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Hoskinson’s Brief Update: Cardano’s Great Year Ahead

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  • Cardano Founder — Charles Hoskinson, speaks to the crypto community.
  • He catches them up on all things Cardano via a live broadcast.
  • After the smart contract launch, Cardano will now move to bring scalability.

Founder of Cardano (ADA) — Charles Hoskinson, takes a moment to address the crypto space and catch them up on all things Cardano. Specifically, he did so via a live broadcast.

The broadcast comes from South Africa, as Hoskinson is currently traveling through different parts of Africa. He says there’s a lot of potential opportunities here and he is looking forward to learning more during this trip.

In detail, the purpose of this brief update was to dampen the negative and uncertain buzz about the project within the crypto world. Hoskinson wanted to be upfront and transparent about all that’s been going on since the Alonzo smart contract update launch last month.

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Frankly, he is very puzzled at the rising FUD within the space. He says that so far, Cardano has met every single milestone on its roadmap with no delays and no issues. The network has never collapsed and Cardano’s community continues to grow.

Hoping to reassure the naysayers, Hoskinson lays out Cardano’s current plans. To begin, he says that most of the concerns he sees seem to be about scalability. The upcoming PAB launch set to come out later this month or early next month will take care of this.

To add on, Goguen’s goal was to set the network’s programming model. Likewise, Basho’s goal is to make the program work on a large scale, and this is where Cardano is heading next. While the PAB will improve scalability, more and more users will join the network.

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By the time this number rises, Cardano will be ready to launch its sidechains as well as its Layer-2 solution — Hydra. Besides these, Cardano has a lot of other projects in motion as well. To name a few, Plutus, Mamba Pool, Atala PRISM, Mithral and so much more. In fact, there are 14 teams working to bring 14 different elements within the Cardano ecosystem alone.

On the other side, Cardano is working with dozens of commercial projects that are fully funded and ready to go. Thus, Hoskinson is excited for the next year, as we will see the large-scale commercialization of Cardano.     

All in all, he is happy to see that the ecosystem is alive and active, humbled that demand for the project has gotten stronger, and grateful to the community for being here. Finally, he encourages skeptics to read the Cardano whitepaper written back in 2016.

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The document shows exactly what the project aimed to bring, and they will see the steady and unwavering progress that has been delivered till now. He ends the broadcast by saying that Cardano is exactly where it needs to be right now and will continue to grow as planned.

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Cardano Launches Converter Testnet for Project by AI Pioneer Behind Robot Sophia

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The AGIX ERC20 converter has been launched in testnet mode.

Holders of SingularityNET’s AGIX token can now ditch Ethereum and migrate to the Cardano blockchain.

According to a Dec. 7 announcement made by Input Output, its AGIX ERC20 converter has now launched in testnet mode.

ERC20 tokens can be converted into the new format and transferred to ‎EMURGO’s Yoroi or Input Output’s Daedalus.

SingularityNET functions as a blockchain-powered artificial intelligence marketplace that aims to enable seamless monetization of various AI services.

Its utility token was initially launched on the Ethereum blockchain under the AGI ticker. In May, it was revamped to Cardano-compatible AGIX.

SingularityNET is helmed by AI trailblazer Ben Goertzel, who is famous for working on humanoid robot Sophia while he was the chief scientist at Hong Kong-based firm Hanson Robotics.

Goertzel said that migrating to Cardano will allow the project to add new functions:

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The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.

The partnership between SingularityNET and Cardano was announced last September. The AI project, however, is not completely giving up on Ethereum: its users will have to pick the preferred platform.

In September, the Cardano blockchain was integrated into Grace, the SingularityNET humanoid robot nurse that aims to disrupt eldercare.

Input Output is also working on allowing users of other blockchains to migrate their tokens to Cardano.

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Cardano price remains trending downwards while crypto markets rebound

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  • Cardano price is paring back losses that occurred last weekend. 
  • ADA price is still trending lower in line with a very well-respected trend line.
  • Expect bulls to test and try to break $1.67, depending on the strength of the tailwinds.

Cardano (ADA) price has been declining since mid-November when its trend accelerated in the spillover from the Bitcoin flash crash. Now ADA price sees bulls returning to the scene as Cardano trades at an attractive discount. It is possible this may be a short-term reaction, however, as the downtrend is technically still in play, and buying volume will only pick up once bulls break above $1.67 to the upside.

Cardano investors sidelined as downtrend still active

Cardano price has already lost 51% of its value since the high of November when it reached $2.40. ADA would be expected to see quite some inflows from investors and buyers at the current price who may be looking to pick up some interesting cryptocurrencies at a discount. However, the uptick in buying volume is mild as traders know that the downtrend in ADA is still very much alive, with the black descending trend line acting as a reference for that trend.

ADA price will see investors start to buy back in once bulls can break above $1.67 around the intersection from the descending black trend line and a historical level that has been well respected since June. The two false breakouts on December 2 and 3 will make investors nervous, and would only see them starting to buy in when the price can consolidate above that level. That push higher will depend on whether the current tailwinds linked to the rebound in global equity markets extends.

ADA/USD daily chart

ADA/USD daily chart

ADA bulls will, therefore, be closely watching for any breaks and the behavior of price action around $1.67. Once through there, expect bulls to quickly face further resistance at $1.90, with the 200-day and 55-day Simple Moving Average merging just above that level. So, price action is facing some pretty hefty resistance.. Should current tailwinds start to fade once again, expect a quick dip back below the red ascending trendline near $1.30, and a further correction towards $1.0.

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Cardano (ADA) Price Could Lose Out On Its Support At $1 If This Happens!

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Cardano is paving its way to the limelight amidst the increase in buzz in the protocols utility and growth metrics. Cardano holders have been keen on a trend reversal as the network is witnessing a steady hike with a number of utility-based applications in the pipeline.

The market crash has shown no mercy on digital assets from the business. As a result of which numerous digital coins have registered double-digit losses. To levels around 40 to 70% in most of the altcoins. Cardano network hits a new milestone in its growth metrics. Meanwhile, a proponent from the industry edifies on the price trajectory of ADA.

Cardano Sails The High Tides Undeterred!

   The Cardano network gets another feather to its cap, as according to sources the numbers cross 1 million wallets staking ADA. This is in addition to the network managing to outstrip the 20 million transaction mark a couple of days ago. 

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The network will also be hosting DEXes on its network. Which are expected to release by the Christmas holidays as CoinPedia had earlier reported. The testnet of the decentralized exchange SundaeSwap is now live. Consumers can participate in experiencing the DEX while suggesting improvements for the same.

Cardano (ADA) Price

 ADA at the time of writing is trading at $1.31 while registering dips of about 4.8%. The market cap of ADA is currently floating at about $41,946,313,810. While the trade volumes around the clock are at $2,445,684,480. The digital asset has been trading in the bandwidth from $1.26 to $1.38 since the previous day.

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The crypto analyst enlightens on the price projections of ADA that it has been rhyming a similar trajectory. He further mentions that breaking the support while the RSI is resetting will take the price of ADA to levels around 0.00002734 to 0.00003000 SATS. The next level of support if lost the previous one would be at 0.00002332 SATS.

Collectively, the ADA price holding above the $1 price tag despite the odds is praiseworthy. The number of stakeholders has been backing ADA prices to a greater level. With the upgrade to the next era, and more adoptions flocking in, we might expect the digital coin to raise its bars to higher levels.  

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