Connect with us

Blogs

Cardano (ADA) is a good pick, but it still needs to deal with these 3 downsides

Published

on

Cardano ADA
READ LATER - DOWNLOAD THIS POST AS PDF

The current 8th largest cryptocurrency of the market, Cardano (ADA), saw an incredible hype not so long ago that shoot the crypto to the top and made everyone in the cryptosphere wondering exactly where could ADA get to, and what would it be possible for the token to achieve. Now that the hype is mostly gone, it is the best time to respond to these and other questions. Let’s see how it goes.

Cardano (ADA) 101

Cardano (ADA) is built on a fully open source blockchain with the use of the Haskell programming language, a code that actually was constructed from scratch (no copy-code controversy here as like in the case of Tron since the Ethereum founder and some other programmers criticised it for doing such).

It was created by two remarkable figures of the crypto world, Charles Hoskinson, and Jeremy Wood, both of which were formerly a part of the Ethereum group. In fact, in the beginning, one of the most vociferate ambitions of the crypto was to serve as an Ethereum killer, a crypto providing everything Ethereum does but in a better way.

A group of 30 developers participated in the creation of a crypto platform that is actually able to deal with smart contracts at an enterprise level usage, which means it was built to be scalable. The same way, the company decided to collaborate with the Input Output Hong Kong (IOHK) which is in charge of designing, developing, and maintaining the Cardano platform until 2020.

Finally, one of the most desirable features that Cardano built was the creation of two different layers that interact with each operation. This way, data, and transactions function separately from the other, on the one hand, the transaction part works under the Cardano Settlement Layer (CSL), and on the other, the data part functions with the Cardano Control Layer (CCL).

Three main disadvantages of Cardano

As the official webpage of the crypto establishes, Cardanois the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach”, and this, although represents a groundbreaking concept it, at the same time, is an antonym of what the crypto community actually seeks. In fact, this approach can be interpreted in a way as a form of going back to the roots of the “old world” where information didn’t move freely, and people were not that much into self-learning.

Cardano has characterized for being one of the cryptos in the market that has grown incredibly fast, and this is something that mainly responds to the way the market moves with several developments and different coins that appear every day. But as it seems, this is actually a curse and a blessing for the currency at the same time, because in the measure that Cardano tends to grow so do others in the market, among which probably we’ll have a ‘Cardano killer.’

To conclude, another disadvantage that Cardano (ADA) has is that the crypto is aiming to approach two of the most opposite targets of the industry, privacy, and regulations.

For the one part, Cardano is trying to move head to head with regulators in order to be somehow a ‘safe coin’, and on the other, the coin also wants to provide an entirely private and anonymous space for users to trade, and we can all agree that besides being an ambitious goal, it is improbable one.

For the latest cryptocurrency news, join our Telegram!

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 Maxpixel.net

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Altcoins

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

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

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…

Continue Reading

Elite