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Cardano

Cardano Criticisms Don’t Stack Up

Cashverse

Published

2 years ago

on

Where to start with Cardano? There is a lot going on, and so much criticism gets thrown Cardano’s way that it is difficult to know what to take seriously, and what to filter out as nothing more than the usual crypto noise.

There are definitely some arguments that just do not stack up though, and to get a truer assessment of where Cardano might be heading, it is worth identifying them.

Is It Really a Ghostchain?

One of the regular criticisms you will hear is that Cardano is a ghostchain, meaning that regardless of whether or not it is functional, it does not have any actual development and no-one is using it.

But, is that actually true? It has been reported that in 2021, Cardano was actually the  blockchain  on which there was the most development on GitHub, edging ahead of its rivals.

And, you do not have to spend long looking into Cardano to find that there is an entire ecosystem of dapps in production right now, to be deployed, it seems, in the near future, as can be seen on this interactive map.

Then there was the news this week that the Korean electronics giant, Samsung would be partnering with Veritree to engage in a large-scale conservation project in Madagascar. Veritree offers a blockchain-based platform through which to address environmental problems, and it functions on Cardano.

For a network that supposedly has no activity, that looks like a remarkably tangible real-life use, demonstrating a meaningful level of trust from one of the most high profile corporations on the planet.

If Cardano is a ghostchain, then it is experiencing a lot of paranormal activity.

Is Haskell a Problem?

It is said that because Cardano uses the Haskell programming language, developers do not want to work on it.

However, the problem with this dismissal is that it is never followed up with any inquiry as to why Cardano uses Haskell. The Founder of Cardano, Charles Hoskinson is clearly no dunce, and Haskell is not second rate, and yet, the but they use Haskell argument is presented as if settling on Haskell was an ignorant blunder, rather than a deliberate selection.

The reality is that Haskell is precise and secure and well suited to financial products. In fact, for those reasons, it is often used in  fintech  , including at places such as ABN Amro, Barclays and Morgan Stanley. In fact, there are multiple examples of Haskell being utilized with resounding success.

Now, admittedly, that might not sound very exciting, when part of the appeal of crypto is that its unregulated, cypherpunk, high risk/return reputation. And, there is an enormous benefit to onboarding developers through accessibility.

But, keep in mind that it is exactly that perception of lawlessness and risk, and being an open-mic free-for-all, that, when it comes to anything related to personal finance, it keeps larger numbers of people away and prevents full mainstream adoption. Perhaps you like it that way, in which case, fine, that is understandable.

However, if we were just to ask, objectively, what kind of blockchain would get middle-of-the-road, financially prudent users on board (which equates to a lot of people), then the answer might not be, whichever blockchain is sexiest, but rather, whichever blockchain looks safest.

And, in that case, if we were ranking for stability and prudence, and an image (whether it is accurate or not) that is not too out-there, then Cardano would be highly placed.

Community or VCs?

There was a lot of interest towards the end of last year when Jack Dorsey took aim at web3 proponents for their projects being overly centered around VC interests. Dorsey appears to believe strongly in decentralization and, perhaps, leans towards a bitcoin maxi philosophy. And, there is nothing at all wrong with that. After all, decentralization is supposed to be at the core of crypto.

But, where would Cardano fall in this discussion? The answer is that it comes out looking very good. It is decentralized, not reliant on VCs and, critically, it has maintained a high profile and a high market cap on the strength of its community.

According to the Cardano Foundation, as of last Christmas, the number of ADA wallets had reached 2.5 million, having been at just 190,000 a year earlier, meaning there was an annual increase of 1200%.

Community is not everything, it is true. We are not organizing a village fete. But, in this case, when we are talking specifically about tech adoption with a key emphasis on replacing centralized structures, then the numbers of active users are highly significant.

What is more, is that it seems likely that when it comes to finance in particular, not everyone wants to use products put together by people who move fast and break things. Such a philosophy makes sense at the wild frontiers, but in the world of crypto, all the talk now is of an industry that is warming up for broader adoption.

That is not to say that we should give up on pushing the limits, or that we must accept broken establishment conventions. After all, what then would be the point of doing something new?

But, what it does mean is that in this current phase of the crypto story, there is an opportunity for a vessel that disrupts the status quo, but does so while looking solid, well-built and worth climbing on board.

Where to start with Cardano? There is a lot going on, and so much criticism gets thrown Cardano’s way that it is difficult to know what to take seriously, and what to filter out as nothing more than the usual crypto noise.

There are definitely some arguments that just do not stack up though, and to get a truer assessment of where Cardano might be heading, it is worth identifying them.

Is It Really a Ghostchain?

One of the regular criticisms you will hear is that Cardano is a ghostchain, meaning that regardless of whether or not it is functional, it does not have any actual development and no-one is using it.

But, is that actually true? It has been reported that in 2021, Cardano was actually the  blockchain  on which there was the most development on GitHub, edging ahead of its rivals.

And, you do not have to spend long looking into Cardano to find that there is an entire ecosystem of dapps in production right now, to be deployed, it seems, in the near future, as can be seen on this interactive map.

Then there was the news this week that the Korean electronics giant, Samsung would be partnering with Veritree to engage in a large-scale conservation project in Madagascar. Veritree offers a blockchain-based platform through which to address environmental problems, and it functions on Cardano.

For a network that supposedly has no activity, that looks like a remarkably tangible real-life use, demonstrating a meaningful level of trust from one of the most high profile corporations on the planet.

If Cardano is a ghostchain, then it is experiencing a lot of paranormal activity.

Is Haskell a Problem?

It is said that because Cardano uses the Haskell programming language, developers do not want to work on it.

However, the problem with this dismissal is that it is never followed up with any inquiry as to why Cardano uses Haskell. The Founder of Cardano, Charles Hoskinson is clearly no dunce, and Haskell is not second rate, and yet, the but they use Haskell argument is presented as if settling on Haskell was an ignorant blunder, rather than a deliberate selection.

The reality is that Haskell is precise and secure and well suited to financial products. In fact, for those reasons, it is often used in  fintech  , including at places such as ABN Amro, Barclays and Morgan Stanley. In fact, there are multiple examples of Haskell being utilized with resounding success.

Now, admittedly, that might not sound very exciting, when part of the appeal of crypto is that its unregulated, cypherpunk, high risk/return reputation. And, there is an enormous benefit to onboarding developers through accessibility.

But, keep in mind that it is exactly that perception of lawlessness and risk, and being an open-mic free-for-all, that, when it comes to anything related to personal finance, it keeps larger numbers of people away and prevents full mainstream adoption. Perhaps you like it that way, in which case, fine, that is understandable.

However, if we were just to ask, objectively, what kind of blockchain would get middle-of-the-road, financially prudent users on board (which equates to a lot of people), then the answer might not be, whichever blockchain is sexiest, but rather, whichever blockchain looks safest.

And, in that case, if we were ranking for stability and prudence, and an image (whether it is accurate or not) that is not too out-there, then Cardano would be highly placed.

Community or VCs?

There was a lot of interest towards the end of last year when Jack Dorsey took aim at web3 proponents for their projects being overly centered around VC interests. Dorsey appears to believe strongly in decentralization and, perhaps, leans towards a bitcoin maxi philosophy. And, there is nothing at all wrong with that. After all, decentralization is supposed to be at the core of crypto.

But, where would Cardano fall in this discussion? The answer is that it comes out looking very good. It is decentralized, not reliant on VCs and, critically, it has maintained a high profile and a high market cap on the strength of its community.

According to the Cardano Foundation, as of last Christmas, the number of ADA wallets had reached 2.5 million, having been at just 190,000 a year earlier, meaning there was an annual increase of 1200%.

Community is not everything, it is true. We are not organizing a village fete. But, in this case, when we are talking specifically about tech adoption with a key emphasis on replacing centralized structures, then the numbers of active users are highly significant.

What is more, is that it seems likely that when it comes to finance in particular, not everyone wants to use products put together by people who move fast and break things. Such a philosophy makes sense at the wild frontiers, but in the world of crypto, all the talk now is of an industry that is warming up for broader adoption.

That is not to say that we should give up on pushing the limits, or that we must accept broken establishment conventions. After all, what then would be the point of doing something new?

But, what it does mean is that in this current phase of the crypto story, there is an opportunity for a vessel that disrupts the status quo, but does so while looking solid, well-built and worth climbing on board.

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Cardano

PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP

Cashverse

Published

1 year ago

on

August 9, 2022

By

PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP

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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.

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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.

At the time of writing, it ranks number 6 on CoinMarketCap, making it a cryptocurrency to buy now.

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.

The Bottomline 

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:

Presale: http://join.privacrip.io/ 

Website: http://privacrip.io/ 

Telegram: https://t.me/PrivaCripOfficial 

Twitter: https://twitter.com/PrivaCrip 

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Cardano

Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange

Cashverse

Published

1 year ago

on

August 9, 2022

By

Cardano Reaches “Important Milestone” on Road to Vasil Upgrade


Alex Dovbnya

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.

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Cardano

WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M

Cashverse

Published

1 year ago

on

August 9, 2022

By

Cardano Founder Charles Hoskinson Criticize SEC Cracking Down on Companies Outside Its Jurisdiction

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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. 

cardano total value locked
Cardano total value locked

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.” 

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