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Cardano (ADA) is determined to beat Ethereum in the smart contract game

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Cardano Ethereum

Smart contracts are Ethereum’s beef. It’s smart contracts that drive ETH and not the other way around. They’re versatile, safe, and they are why Ethereum became such a significant player in the cryptosphere. It was a pioneering technology at the beginning and, even now, Ethereum’s smart contracts remain the standard as they had little significant competition over the last few years. It seems that could change soon.

Cardano is a relatively new blockchain project founded by one of Ethereum’s cofounders, no less, with the idea to bring rigorous scientific principles and peer-reviewed research into the cryptosphere. 

It’s already considered one of the most promising coins to keep track of in the near future and it has a proprietary smart contract platform that could become Ethereum’s worst nightmare. 

Cardano has released a host of use cases for Marlow, which is its very own programming language aimed to create and execute smart financial contracts using Cardano’s blockchain and network. 

There’s an excellent case for Marlow entering the financial services sector and becoming a killer app which, in turn, would be a threat to Ethereum’s dominance and could even render current Escrow transactions and services into things of the past.

And that was the point all along. Marlow was designed precisely to get Escrow’s business and create a niche for itself in the global financial environment. IOHK (which is the foundation behind Cardano) released a new report, a few days ago, that explains how Marlow’s functionality can be integrated and made to interact with other languages and platforms in a way that every smart contract is efficient, quick, and reliable.

Charles Hoskinson, Cardano’s founder, is becoming noisy

When Cardano went live, around a year ago, it failed to capture the cryosphere’s attention. It was all the opposite; it created skepticism as very few believed it could bring anything to the table. But Cardano‘s team commitment to the project and hard work has been proving its worth. 

It’s already the ninth coin by market capitalization. Charles Hoskinson, the project’s founder, has been leaking some of Cardano’s ongoing projects (somehow in the style of Justin Sun) to bolster Cardano’s position in the top ten and to increase the brand’s momentum.

Mr. Hoskinson aims to make Cardano the leader in third-generation blockchain technology. He’s claimed to be developing many “secret projects” in that will become part of Cardano’s family and platforms, most notably, Icarus and Yoroi.

Icarus is a “fully open-source code base.” It’s supposed to bring about a new era in open source software by developing “a range of open-source initiatives” that combine the power of open-source development and third-generation blockchain technology. 

It will offer an arsenal of new weapons for developers to use in the Cardano environment. This should be a wake-up call for Ethereum. Complaints about Ethereum’s lack of scalability, slow speeds, and gas prices have become frequent, and it could prompt many organizations and blockchain-based developers, to migrate their technologies to one of Ethereum’s new rivals, such as Cardano.

Then there’s Yoroi. It is one of Cardano’s most recent projects, part of the, more extensive, Emurgo project). It was disclosed a few days ago, and it will be a light client wallet that is already being hailed as the new game-changer. It will run over Cardano’s network. It’s supposed to be incredibly fast and easy to use, and very secure.

How’s that helped with Cardano’s price?

It hasn’t. But it could.

Most coins have gone seriously down since last December, and Cardano is not the exception. But this very young project has managed to survive the hostile conditions we’ve seen all year long and become a stable altcoin that has, nevertheless, grown. So its current difficulties with price should be judged in the whole market’s context and not as Cardano’s fail.

Cardano’s stability as a coin as well as the excellent reputation it has achieved so quickly has many forecasters very optimistic about the coin’s prospects, and some expect them to reach $10 by next year. 

Besides, they’ve been able to secure some critical strategic partnerships like Metaps Plus, the giant mobile provider from South Korea. Because of the enormous relevance South Korea holds in the world’s cryptosphere, it’s expected that when this partnership blooms in full, it’s going to turn Cardano’s ADA cryptocurrency into a legitimate big player.

Mr. Hoskinson has been quite aggressive about other blockchain projects. He didn’t doubt to say that Bitcoin is supposed to be “a payment system and a means of exchange” that fails miserably just as soon as users try to use it. 

He wasn’t much kinder about Ethereum. He stated that while Ethereum “claims to be a world computer” it can still be broken by “CryptoKitties.” This kind of disdain is not so rare in the cryptosphere. But it remains to be seen if Cardano and Mr. Hoskinson can really back it up with massive adoption and technological successes. But if they do, their confidence will be rewarded.

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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 thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pablo Rebolledo on Unsplash

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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