The bear market of the first quarter of 2018 is solidly over. No longer in crisis mode, many cryptocurrency projects resumed high profile developments. To this end, major Chinese exchange Huobi recently announced that they would be including Cardano’s ADA cryptocurrency on their site. One of the top coins by market cap, Cardano is still in a somewhat precarious position – their final product supposedly serves as an upgrade compared to many of the existing blockchains. However, as it currently stands, that product is still some distance away.
The market reaction to this announcement was universally positive, as one could expect. Cardano’s ADA nearly doubled in value over the course of the month so far. The listing, combined with the overall positive outlook on the market as a whole, resulted in Cardano being one of the better recent performers. As Cardano continues to move towards a full product release, this trend is likely to continue.
The Huobi Exchange
Huobi is the largest exchange in the Chinese cryptocurrency sphere, placing second globally. With over $1 billion in USD valuation, Huobi is a major player, and their inclusion of Cardano bodes very well for the academically minded cryptocurrency. While it remains to be seen whether the Chinese market has a persistent appetite for the decidedly ‘Western’ coin, any new market is positive news. Initial trading statistics suggest that Cardano should have no problem establishing itself on Huobi.
China’s blockchain environment is as notoriously closed in as their traditional business space. Home-grown blockchain projects like NEO and ONT see little opposition. On the other hand, decentralized exchanges that cannot be controlled by the government face suspicion and hostility. China’s mercurial mindset often swings the global market, for better or worse. The inclusion of Cardano within Huobi means that ADA has slightly more protection than they once did. This is still dependent on the Chinese government avoiding a full ban on crypto-trading, something that they have leaned towards regrettably often in the past.
A Brief History of Cardano
Unlike other blockchain projects, Cardano development focuses on the same rigorous, peer-reviewed process that ensures quality in academic fields. Their board’s design is similar to that of a research institute’s board, with consistent transparency fueling community engagement. Similar to several other projects, Cardano’s intention is not as a cryptocurrency in and of itself. Rather, ADA serves only as a means to fund the development of Cardano’s blockchain protocol. Their software will allow for native decentralized applications combined with token standards. Should Cardano succeed, they would be in direct competition with the more established Ethereum blockchain.
Cardano does have advantages in their roadmap. For instance, their layer separations allow for greater functionality than Ethereum’s single layer. Smart contracts will become available with the release of the Control Layer. The layer works in conjunction with the Settlement Layer – but without bogging down the transaction speed. The blockchain’s strict control system allows these modules to be added via a forking procedure, without the danger of the community splitting. We’ve seen just that problem with Bitcoin and Bitcoin Cash, as well as Ethereum and Ethereum Classic. The ease of Cardano’s forking system also allows them to plan modules, and fix scalability issues as they appear.
Binance Announces Cardano Trading Pairs
Alongside the addition to Huobi, Binance announced that they would be adding additional trading pairs for Cardano on their own exchange. Already offering Bitcoin and Ethereum pairs, Cardano is now available for trade with both Tether and Binance Coin. This is huge for Cardano, not only due to their increased liquidity but also due to the perceived importance that comes alongside these trading pairs. It is indicative of high volume and a solid belief by Binance in the future of the project.
Cardano’s Academic Future
Once Cardano’s control layer goes live, the blockchain will be able to directly compete with industry giant Ethereum. Considering the issues that Ethereum faces in terms of slow transaction speed and increasingly high fees, the environment is ripe for a usurper. Whether or not this will be Cardano remains to be seen, but given the recent news, it seems possible. It may even be likely.
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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 Levine-Clark via Flickr
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…