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Low Cost but High Rank – The Secret of Cardano (ADA)

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Cardano

The value of cryptocurrencies is still struggling with the effects of the major drop that occurred at the beginning of the year. Still, some cryptos are doing better than others, while some have a strange method of staying afloat when everything that we know seems to be indicating that they should not. Cardano (ADA) is especially one of the more interesting cases, which is why we will be taking a closer look at what keeps this crypto so successful.

Cardano (ADA) is among the newer coins, and it was only launched in November 2017. Despite the fact that it is barely older than half a year, this crypto still managed to get into the top 10 coins and is currently holding the rank of 7 on CoinMarketCap. Not only that, but even the Weiss Ratings gave it a decent grade, B, which is their mark for Good, as opposed to A, which is excellent, or C, D, and E, which stand for Fair, Weak, and Very Weak, respectively.

So, how is ADA doing it?

A lot of cryptos with much more history behind them are struggling to survive, while ADA holds the rank of 7, despite the low price. Its current price is around $0.218, while its total market cap is a little over $5.6 billion. The main reason for this is ADA’s daily trading volume, which exceeds $11,545,000 per day.

Obviously, ADA’s trading volume is one of the biggest reasons for this high rank, since the coins are obviously being used, instead of just sitting idly by. The reason for this is the fact that ADA has a lot of coins released into the market.

In fact, ADA’s current coin supply is huge, and reports claim that it is 1.5 times larger than what Bitcoin itself has to offer. This is also the fact why Cardano might someday surpass all the other coins if his value were to increase, which is expected to happen at some point. When it does, ADA will be the largest crypto when it comes to market capitalization.

How can ADA’s value go up?

The thing with ADA is that it is still a very new crypto. It is fully functional, of course, but it is still being developed. The team behind it is currently working on completing its blockchain network, and when they do, Cardano will have much more to offer. The biggest thing that it currently lacks, and is on its way to achieve, are smart contracts, as well as the ability to handle dApps. Once this becomes available, ADA will become much more interesting to a lot of people, which will increase its value.

Cardano’s big plan for Africa

Another important thing about Cardano is its ultimate goal. Like several other cryptos, this currency’s goal is to improve the modern society. Because of this, ADA has put a lot of effort into helping Africa, with most focus on Rwanda and Ethiopia.

Cardano even signed a Memorandum of Understanding with the Ethiopian government, which will allow this crypto to educate, and then hire, new software developers from this country. This will be a big deal for Cardano since Ethiopia will eventually adopt it in their industry of agriculture. This was the first MoU of this type to ever be signed in Africa, and the education of future software developers will start in only a few months, in September of this year.

Apparently, ADA will be the first crypto to actually go big in the African market, and with it being nearly untouched, ADA will have a special opportunity to tap into all of its potentials.

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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

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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