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The Recent Adventures of Cardano (ADA)

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Cardano

The CEO and founder of Cardano, Charles Henderson had recently revealed in an interview that the developer team of the crypto coin is on the way to conduct interledger peer-to-peer transactions by overcoming the issues of scalability. At present, Cardano is focusing on segregation of data such that the data is transferred at incredible speed. This will eliminate the need for downloading the entire data set in order to access it.

Cardano developers are currently aiming to use Recursive InterNetwork Architecture (RINA) to split the network into multiple sub-networks. The total size of data is in terabytes and petabytes and thus needs to be stored in a safe location. The cryptocurrency is planning to use complex data pruning and partition to minimize the data volume. The intention of developing sub-networks is to limit access of the users to the same data sets. Cardano developers are thus conducting intensive research about scalable sub-networks and how they can converse with each other. The developers are planning to use the sidechain concept to create a bridge linking multiple sub-networks. This is what Cardano terms as “interledger transactions”.

Block Explorer

Cardano uses its own Block Explorer to check the record of transactions made through the Cardano blockchain. Cardano Testnet is the experimental version of the network that the developers are using to run tests to ensure that it works smoothly and safely before launching the network. The task of the Cardano Block Explorer is to verify the transactions on the Cardano testnet on the real version of the network. Presently, the developers of Cardano are planning to expand the horizon of Cardano Block Explorer such that it will contain charts, statistics, and sport many more features.

Proof of stake

Ouroboros is the latest proof of stake algorithm that Cardano has started using to determine what makes individual nodes to reach consensus regarding the network. The algorithm is considered to be a major innovation in the world of blockchain technology and it is a vital aspect of the support system of Cardano cryptocurrency. Using Ouroboros means that ADA no longer needs a proof of work protocol that consumes much more energy. Moreover, this energy-hungry PoW acts as a barrier to blockchain scaling. Ouroboros was designed by a team led by Professor Aggelos Kiayias, IOHK Chief Scientist. It is the first proof of stake that has been proved to be secure mathematically. It is also the first to have been accepted in Crypto 2017, the leading cryptography conference. Experts say that the security features of Ouroboros are on par with that of Bitcoin blockchain.

Cardano Accepted By Centra

Cardano has made it to the Centra wallet recently. This means that the vendors who are integrating cryptocurrency payments into their system will have one more crypto coin to add to their list. Before the addition of Cardano, the vendors only accepted Bitcoin, Ethereum, Litecoin, Monero and Dash as means of payment. Considering that many cryptocurrencies are competing to gain worldwide acceptance by Centra and the vendors, it can be stated as a big achievement of ADA. The team of Cardano is hoping that this acceptance will bring in many more investors and the traders will also seek the crypto coin. The expected exponential increase in trading volumes would be due to Cardano’s position on the Centra decentralized marketplace. ADA can be traded here for different crypto coins. The end result would be an increase in the value of ADA.

The cryptocurrency market speculators say that even though Cardano (ADA) was struggling a little to stay in the green, the future of the coin looks pretty good. The market price of ADA as of 11th March 2018 is approximately $0.20 USD. The addition of sub-networks and acceptance by Centra will undoubtedly have a positive impact on the price movements of the coin.

We will be updating our subscribers as soon as we know more. For the latest on ADA, sign up below!

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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of JD Hancock via Flickr

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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