The Cardano community-focused Twitter account ada whale says that Cardano is one of the few currencies that even comes close to matching the spread and inflation of bitcoin. He also thinks that ADA, like BTC, will eventually become a scarce asset. Before its scarcity, traders need to maximize bitcoin’s high value and they need bitqt trading app as it’s meant to be a handy tool to help you trade more smartly.
How does Cardano work?
Cardano’s goal is to become the blockchain platform that hurts the environment the least. Bitcoin and Ethereum use a proof-of-work method that uses a lot of energy. Ouroboros, on the other hand, uses a proof-of-stake method called “Ouroboros” to reach a consensus. As part of the upgrade to ETH2, Ethereum will switch to a proof-of-stake system.
Without a central authority like Visa or PayPal to handle transactions, decentralized cryptocurrency networks have to make sure that no one wastes money by spending it more than once.
They use something called a “consensus mechanism” to do this. The term “proof of work” refers to the basic cryptographic technique for reaching a consensus. Bitcoin mining was the first thing that made this technique well-known.
Proof of work requires a lot of processing power, which is provided by “virtual miners” from all over the world who are trying to be the first to solve a difficult math problem.
The winner of the competition will be given a certain amount of cryptocurrency and will also be able to add the most recent transactions that have been verified to the blockchain.
Proof of stake is an alternative way to reach a consensus. Instead of a network of miners racing to solve a problem, it uses a network of validators who have something at stake. Validators stake their own ADA with their own processing power instead of giving their processing power to the network to help keep it safe and verify transactions.
The network picks a winner by taking into account both how much ADA each validator has added to the pool and how much time they have spent adding to it. In other words, it gives the most ADA to the members who have added the most.
After the winner has checked the most recent block of transactions, other validators will be able to say that the block of transactions is correct. Once a certain number of confirmations or attestations have been reached, the blockchain is updated.
But people who want to get ADA rewards can also “delegate” some of their cryptocurrency to a staking pool that is managed by someone else. Becoming a validator is a big job, but those who do it get ADA.
What does “native token” mean in Cardano?
“Ada Whale” People think that bitcoin’s dynamics are right because of its fixed supply, equal distribution, stable price, and enough amount to hold a large number of people. Satoshi Nakamoto, the mysterious person who created bitcoin, thinks that scarcity can lead to the creation of value.
Because of this, the maximum number of bitcoins is limited. 21 million coins, The 19 millionth bitcoin was mined in April of this year. This means that there are only 2 million BTC left to mine in the next 100 years.
There is no risk capital, everyone gets about the same amount, and inflation can be predicted. The current market lets people buy things cheaply up to the point where they become harder to find. Cardano has a limited supply range, like bitcoin but not Ethereum. There will only ever be 45 billion ADA made in the history of the currency.
On the other hand, the “ADA whale” thinks that there is no need to stock up on ADA because the market has been bad for a long time. He said, “This is a bear market, so be ready for maybe months of double-digit negative returns if you do.” The current state of the market is bearish. She said, “I’m just trying to look at everything from a more long-term point of view.”
Closed Vasil test net, according to the group that IOHKCardano says is its parent, A small number of people have already been able to use the decentralized application (dApp. As part of its preparations for the June Vasil Hard Fork Combinator (HFC) event, the Cardano team is still working on consensus-specific improvements.
Cardano is now being used in 986 projects. 88 new projects have been added to the ecosystem, bringing the total number of NFT projects to 943. The first 943 projects were added to by these new ones. The link to Github went from 3,028 to 5,727. ADA stayed at a value of 4.9 million native tokens for the whole week.
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
– Advertisement –