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Cardano (ADA) to Make a Fresh Comeback with Two Testnets

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Cardano

With major cryptocurrencies like Bitcoin turning to red, it has been a big year for the altcoins so far. This year saw some excellent performances from the lesser-known currencies. At any rate, Cardano (ADA) features, among the big gainers in the market. Traders who are attuned to the news of this currency must be aware how the coin has heightened traders’ interest with some exciting developments. In this fast-paced volatile market, it’s becoming increasingly difficult to sustain a consistent performance.

Faced with fierce competition, almost all the top performing coins are introducing new updates to level up their game, and Cardano is no exception.  A little insight into its latest technical updates will reveal how this cryptocurrency is all set to overthrow its competitors with some powerful system updates. From wallet update to networking updates, Cardano has geared up to embrace the crypto rally. Speaking of the technical updates, the coin is planning to make a fresh comeback with new Testnets after the successful implementation of the recent upgrades.

The New Testnets and Project Goguen

The growing interest in Cardano can be associated with its competent development team (10HK), which has introduced some impressive updates in the last few weeks.  The developers at 10HK have done an amazing job so far and promise to deliver some powerful upgrades in the coming days. Among the up-and-coming technical updates, mention must be made of the two new Testnets, which are scheduled to release in the coming months.  While the first Testnet of Cardano, or the K-EVM, would be operational on May 28, the second Testnet, or the IELE VM Testnet would be launched in the third quarter. As per the records, both of these Testnets will be deployed to boost Cardano’sGoguen project.

Discernibly, the Goguen project is one of the two major projects of the 10HK developing body. As evident from the project manager Gerrard Moroney’s comments on the YouTube video, the project strives to offer smart contract facilities for the blockchain. The project, which will be functional following the launch of the Testnets, is going to deliver side chains, enabling users to transfer their digital assets between two blockchains without any intervention from a third party. As an open source decentralized system, Goguen will allow its cryptocurrency enthusiasts to hold several cryptocurrencies in a single ledger.

The 10HK Team: The Talisman for Cardano’s (ADA) Upturn

In the highly competitive world of cryptocurrency, the success of any blockchain is largely determined by the performance of the development team. Equipped with an efficacious team of developers, Cardano is widely appreciated for its highly efficient security protocols. The 10HK team, which constitutes some leading minds associated with the industry, has proved its mettle a number of times and is the catalyst for Cardano’s recent upsurge. Cardano’s 10HK team is set to impress users with its new release, the Ouroboros Genesis. As you can guess from the name, Ouroboros is the algorithm which regulates Cardano. Like most of the algorithms available in the market, Ouroboros is based on proof-of-stake, which has a number of prominent advantages over proof-of-work. Although security breaches are not entirely unheard of, the algorithm has been widely acknowledged for scalability. Going forward, the announcement from the development, which came as a surprise for many, anticipates making Cardano one of the most scalable investment options.

Cardano’s Performance in the Market

Going by the price trends, Cardano (ADA) is one of the biggest gainers of the price upsurge.  April has seen some positive development in Cardano’s response; as per the records, the cryptocurrency has expanded by 200 percent. ADA, which was trading at $0.15 initially, is presently trading at $0.355641. Cardano, the 6th largest currency by market capitalization, has a market capitalization of $9,220,729,293 as of April 30, 2018.

The recent technical developments, which have boosted its position in the market, have widened the gap between Litecoin (LTC) and Cardano (ADA).  Apparently, Cardano’s market capitalization outpaces Litecoin’s with approximately $500 million. Cardano which has dropped 1.22% from its previous position is experiencing a temporary decline, but the announcement of further technical updates from the 10HK team indicates positive developments for the currency. Considering the growing interest in this altcoin, this promising altcoin is all set to make a powerful comeback in the market.

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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 Tim via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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