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Cardano releases the KEVM Testnet In a move to advance project development

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Cardano

Cardano has been on a roller coaster ride since its initial release only a few months ago and with a lot of ongoing projects lately. Just days ago, the much anticipated KEVM testnet was launched even as Cardano’s price faced tougher declines in the market losing about 27 percent of its value amidst a bear market.

Why are Testnets important?

Testnets provide a useful means for cryptocurrency projects to test future changes and developments to a Blockchain network. By allowing an environment for thorough testing of new network protocols, testnets allow programmers to strengthen the network and advance the project further.

The KEVM testnet is one among many of the testnets that Cardano hopes to put out as the year progresses. Cardano has categorized its testnets into two parts, one for future features and tech previews while some testnets for ongoing projects on the Cardano platform.

The KEVM testnet is an executable form of semantics that will see the creation of smart contracts. The launch of the KEVM was a first of its kind semantics of Ethereum’s EVM in a move by Cardano to build the third generation of Blockchain technology.

Cardano team educating the public on the project development

As usual, most ADA holders expected some positive results in terms of market price with the release of the testnet, however; IOHK’s CEO together with the Cardano team expressed excitement about the release and moved to publish their take on Twitter.

With the set launch of testnets, some of which are currently ongoing, several updates on the Cardano Blockchain have been implemented by the Cardano team which is a good sign of a project with a serious purpose set to accomplish and check all the boxes in its roadmap.

The big question, however, remains to be whether it’s a good time to buy ADA considering the market dip. Well, it depends on how you look at it. With the many partnerships and platform developments that Cardano has been up to lately, it’s easy to see that an uptake of ADA is on its way.

The Cardano foundation has also been touring the world partnering with global institutions and educating the public on how the proof of stake provably secure Ouroborous protocol works and also to update crypto enthusiasts on the developments with the project.

Building better smart contract languages

The development team at Cardano has been focused on mitigating the deficiencies that currently form a major part of smart contracts. Cardano builds its Virtual Machines on K framework’s formal semantics meaning the Cardano team plans to develop a new Haskell protocol that will deal with the issue of languages and virtual machines making it easy for developers to build their own smart contracts on Cardano’s Blockchain network. Furthermore, Cardano is releasing an upgrade to the ADA mainnet Blockchain network that will make it possible for developers to simultaneously run two mainnet tests on the same machine with zero interruptions.

With the successful launch of the KEVM testnet and more updates on its Daedalus 0.10 wallets, there is a new breath of hope in the Cardano community. For now, it’s a ‘wait and see’ approach as the Cardano team further advanced the platform.

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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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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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