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Cardano (ADA) is the Future of Blockchain Development

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Cardano

While there are many forms of governance in the cryptocurrency industry, Cardano’s stands unique. They forgo the usual decentralization of power that dominates the field. Instead, they have elected officials of the Cardano Foundation in much the same way as an academic board. Researchers and scientists from the core leadership of the platform and strive to maintain strict standards. All changes to the blockchain must pass through the foundation, preventing confidence shattering hard forks.

Those with an appreciable stake in the coin can put suggestions to a vote. However, the final decision always comes down to the foundation – but the code base is open source and involvement is encouraged. The rigorous, structured systems put in place by the Cardano Foundation have already caught notice of investors. Cardano sits comfortably in the top 10 market cap currencies, while also earning one of the highest marks from Weiss Rating’s recent list.

The World of Academics Meets Cryptocurrency

The field of emerging technologies thrives within academia. Still, the traditional research routes have not responded quickly to blockchain development. Cardano is the exception to this rule, and their academic pedigree shows in their approach. Their peer-reviewed, open source code base ensures that anyone can verify the integrity of their blockchain.

This also resulted in the presence of mind to plan for the future. Many of the legacy cryptocurrencies are suffering from lack of foresight. Bitcoin and Ethereum both have overburdened blockchains and slow transaction times. This is steadily increasing the fee charged for each transaction, and reducing the usability of the blockchain. Cardano’s original framework focused on infinite scalability – and did so using a modular code base. The ease of switching out modules allows frequent, non-disruptive soft forks of the ADA Currency.

A Modular Approach to Blockchain Development

One of the key missteps in the Bitcoin blockchain involves their inclusion of all data within a single layer. Satoshi’s pioneering cryptocurrency can only shoulder so much of this blame. As a complete prototype, it is still fully functional to this day – if slightly inefficient. These issues have only come about as trade volume increases exponentially. Cardano approached this issue with a multi-layer system.

The first layer is the settlement layer, which serves much the same function as Bitcoin. It completes transactions and settles accounts. In the future, Cardano will also implement a control layer – similar to Ethereum’s smart contracts. The control layer allows computations to be performed on top of the transaction performing settlement layer. Further, compared to the Bitcoin Proof of Work (PoW) model, Cardano has been a pioneer in the field of Proof of Stake systems.

The Ouroboros Proof of Stake Algorithm

Cardano was not the first to implement a proof of stake algorithm. It was the first to attain peer-reviewed status as a provably secure proof of stake. The system greatly reduces the amount of power consumed by the full blockchain and provides a benefit to engagement. The system uses an array of stakeholders to form consensus and produce new blocks.

The initial elections for block generation resolve through randomized numbers. All electors have to reach consensus through the Ouroboros algorithm in order to generate the seed for that randomized number. In turn, a slot leader is designated to generate the next block and earn ADA. So long as there is not an adversarial majority within the system, the honest majority of stakeholders will continue to randomly generate slot leaders and reward stakeholders.

Cardano; Short Term Gains and Long-Term Potential

A strong governance system is only one of Cardano’s benefits. They are also ready, willing and able to comply with new government regulations through their soft fork ability. The addition of the control layer protocol will make them into a viable Ethereum alternative. As they roll out the platform upon which decentralized applications can be created, their market share will increase. While Cardano’s ADA token has stagnated in price since December, it is primed to rise – and effectively available at a discount.

At the same time, Cardano is a long-term project that has plans to truly use their infinite scalability. As technology increases, so too can the blockchain. They will switch out modules and implement soft forks to keep the platform relevant and performing at a high level. The staying power that this produces should keep Cardano in the top 10, and their control layer will help them seize more of the emerging cryptocurrency market.

We will be updating our subscribers as soon as we know more. For the latest updates on ADA, sign up below!

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.

Image courtesy of Leo Hidalgo 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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