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Here is how Cardano (ADA) can outclass Ethereum

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As the second most significant virtual currency in the market, Ethereum is a leading platform for ICOs and decentralized apps (dApps). But in recent times, Cardano has been making headways, threatening to take over the top position in the cryptocurrency ladder. But does Cardano (ADA) have any advantages over Ethereum? What makes Cardano special? Can it overthrow Ethereum anytime soon? Let’s find that all in this post.

The science behind Cardano

Like Ethereum, Cardano is a smart contract network that uses a layered architecture to focus on security. Cardano boasts to be the first blockchain project to be built on peer-reviewed hypothetical research and developed from a logical philosophy.

Cardano is used for sending and receiving virtual coinage and is home to the Ada virtual currency. This digital currency speaks to the fate of physical money, influencing plausible swift and easy to coordinate exchanges that are secure using cryptography.

Cardano (ADA) is more than a virtual currency; it is an innovative platform that is good for running monetary apps in the current world that’s utilized by individuals, associations, and governments all around the world every day.

Cardano was founded by the co-founder of Ethereum, Charles Hoskinson to provide a more balanced and sustainable environment for virtual currencies. According to their webpage, ADA is the only digital token that has a research-driven approach, meaning Cardano is the only open-source blockchain that undergoes a severe peer-review process by programmers and scientists in academia.

Advantages Cardano (ADA) has over Ethereum

There is no argument on Cardano’s digital currency, ADA, can bring about significant improvements in the cryptocurrency sphere. However, Ethereum, one of the most popular currencies in the crypto ecosystem, is standing on the way of Cardano reaching its goal.

Some of the advantages Cardano has over Ethereum includes Ada’s Salient Attributes. These attributes consist of:

Cardano’s two-layer network system: Cardano as a blockchain, comes with the two-layer system namely the Cardano Computer layer (CCL) and Cardano Settlement layer (CSL). The importance of these important layers is that they allow the platform to present a means through which changes can be made on the blockchain without the need for a fork as it is the norm with Ethereum and Bitcoin.

Security: Cardano operates on a proof-of-stake algorithm known as the Ourobus protocol that attributes better blockchain security in comparison to the protocol Ethereum uses. Additionally, Cardano is developed by a more secure programming language known as Haskel.

The Cardano (ADA) wallet: Cardano uses the crypto celebrated Daedalus wallet that offers secure storage for investors digital tokens and also offers friendly support that allows cross chain wallet settlements that incorporates Debit cards among other developments in their operations.

How will Cardano overthrow Ethereum?

Cardano’s Founder, Hoskinson, has had a relevant historical background and association with Ethereum being one of the original members who founded the powerful digital coin. With his knowledge on Ethereum’s blockchain operability, he went ahead to develop Ada to be more superior and effective than its nemesis.

During a Q/A session hosted by Google in London, Cardano’s founder presented a straightforward introduction and functionality of the 8th biggest crypto explaining its Ouroboros algorithm. IOHK’s media release after the session might not have mentioned any partnership’s in the offing, but analysts are reading more through the lines and are predicting Google’s partnership with Cardano (ADA) to replace Ethereum as the preferred smart contracts system provider.

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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 Maxpixel.net

Blogs

How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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