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A Big Breakthrough for Cardano (ADA): Prove-Of-Stake Finally Solved

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Cardano (ADA) team managed to solve one of the biggest issues regarding the prove-of-stake algorithm, which turned out to be security. The tweet posted yesterday by Charles Hoskinson includes a video where Professor Kiayias talks about the breakthrough from the IOHK lab, dedicated to blockchain tech.

The importance of the breakthrough

Professor Kiayias of the IOHK team stated that new blockchain enthusiasts do not have to be in possession of any previous knowledge regarding the number of system’s active users. This is something that was always seen as a problem when it comes to prove-of-stake since it brought a lot of security problems with it. Prove-of-stake is much better when it comes to scalability than proof-of-work which is why the advancement in question is a big deal for Cardano ADA. Basically, because of it, Cardano is one of the most secure and scalable blockchains on the market, and its security can even rival the one of Bitcoin.

According to the Professor Kiayias lecture, the Cardano team is extremely excited about the new development. It is their goal to make Cardano the best available platform, instead of just gaining popularity. This can also be seen in the IOHK team’s efforts of making a light wallet. The team knows that the wallet’s cryptography needs improvement in order to truly become the light wallet.

Interest in Cardano is growing

The new developments at Cardano are not leaving the investors indifferent, and the interest just keeps growing. Google trends on Cardano are a very good indicator of this since they show how much interest the investors truly have when it comes to a specific crypto. The first quarter of 2018 showed that Google trends dropped significantly when it comes to Bitcoin (BTC), which was followed by the decline in its value. This isn’t only the case with Bitcoin, however, and the entire crypto market suffered the same blow. Essentially, the increase in Google trends shows that the users are being aware of the crypto’s development, and of the team’s efforts as well.

Because of that, it is expected that Cardano’s price will change significantly in the near future. Its current price is at about $0.30, which is the result of several weeks of price drops. However, the recent increase in its value indicates that it might go above $1 per token by the end of Q2 of 2018. It is estimated that Cardano has the potential to go up to $10 per coin without many issues, and according to the new developments, assuming something like that is not even that much of a stretch. Even the prove-of-stake breakthrough is by itself an amazing achievement. If the development manages to continue, a big decentralized app might run on Cardano’s blockchain sooner, rather than later. With something like that happening, Cardano (ADA) will see an even bigger increase in value.

The potential for this crypto is huge, and many believe that it might outgrow many other currently big cryptos. Its scalability is much better than that of NEO or Ethereum (ETH), for that matter, and scalability is one of the most important features of a digital currency.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Michael via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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