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Getting Acquainted With Cardano (ADA) And Understanding Why It Is In The Top 10
There is a new heavy hitter in the cryptocurrency arena and it is known as Cardano or ADA that has just gotten into the top ten list of cryptocurrencies that are ranked based on market capitalization.
The altcoin’s website describes Cardano as a cryptocurrency as well as a platform that will allow governments, organizations, and individuals from all over the world to run financial applications efficiently and in a secure manner. The website further adds that the platform is being developed in layers so as to offer ease of maintenance as well as flexibility. The idea is that ADA will be operated on a settlement layer once it is complete and that the platform will also feature a separate computing layer through which smart contracts will be handled.
The Cardano platform is the first blockchain based on a scientific philosophy and this could be one of the factors that have contributed to its growing popularity. The ADA cryptocurrency was ranked 9th place in the top ten list at the beginning of December. However, it is currently sitting at 6th place thanks to its recent surge with its price hitting a new all-time high at $0.57 on Sunday. The price has since then retreated to sub $0.5 prices.
It looks like the digital currency has gotten the attention of the crypto community following the recent surge. Recent publications suggest that ADA is focused on accessibility and scalability and that its primary objective is mass adoption. The reveal that its technology will also focus on smart contracts is quite attractive for the market. This is a coin that is not well known in the market but it seems to have gotten off to a good start. The surge in Bitcoin about a week ago also led to a rise in the value of ADA by about 300 percent within the same period of time. However, it has not gotten to that point yet as most of those features including the smart contract features are still under development.
The altcoin might have managed to make its way to the top ten, but it has also aroused a lot of criticism. There is speculation that the surging prices might be the result of a price pump to artificially inflate ADA’s market cap. As stated, this is just speculation and it is thus not clear whether the performance of the cryptocurrency is genuine or not. If the speculators are correct, then Cardano might be off the top ten list as fast as it jumped on. It remains to be seen whether the altcoin will prove itself to be one of the greats, earning a spot among the likes of genuine cryptocurrency giants such as Bitcoin and Ethereum.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Sam Churchill via Flickr
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. One of the ways to have a successful…
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…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…
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