On Tuesday (August 2), Charles Hoskinson, Co-Founder and CEO of Input Output Global (“IOG”), the company responsible for Cardano’s research and development, found a great way to explain the main goal of the Cardano platform.
When asked by Alex Hammer, the host of “The Future of Technology Podcast” to explain the “essential value proposition” of Cardano in one sentence, the IOG CEO replied:
“Cardano is a fork in the road. It takes us from where we’ve been to where we’re destined to go: a global society that is secure, transparent, and fair, and which serves the many as well as the few. Like the technological revolutions that have come before, it offers a new template for how we work, interact, and create, as individuals, businesses, and societies.
“Cardano began with a vision of a world without intermediaries, in which power is not controlled by an accountable few, but by the empowered many. In this world, individuals have control over their data and how they interact and transact. Businesses have the opportunity to grow independent of monopolistic and bureaucratic power structures. Societies are able to pursue true democracy: self-governing, fair, and accountable. It is a world made possible by Cardano.“
Here is IOG’s mission statement:
“We view the world as a series of giant and mostly interconnected social graphs with hundreds of complex systems embedded. Our mission is to perturb the graphs to a more connected, transparent and fair configuration for both the flow of ideas and value.“
These are Cardano Foundation’s goals:
“We exist to ensure the positive advancement of the Cardano protocol, while also contributing to the positive advancement of blockchain as a world-changing technology. In everything we do, we enable, empower, facilitate and accelerate progress in the blockchain space. Ultimately, the Cardano Foundation exists to make better a reality.“
And here is how it defines Cardano:
“Cardano is a groundbreaking proof-of-stake blockchain network, being developed into a decentralized application (DApp) development platform with a multi-asset ledger and verifiable smart contracts. Built with the rigor of high-assurance formal development methods, Cardano aims to achieve the scalability, interoperability, and sustainability needed for real-world applications. Cardano is designed to be the platform of choice for the large-scale, mission-critical DApps that will underpin the economy of the future.“
On Monday (August 1), Hoskinson shared some important news about the upcoming Vasil hard fork, which recently got delayed by “a few more weeks.” The IOG CEO released a short video, in which he explained why the Vasil hard fork had been delayed for a second time, and provided and status update regarding the testing of the Vasil protocol update.
“Originally, we planned to have the hard fork with 1.35, and that’s what we shipped to the testnet. The testnet was hard forked under it. And then a lot of testing, both internal and community, were underway. A collection of bugs were found: three separate bugs that resulted in three new versions of the software. And now, we have 1.35.3, which looks like it is going to be the version that will survive the hard fork and upgrade to Vasil.
“There’s a big retrospective that will be done. The long short is that the ECDSA primitives and amongst a few other things are not quite where they need to be. And so, that feature has to be put aside, but all of the remaining features, CIP 31, 32, 33, 40 and other such things are pretty good.
“So those are in advanced stages of testing, and then a lot of downstream components have to be tested, like DB Sync and the serialisation library, and these other things. And that’s currently underway. And a lot of testing is underway. As I mentioned before, this is the most complicated upgrade to Cardano in its history because it includes both changes to the programming language Plutus plus changes to the consensus protocol and a litany of other things, and was a very loaded release. It had a lot in it, and as a result, it’s one that everybody had a vested interest in thoroughly testing.
“The problem is that every time something is discovered, you have to fix that, but then you have to verify the fix and go back through the entire testing pipeline. So you get to a situation where you’re feature-complete, but then you have to test and when you test, you may discover something, and then you have to repair that. And then you have to go back through the entire testing pipeline. So this is what causes release delays…
“I was really hoping to get it out in July, but you can’t do it when you have a bug, especially one that is involved with consensus or serialisation or related to a particular issue with transactions. Just have to clear it, and that’s just the way it goes. All things considered though, things are moving in the right direction, steadily and systematically…
“The set of things that could go wrong have gotten so small, and now we’re kind of in the final stages of of testing in that respect. So unless anything new is discovered, I don’t anticipate that we’ll have any further delays, and it’s just getting people upgraded…
“And hopefully, we should have some positive news soon as we get deeper into August. And the other side of it is that no issues been discovered with pipelining, no issues of been discovered with CIP 31, 32, 33 or 40 throughout this entire process, which is very positive news as well, and given that they’ve been repeatedly tested internally and externally by developers QA firms and our engineers, that means there’s a pretty good probability that those features are bulletproof and tight. So just some edge cases to resolve, and hopefully we’ll be able to come with a mid-month update with more news.“
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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