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Cardano (ADA) Solves Proof-of-Stake Conundrum

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As a top ten cryptocurrency by market cap, Cardano’s approach to development is unique. Rather than emulating a corporation or community, Cardano’s organization is purely academic. Operating like the board of a major research institute, they rigorously peer review every potential development factor and only update the blockchain when a full consensus can be made. As such, their platform holds a privileged place of trust in the industry.

In the past several months, we’ve seen Cardano make great financial strides. Their listing on Huobi bolstered their ADA token’s presence in China. In the western world, Binance expanded their trading pairs to include Binance Coin (BNB) and Tether (USDT). Of course, Cardano is not just a financial instrument. The blockchain exists to one day supplant other blockchains through superior technology, and recent news pertains mostly to these development timelines.

Solving the Proof-of-Stake Question

Proof-of-Stake often sounds like the perfect solution to the ever-present problems with the Proof-of-Work mining ecosystem. The large-scale deployment of ASIC mining hardware is only one component, but it feeds into many of the others. Increasing centralization due to ASIC mining mega-farms like Bitmain defeats the original purpose of cryptocurrency. This increases the potential of the dreaded 51% attack that could cripple prominent blockchains. Not to mention the sheer electrical consumption that comes from running hashing algorithms 24/7 on hundreds, if not thousands, of machines. Proof-of-Stake itself solves some of these problems but suffers from others.

Until now, Proof-of-Stake systems could not ‘bootstrap’ new or desynced nodes from a single starting block. Proof-of-Work is capable of this, and it prevents checkpoints or other theoretically ‘trusted’ parties from becoming corrupt. Cardano’s Charles Hoskinson recently released a peer-reviewed research paper outlining the process through which they created Ouroboros Genesis. This unique variant of the Proof-of-Stake algorithm solves the problem of bootstrapping and creates a system that can compete directly with Proof-of-Work mining. This could mean big things for Cardano, but also for the entirety of the cryptocurrency world. Given the extreme energy consumption of cryptocurrency mining, reductions in this process benefit everyone. It also helps to prevent hostile centralization by ASIC mining farms.

Cardano’s Global Expansion

Cardano’s addition to Huobi and progress in the Chinese market is well known by now, but the academic blockchain did not rest after this accomplishment. Instead, they looked to emerging markets that might benefit from blockchain integration. To this end, Cardano signed a Memorandum of Understanding with the government of Ethiopia. Blockchain can offer the African country several benefits – efficient agricultural monetization, secure governmental processes and more. The partnership remains in the opening stages, but new developments are sure to come – and we will watch with great interest.

Further, alongside Ethereum and the OmiseGo team, Cardano chose to boycott the upcoming Consensus 2018 forum. Citing concerns with how the forum’s parent company operates, Charles Hoskinson tweeted at Ethereum founder Vitalik Buterin. The latter announced that he would not be attending the conference, with Hoskinson vehemently agreeing. The combination of refusing parties gives credibility to some complaints about the conference – and the company behind it.

Looking Forward with ADA

In brighter news, the Cardano team received an invitation from major cryptocurrency event Eurocrypt 2018. The development team will speak at length about their Ouroboros Genesis protocol and how it can be used to bring Proof-of-Stake algorithms up to speed. Eurocrypt is a well known and academically rigorous event that fits well with Cardano’s company vision.

Further, Cardano’s recent release of two new test nets furthers their technical accomplishments. Both test nets appeal to developers specifically, and the full Cardano product release remains some distance off. However, considering the standards that Cardano set for itself, there’s no surprise that progress moves more slowly than the less scrutinized blockchains that make up the rest of the top ten. Seeing as Cardano’s value doubled over the course of the month of April, investors do not seem bothered by the speed of development.

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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.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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