin ecosystem has matured tremendously over the past few years. Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed-based stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.

Furthermore, the Djed operates by maintaining a reserve of base coins. More so, it also lets users mint and burn both stablecoins and reserve coins. According to its creators, there are ongoing discussions regarding the implementation of Djed on Cardano — providing stablecoins in which Cardano’s network usage (transaction) fees could be paid through the “Babel fees”.

Finally, Charles Hoskinson, who’s also the CEO of IOHK — the driving force behind the Cardano platform, mentioned that: “The Djed stablecoin could be a game changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. Djed shares our commitment to formal verification, proving a robust method of combating the price volatility of crypto markets. COTI has been a long time partner of the Cardano ecosystem, it’s great to have them on board with this new venture.”

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Cardano ($ADA) Announces New Stablecoin Issuer, Hoskinson Calls it Game-Changer

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Cardano ($ADA) blockchain is fast moving towards building its own decentralized ecosystem after the successful integration of smart contracts via Alonzo hardfork. During the ongoing Cardano Summit 2021, founder Charles Hoskinson announced COTI would be the official stablecoin issuer on the Cardano blockchain that would issue Djed stablecoins.

Hoskinson believes the new kind of Djed stablecoins could change the stablecoin game especially at a time when the demand is at the peak and regulatory scrutiny is also at its highest. Hoskinson said,

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“The Djed stablecoin could be a game-changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. Djed shares our commitment to formal verification, proving a robust method of combating the price volatility of crypto markets. COTI has been a long-time partner of the Cardano ecosystem, it’s great to have them on board with this new venture.”

What are Djed Stabelcoin?

Djed stablecoins make use of  DAG-based infrastructure and base protocol that is private, affordable, scalable, inclusive, fast, and finance-optimized. The protocol makes use of smart contracts to maintain a stable price floor with a stable reserve. It allows traders to mint and burns stablecoins to maintain a stable price point for the token and uses the transaction fee to carry the network operations.

COTI Group CEO Shahaf Bar-Geffen believes its DAG protocol use could help it derive a new stablecoin on Cardano that would propel it in the current market due to its decentralized nature, scalability, and security. He explained,

“The stablecoin ecosystem has matured tremendously over the past few years. Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed-based stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.”

$ADA maintained its price above $2.20 and looks to break the $2.30 barrier as the crypto market recovers from China’s crypto ban FUD. The third-largest altcoins had broken past a new ATH of $3.10 in the run-up to the key Alonzo upgrade, but since then the bearish September month has kept its price in check.

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Source: TradingView

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Cardano Will Soon Have Its First Stablecoin

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Cardano is going to have its first Stablecoin —Djed— soon, giving space to cheaper transactions and making it easier to run DeFi projects.

Software development company COTI announced a few hours ago the issuance of the first stablecoin designed to run on Cardano.

The news was first revealed by Charles Hoskinson, leader of Cardano, and Shahaf Bar-Geffen, CEO of COTI Group, at the Cardano Summit stage in Laramie, Wyoming.

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The Djed stablecoin will be issued on Cardano and will promote the growth of its nascent ecosystem, especially now that the blockchain is beginning to support smart contracts and markets have strong expectations about the possible development of DeFi platforms on a blockchain that has been touted as the future Ethereum Killer.

What is Djed and Why Does Cardano Needs a Stablecoin?

A stablecoin is a cryptocurrency designed to maintain a stable value with respect to a reference. The best-known stablecoins are cryptocurrencies like USDT or Stasis, which are pegged to fiat currencies such as the dollar or the Euro. However, there are cryptocurrencies whose value is pegged 1:1 to other commodities such as gold (like Digix) or even to other cryptocurrencies or baskets of cryptocurrencies.

There are several methods to achieve this relationship, ones more effective than others. The most popular is the holding or blocking of an amount of the reference asset that supports the issuance of a proportional amount of the correspondent stablecoin: For example, the market capitalization of USDC is $3,677,063,935 because there are 3,677,063,935 USDC tokens in circulation and Circle holds $3,677,063,935 in collateral.

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In the case of Djed, the value is kept stable by an algorithmic design, which leverages smart contract design on the Cardano blockchain to maintain a price as close as possible to $1. To achieve this, Djed maintains a reserve of base coins while mining and burning other stable assets and reserve coins to counter fluctuations.

Visual representation of how the Stablecoin Djed will work on Cardano. Source: IOHK
Visual representation of how Djed’s algorithmic design will work on Cardano. Source: IOHK

According to its whitepaper, there will be two versions of Djed: a minimal one, designed primarily to serve as a medium of exchange, and an extended one whose smart contract uses a continuous pricing model and dynamic fees to react faster to external events, ensure an optimal level of reserves and provide even more security when performing complex operations such as those performed in DeFi protocol transactions.

A Promising Development

Shahaf Bar-Geffen, chief executive of COTI Group, said at the conference that the use of a stablecoin such as Djed will allow users to maintain greater control over their transactions, thanks to its stable value and low fees.

Blockchain participants are using stablecoins to engage in everyday transactions because they allow monetary value to be exchanged in a seamless manner, regardless of the sender and recipient’s location. I believe that adding the Djed stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform.

For his part, Charles Hoskinson was enthusiastic about this new project as it would be one of the most ambitious implementations aimed at strengthening the Cardano ecosystem.

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The Djed stablecoin could be a game-changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth. COTI has been a long-time partner of the Cardano ecosystem. It’s great to have them on board with this new venture.

This seems to be a major move for COTI. When its partnership with Cardano was first announced, COTI’s token spiked 50%, hitting an all-time high (ATH) of $0.60 in a couple of hours.

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