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How the Recent Developments Would Impact the Future of Cardano and ADA Holders - Global Coin Report
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How the Recent Developments Would Impact the Future of Cardano and ADA Holders

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Cardano
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Cardano coin (ADA) has been performing very impressively so far with a steady market capitalization since the beginning of this year. The scenario of the overall cryptocurrency market has undergone some pivotal changes over the past few months. Bitcoin, whose popularity was skyrocketing until the end of 2017, suddenly hit a rock bottom when its price plummeted to an alarming figure in January 2018. This incident created a significant amount of doubt among a large portion of traders regarding Bitcoin’s stability in price and consequently, people started to rely on slightly more stable cryptocurrencies that are not influenced by Bitcoin. Also, the slower and expensive transaction of Bitcoin has been a major cause of exasperation among its traders for a long time. That is where Cardano emerged with its new features on October 1, 2017, and has been treated as the most preferable cryptocurrency option by myriads of traders across the globe.

Very few cryptocurrencies maintain an effective communication with their traders with timely developmental updates. Cardano certainly belongs to that group as it publishes its technical developments on a weekly basis. In their latest update, the ADA team has released quite a few technical developments worth mentioning which can effectively alter the future of this currency and its holders. Here, you would find some of the most noteworthy technical developments.

Daedalus Wallet Updates:

Daedalus wallet can certainly be considered as the mainstay of ADA blockchain’s technical paradigm. As a result, the development team takes utmost care in keeping this wallet updated and fully functional for the traders. In the past week, the team had been working indefatigably on the React 16 Upgrade. For this process, ‘context’ and ‘ref’ polyfills have to be successfully implemented in the React-Polymorph library. The upgrading is yet to be completed but it is going at a brisk pace.

Besides this, there had been other significant changes as well such as the refactoring of NPM scripts for using colon style, UI improvement of the ‘receive’ screen, adding Flow checks and Eslint to the Daedalus storybook directory, redirecting logic refinements, and many more.

The Goguen Project:

Fundamental Research:

The Goguen project concerns the ADA smart contracts and their functionality. The Cardano development team has recently launched the KEVM testnet on 28th May 2018, that allows the users to execute smart contracts written through solidity while experimenting. The Goguen project is to be implemented on the Computation Layer of the Cardano blockchain. The fundamental research phase regarding this project is yet to be completed. However, according to the latest weekly update, the overall work on multicurrency, side-chains, and chimeric ledger is nearly done along with implementing various sui generis features of IOHK. The development team is working arduously to design a working prototype which would eventually change the entire Cardano code base.

Virtual Machines and Languages:

The VMs of this project is to be built using the K framework along with formal semantics. The team is also working on enhancing the offering on Smart Contract language based on Haskell. This new language would help in detecting the flaws in the current smart contracts system and rectify them accordingly. The work on developing a language core for this project along with a library is still in progress. Also, the Marlow research by the development team is still on-going.

Updates on Wallet Backend:

During the previous week, the work on new wallet specifications and developments progressed considerably with conspicuous changes in the transaction submission layer of ADA. The team appointed a specialist for improving the wallet backend. So far, the designated member has managed to complete a large portion of the work on transaction fee estimation. The static size estimation functionality had been successfully finished and the addition of correctness tests is still in process.

As far as the other updates of wallet backend are concerned, the implementation of the Transport Layer Security for the server side is yet to be completed. The newly appointed member also reviewed the first version of Daedalus wallet’s Coq formalization last week.

Other Notable Updates:

Cardano team has managed to upgrade their networking system significantly last week with making considerable progress in deserialization, block syncing, and routing table maintenance for peer discovery.

Current Scenario of Cardano and Speculation:

The announcement of Goguen Project and launching of KEVM testnet has managed to create an impetus in Cardano’s price chart. As of 6th June 2018, this currency holds the seventh position on Coinmarketcap with a market cap of $5.6 billion (approximately) and a price equivalent to nearly $0.21. According to the speculators, this uptrend is likely to continue for the next few months at least until the completion of the Goguen Project.

Final Thoughts:

Cardano is one of the most stable coins that you can currently find in the market and with the aforementioned updates. The entire blockchain system of ADA is likely to be ameliorated in terms of functionality, efficiency, and security. The coin has already managed to acquire a place among the top ten cryptocurrencies within a few months. So, it would be safe to assume that these recent updates are about to make a positive impact on the future of ADA holders.

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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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Bitcoin, Litecoin, Ethereum, and Ripple On the Rise

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Bitcoin
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The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

The price of the crypto leading giant-Bitcoin has increased at 25.74 percent in one week. Ethereum also gained 18.76 percent increase in its price. Litecoin and Ripple also recorded some percentage increase in the tune of 53.20 percent and 16.12 percent respectively. It is no just these few popular coins that have gained in one week. From what we have gathered, 94 digital coins amongst the leading 100 cryptocurrencies are also experiencing the rise in price. This information is according to what TradingView published in April 2019.

According to them also, other cryptocurrencies gained in value while others declined. From their calculations, six digital currencies advanced while ninety-four was on the decline. Also, another information shows that the increase in Bitcoin price has reduced the value of other assets such as bonds and stocks.

The possible reason for the rally

Many people are wondering…

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Blogs

Crypto Market is Not Free from the Bearish Trend Yet

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bearish
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Investors and traders are still speculating over the bullish trend that shook the market this past seven days. However, amidst the joy of the price hike in the industry, some people are still cautious. A crypto trader with the twitter handle of BTC_Macro is advising other players in his tweet to be careful. According to him, the bearish cryptocurrency market is not over yet.

In the tweet, the user admonished players in the market not to listen to the people saying that the bears have given up. It went further to say that Bitcoin may still plunge uncontrollably anytime even if it breaks the $6K mark. When this occurs the twitter user continues, any scenario may occur. The advice is that players in the crypto market should be on the neutral side. According to the user, it is not safe to be on the bullish side or the bearish side. Instead, players should be on their toes without bias.

How Trader reacts to price movements

Over time, it has become evident that many traders usually go against the market majority during bearish or bullish trends. Well, there is usually some logic backing up the reactions.

It is true that we have seen the longest bearish trend in the history of cryptocurrencies. Everybody who has a stake in the crypto market is expecting the day of the bull’s rise…

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Altcoins

The Interoperability Problem of Blockchain May Soon Be Over

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Kardiachain
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Crypto traders have certainly had a rough time since early 2018. The markets have tanked resulting in large losses for nearly everyone involved in the market. While that’s bad, what’s even worse is the fact that many projects have failed to deliver on their roadmap. Blockchain technology has been hailed as the next great advance in technology. And while many companies are making strides toward fully implementing blockchain-based technology, there is still a long way to go. As promising as blockchain technology is, there are still limitations that need to be addressed.

Limitations of Blockchain Networks

Although blockchain technology is certainly the future, the existing technology will need to be improved before it can go mainstream.  A few of the current limitations include:

  • Limited Scalability – Blockchain networks have consensus mechanisms that require each node to verify a transaction. This verification requirement slows down the network and limits the total number of transactions that can be processed.
  • Limited Usage – Each blockchain network was created with specific usage in mind. Because of the limited number of use-cases, each network eventually suffers from a never-ending loop of limited adoption. In the end, this causes low awareness.
  • Lack of Interoperability – At present, individual blockchain ecosystems are unable to communicate with each other. If a blockchain network attempts to retrieve information from an external (outside the “chain”) source, each node would have to…
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