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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TRON Partnership Involves Cloud Computing
It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.
— Justin Sun (@justinsuntron) October 12, 2018
Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.
Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.
However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.
Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
Furthermore, the country has adopted several…
Ravencoin (RVN) Surges Following Binance Listing
While most cryptocurrencies today still remain unstable and at the edge of falling into the red, there are some coins that are doing significantly better. One such coin is Ravencoin (RVN), which has surged by over 26% in the last 24 hours.
Ravencoin came to be as a hard fork of Bitcoin and was inspired by a popular book series-turned-television programme, Game of Thrones. The coin’s developers decided to make Ravencoin an open-source project that provides users with the ability to declare assets on their platform. The platform itself is decentralized, transparent, and secure.
Just as Game of Thrones’ ravens are used for spreading the news and truth, Ravencoin hopes to become a carrier of truth regarding the ownership of assets on the blockchain.
Ravencoin’s main use case is for performing P2P transfers, while it prioritizes security, autonomy, user privacy, and control. Additionally, as a coin fighting for truth and transparency, it also stands against censorship.
Ravencoin got listed on Binance prior to MainNet launch
Following the last week’s announcement that Ravencoin is getting officially listed on Binance, the world’s largest cryptocurrency exchange ba trading volume, Ravencoin experienced a large price surge. At one point, the surge took the coin’s value up by over 31%. At the time of writing, however, the coin is still growing, with an increase of 26.15% in the last 24 hours.
Getting listed on Binance has brought Ravencoin to the top…
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