The Crypto Mile – Cardano’s Charles Hoskinson plans to ‘radically’ transform government services
Blockchain technology promises to create better government on a global scale. Cardano founder Charles Hoskinson tells Yahoo Finance’s The Crypto Mile how it could ‘radically’ transform the future.
Imagine a situation where all of a government’s tax revenue is open source and everybody can look at it and see exactly where the money is coming from and where it is going.
Imagine the archaic institutions of government that run our lives developing at the same rate of efficiency and efficacy as the mobile phones in our pockets.
Imagine a situation where all transactions happen transparently on the blockchain, the state of every account is visible and a revolution in open access where every member of the public can become an auditor.
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Cardano (ADA-USD) founder Charles Hoskinson spoke to The Crypto Mile about the potential of blockchain technology to radically transform government services across the globe, and even make them interoperable with each other.
As we merge into a truly global society, the blockchain can facilitate this interconnected world community and allow the secure transfer of data seamlessly and in a democratic way, where in the words of Hoskinson, “no one actor will have complete control over critical things and resources”.
This is due to the transparent nature of the blockchain, as according to Hoskinson, it enables “the poorest and most vulnerable person in society equal access as the president of the US, and there has never been a time in human history that that has been the case”.
Blockchains are transparent and publicly accessible to all and the Cardano founder described how the blockchain will allow government services to become digitised and deployed ‘onchain’ to form a new way of governance that is “radically transparent”.
He described the burgeoning technology as enabling global regulation “without putting one nation-state in charge of everything, like the role the united states had in the 20th Century, and increasingly the role that China is trying to assert in the 21st century”.
He added: “Instead you have a situation where there is no one entity in control and it is a better way of doing things with less friction, less fraud, less waste and abuse and more transparency and ultimately less consolidation of power”.
According to the Cardano founder, governmental systems deployed on the blockchain could then be interoperable with similar systems in other countries, if they both are deployed on the same underlying blockchain.
Thus distributed public ledger technology offers efficiency, transparency and long-term security for land deeds, commercial and government voting, health data, educational qualifications, tax and legal information, and total traceability of products on supply chains, allowing for the Internet of Things.
Hoskinson illustrates the speed of development of blockchain technology in the last 13 years, “we’ve gone from very simple systems that could only push value around to these incredibly rich dynamic third-generation systems that have sophisticated consensus protocols, programmability and governance, in just 13 years of history, from just one chain to 20,000 chains, from one asset to tens of millions of assets”.
Then he described its potential application for nation-states, saying “imagine if you could bring governance this way”.
Hoskinson described a future where governmental bodies across the globe learn from each other and compete to become the most efficient and useful in the same way that Apple’s iPhone and Samsung’s Galaxy rapidly outperform each other.
This future would run on the blockchain and just as Moore’s law observes that the number of transistors on a computer chip doubles every two years, systems of government deployed on the blockchain might evolve at the same pace as technological innovation.
The Cardano founder believes blockchain is the solution to upgrade the world and give governmental institutions “a Samsung Galaxy versus iPhone style of governance that we have never had”.
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He added: “As consumers, we are used to the fact that every year we get a new better phone, as consumers, we are trained that these products will get better organically over time through competition. We don’t have that in governance. There’s no expectation that the central banking, the military or the way we run health care today is going to be better tomorrow.”
Is bitcoin truly decentralised?
Hoskinson described the initiative and said: “One of the agenda items we have is to actually measure the decentralisation of different blockchains.
“We will create a lab at the University of Edinburgh, specifically for an index where we can measure different blockchains, whether it be bitcoin or Ethereum or Cardano to see which is the most decentralised.”
The index would take into account how many miners there are validating the transactions on the blockchain.
Referring to how decentralised the bitcoin blockchain is, Hoskinson added: “Bitcoin (BTC-USD) has less than 10 major mining operations that control the majority of the hash rate of bitcoin. So although it is a big decentralised movement, with millions of people around the world using it, less than ten actors are responsible for maintaining it, is that decentralised or not?”
According to Sir Mark Walport, the former UK government’s chief scientific adviser, blockchain technology “has the potential to transform the delivery of public and private services and the potential to redefine the relationship between government and the citizen in terms of data sharing, transparency and trust and make a leading contribution to the government’s digital transformation plan.”
But, does blockchain technology contain substantial revolutionary solutions to our lives?
Others see blockchain technology as an empty buzzword with much more hype than value and point to the lack of blockchain-based applications having mass adoption across the world.
There is the argument that distributed ledger technology promises solutions to areas where there was never a problem, and for many systems, a blockchain is not necessary, and to use one would be more expensive and less efficient than the centralised system it replaces.
The decentralisation of data storage and transactional history still needs checks at the entry point when data is inputted into the ledger. Intermediaries are still needed to check the data is correct on input, as when information is lodged and verified on the blockchain it cannot be deleted.
Watch: The Crypto Mile: Episode 3 – How blockchain technology could usher in Web3
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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