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Cardano (ADA) Solves Proof-of-Stake Conundrum

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Cardano
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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 2019 May Be A Great Year For Crypto

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crypto
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The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.

The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.

With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.

1) Bearish market to loosen its grip

The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…

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3 Coins with the Largest Potential in 2019

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coins
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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.

Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.

  1. Bitcoin (BTC)

Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.

One thing that is expected is the approval of Bitcoin ETFs…

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Do or Die: 3 Crypto Projects that Really Need to Deliver Soon

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crypto projects
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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.

The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.

However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.

1) Ethereum (ETH)

Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…

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