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Updates on Cardano Roadmap: Possible Effects on Its Future

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Cardano

Since its tokenization on 29th September 2017, Cardano has garnered widespread interest in the crypto-world because of its meteoric rise in terms of total market capitalization. Within a matter of six months, this coin has secured the seventh position on Coinmarketcap and now it seems to be really steady in that position. Taking the recent price surges of this coin into account, many experienced traders and crypto-connoisseurs are speculating that Cardano is about to give a tough time to two cryptocurrency giants Ripple and Ethereum by the end of this year.

When Cardano roadmap was first introduced to the traders across the globe, it intrigued them with the vast range of unique features it was about to offer. So far, this cryptocurrency has not only managed to live up to those promises but also has made considerable upgrades quite frequently to make their official cryptocurrency ADA even more convenient. Among other things, the sole purpose of this IOHK (Input/ Output Hong Kong) backed cryptocurrency is to revolutionize the blockchain system by providing solutions to various existing problems faced by multiple cryptocurrencies.

On 5th April 2018, Cardano officially updated its roadmap by implementing some new features and facilities. Here, those new features along with their probable impact on this currency’s future would be discussed.

Notable Updates:

a. Introduction of Paper Wallets: For a cryptocurrency, introducing a paper wallet for its users is certainly a very innovative idea. In case of cryptocurrencies, everything is virtual starting from software wallets to transactions. As a result, sometimes trading with these currencies become a bit unsafe when a hacking incident takes place. That is why; offline paper wallets would ensure the security of the stored ADA coins for the Cardano holders. These paper wallets would be printable certificates containing the address of their offline wallet. This update is nearly 33% completed at the moment.

b. Introduction of Ledger Wallet: The development team of Cardano is building support for the Ledger Nano S cryptocurrency hardware wallet. The first phase of this update is creating the Cardano application capable of running on the Ledger wallet itself. This new project is about to add further integration with Daedalus, the existing ADA wallet. Once this update is completed, Cardano users would be able to store ADA offline using the secure cold storage process.

c. New Accounting Paradigm: Cardano is about to implement a new accounting model for its different layers. For example, the UTxO style of accounting would be used for the Cardano Settlement Layer (CSL) whereas the Cardano Computation Layer (CCL) would use Ethereum’s account-based style. The Cardano development team is endeavoring to create a mechanism where these two accounting styles would be switched according to the specific requirements of the Cardano users. This new update is 50% completed at the moment.

d. Implementation of Plutus Core: Plutus Core is one of the simplest yet most secure programming languages that are used at the moment. The Cardano team is about to implement this highly efficient language for the computation layer. Plutus Core would also be used in the settlement layer for enabling different verification techniques. This project is currently 12% completed.

e. Development of IELE Virtual Machine VI: This new version of IELE virtual machine would serve as a lower level, uniform platform that is capable of translating higher level languages and executing smart contracts. This updated virtual machine would provide a uniform gas paradigm across all languages. In a nutshell, IELE virtual machine would make writing secure smart contracts much easier. This development is also 50% completed at the moment.

New Features:

Besides these updates mentioned above, the updated Cardano platform would also offer:

  • Cardano user survey for garnering feedback about their previous development updates.
  • Cardano stake pool registration facility in their Shelley Testnet.

Final Thoughts:

Cardano currently holds the seventh position with a market cap of approximately $3.8 billion and individual coin price of $0.147 (as per the data of 6th April 2018). To achieve such popularity among the traders in this highly competitive cryptocurrency world, an ordinary currency would have taken years whereas ADA achieved this feat within a few months.

With the aforementioned updates right in the corner, ADA is likely to exhibit a veritable price surge in the future. Despite the capriciousness of the crypto-market, it can be speculated that with the current trend, Cardano is very likely to lead the cryptocurrency chart by the end of this year.

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 and read our full disclaimer.

Image courtesy of Canned Muffins via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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 been…

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