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What is Cardano (ADA)? The Peer-Reviewed Blockchain

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  • Cardano is a blockchain platform that’s founded on peer-reviewed research.
  • In a milestone for the platform, it launched smart contracts on testnet in May 2021, with a mainnet launch to follow later in the year.

Cryptocurrencies currently face a number of challenges, including scalability, energy consumption, and the ability to interact with regular money.

Cardano calls itself a third-generation public blockchain. Its community is working to solve these problems and to improve on its predecessors, such as Bitcoin and Ethereum.

As of May 2021, Cardano is the fifth-biggest cryptocurrency by market capitalization.

What is Cardano?

You’ve heard of first and second generation cryptocurrencies Bitcoin and Ethereum, right? Cardano calls itself the “first third generation cryptocurrency.” Like Ethereum, it aims to be a platform on which people can create smart contracts.

It was created by a team led by Charles Hoskinson, in a bid to create a “more balanced and sustainable ecosystem” for cryptocurrencies. Originally developed as a research project, Cardano has evolved into a blockchain platform in its own right. Its creators believed that smart contract blockchains such as Ethereum face challenges around scalability and interoperability, and that those challenges can best be addressed by a new platform developed from the ground up.

Did you know?

The person most responsible for the creation of Cardano is Charles Hoskinson, who was actually one of the co-founders of Ethereum.

A brief history

  • 📚 Cardano began in 2015 as a research project to explore how cryptocurrencies could be improved.
  • 👨‍🎨 Cardano was first released to the public on September 29, 2017 with the ‘Bryon’ phase, supporting only ADA transactions.
  • 📡 The next phase, Shelley, launched in July 2020. It improved the network’s decentralization, and meant that holders could stake ADA.
  • 📁 The third stage, Goguen, will add support for smart contracts and native token issuance. It’s due in August 2021.
  • 📈 The final stages are Basho, which focuses on scaling, and Voltaire, which deals with on-chain governance.

Did you know?

Cardano names its major product milestones after famous English poets. The network has finished the Byron and Shelley stage and is now in the Goguen era.

What’s so special about Cardano?

The team behind Cardano has been inspired by the world of science publishing, and has adopted its peer-reviewed approach for their cryptocurrency.

What does that mean? Well, all changes and new features introduced are developed, reviewed and agreed upon by academics before being used, including the network’s consensus algorithm, Ouroboros (of which more later). The code for the network is written in the Haskell programming language, which is used by companies including Bank of America and AT&T. And IOHK, the company behind Cardano, has published a number of academic papers describing the platform and its technology.

But that’s not all!

The Ethereum network currently uses the proof of work consensus mechanism to verify transactions, which uses a lot of electricity and can only process a limited number of transactions at once. Cardano uses proof of stake, which consumes less power; the network uses an algorithm called Ouroboros to choose who creates the next block and to validate blocks. (Ethereum is working to switch to proof of stake by as early as the end of 2021.)

Proof of stake advocates believe that a staking-based consensus mechanism makes blockchain networks more secure while significantly reducing their power consumption and carbon footprint.

“If we get [proof-of-stake] right, the network will be 250 times more decentralized than Bitcoin.”

Charles Hoskinson

Cardano developer IOHK has already made progress in identity management and traceability, announcing a number of partnerships; in 2019, IOHK teamed up with footwear manufacturer New Balance to tackle counterfeit sneakers, enabling customers to confirm the authenticity of products using the Cardano blockchain. In April 2021, the company partnered with the Ethiopian government for an identity solution to be rolled out in schools.

Ultra-fast transaction speeds and interoperability with other blockchains are in the works too.

Did you know?

Cardano’s coin is named ADA after Ada Lovelace, a 19th century mathematician recognized as the first computer programmer, and daughter of the poet Lord Byron.

What else is different?

There are three parts to Cardano:

  • 🖧 The Cardano Foundation – supports the research and development of the network.
  • 🏫 IOHK – a company that works in conjunction with several universities on research and development.
  • 🏢 Emurgo – a separate company contracted to work on the blockchain and make it appealing to businesses.

How is ADA produced?

Cardano’s ADA currency isn’t mined like Bitcoin. Instead of miners there are validators, which are chosen by the network depending on how much ADA currency they currently own.

If they’re selected to validate the transactions on the block, they place a bet on how confident they are on being able to verify all the transactions. If the blockchain verifies the validator’s block, they effectively win the bet and get a reward in ADA.

What is Ouroboros?

Ouroboros is Cardano’s defining algorithm, the first blockchain protocol to be based on peer-reviewed research, and the project’s solution to proof-of-stake.

Essentially, the consensus protocol sits behind Cardano’s capability as a decentralized proof-of-stake platform. It’s used to secure the network, validate transactions and earn newly minted ADA.

Ouroboros divides transactions into epochs, which are subdivided into time slots. A slot leader is elected for each time slot and is responsible for adding a block to the chain. A new slot leader is required to consider the last few blocks of the received chain as transient. This is known as the “settlement delay,” and is the mechanism through which the ledger is securely passed between participants.

How do you get hold of ADA?

As one of the leading top 10 cryptocurrencies, Cardano’s ADA is available to buy or trade on most leading exchanges, including Coinbase, Binance, Kraken and eToro.

What can you do with Cardano?

While you can buy and trade ADA like any other cryptocurrency, and use it to pay for transactions on the blockchain, it isn’t regarded in the same way as a currency like Bitcoin, which can be used to buy goods and services.

On the Cardano platform, users need to buy ADA to make transactions, participate in governance, become a slot leader, and earn a share of fees paid for transactions.

“[Cardano] actually does the things that we’ve always wanted to do in cryptocurrencies, which is build a financial operating system for people who don’t have one—one that actually can compete with a global financial system.”

Charles Hoskinson

In July 2020, the Shelley upgrade enabled delegated staking. For the first time, ADA owners were able to pool their coins with other users in order to earn the cryptocurrency.

The future

Mining ADA consumes a fraction of the energy it costs to produce Bitcoin—so Cardano was one of a number of proof of stake cryptocurrencies to benefit from a new emphasis on greener credentials for crypto, after Tesla CEO Elon Musk shone a spotlight on the topic in May 2021.

A crucial next step for the platform is its roll-out of smart contracts, which launched on the Alonzo testnet in May 2021, and are expected to go live on the Cardano mainnet in August 2021.

It’s an important milestone for Cardano, with smart contracts forming a key component of rival blockchains such as Ethereum and Binance Smart Chain. They’re also essential to creating decentralized applications (dapps) such as those used in the burgeoning decentralized finance (DeFi) ecosystem.

If Cardano can prove that its rigorous approach to cryptocurrencies can bring big business into the world of blockchain, it could find itself at the forefront of a crypto revolution in the years to come.

Source: https://decrypt.co/5703/cardano

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TFT Set 5 Nightbringer Cup: Standings, scores, and schedule

Sweating for that top four.

The post TFT Set 5 Nightbringer Cup: Standings, scores, and schedule appeared first on Dot Esports.

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A healthy mix of veteran and upcoming Teamfight Tactics stars are competing in the North American qualifier Nightbringer Cup with a goal of advancing to the Reckoning Midset Finale. 

A total of 128 players were invited to compete at the Set Five Nightbringer Cup from June 18 to 20. An official broadcast was scheduled for the day three finals, with players streaming days one and two. North American tacticians seeking to compete in the Midset Finale for a chance to play at Reckoning Worlds needed to qualify via the Challenger Series, Dawnbringer Cup, or Nightbringer Cup. 

Related: TFT Set 5 and 5.5 NA competitive roadmap: Full schedule and standings

Tacticians split into 16 lobbies during the first day of the competition at the Nightbringer Cup, with the top four in each lobby advancing to day two. Dividing up into eight lobbies on the second day, the top four in each lobby advanced to the Nightbringer Cup finals to compete for 16 seats at the Reckoning Midset Finale on July 15 to 18.

June 18 Nightbringer Cup standings

Day one of the TFT Nightbringer Cup was intense, with a number of veterans not making the cut for day two. From Team Liquid’s and North America’s Set Four champion Kurumx to Peeba and Souless, a number of well-known tacticians did not advance. 

Here were the top 64 TFT players advancing to the second day of competition at the Reckoning Nightbringer Cup:

Player NA Ladder rank Lobby Total score
Devlus 97 A 32
Shabriel 96 A 31
Buzzyboo 1 A 28
Xthefarmerx 32 A 27
Jirachy 2 B 36
mOOjo 95 B 28
Stategies 63 B 28
Simony 98 B 27
SimonMoon 99 C 37
Kings 35 C 34
Volc4884 3 C 32
e9ns 30 C 31
FECross 61 D 32
Nexthy 4 D 30
iiLucky 29 D 29
invecTiv 93 D 25
JiveNThrive 37 E 38
Robinsongz 5 E 34
RamKev 28 E 32
Kranos 60 E 30
Benva 59 F 36
Rokuyo 70 F 32
kci 27 F 29
Nitsuaa 38 F 29
Saibur 90 G 33
Auqaa 71 G 31
Soobydooo 58 G 31
Peeled Papaya 122 G 27
Gyalubaby 57 H 39
Noobowl 8 H 32
Azarin 40 H 30
Horsa 104 H 25
Ramblinnn 9 I 41
ChungMoney12 41 I 34
Jonich 73 I 27
PPHURA 88 I 25
Alex Guo 247 42 J 40
Cradin 87 J 29
Level1Raft 119 J 29
Sphinx 10 J 28
Casparwu 86 K 39
Live for the Day 22 K 36
ThisJX 118 K 28
Darth Nub 43 K 27
Kevyzhou 117 L 41
Chickenburrito1 44 L 28
aerOstOrm 108 L 28
Prine 21 L 27
Velayy 20 M 33
Father of Shalom 45 M 31
Takengirlsonly 116 M 31
Zugrug 84 M 30
Kyivix 19 N 40
Trll 83 N 30
IMissVoidSins 14 N 28
Dowsie Protector 46 N 28
Justnice 18 O 35
dohmoh 47 O 30
intc 82 O 30
Nixxy Kong 79 O 25
Staxl 81 P 37
Prose 113 P 33
TFT Ren 80 P 29
LuckyMan 49 P 27

This article will be updated following each day of TFT competition at the Nightbringer Cup.

Source: https://dotesports.com/tft/news/tft-set-5-nightbringer-cup-standings-scores-and-schedule

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Saylor Compares BTC to Early Apple: ‘No One Can Stop, and Few Understand’

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MicroStrategy CEO Michael Saylor has compared his early backing of Apple to that of bitcoin, calling the crypto “a dominant monetary network that everyone needs.”

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The bitcoin maximalist recently tweeted about an old video that surfaced. The video features Saylor talking about Apple and how bullish he was on the company back during the iPhone 5. Saylor commented in the video, saying “I would be very long on that company, whoever is selling that stock must be a moron.”

Saylor commented on the old video, this time relating his opinion to BTC. The founder of MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services, made references to early Apple growth and bitcoin. 

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In a tweet, he said “Apple was a dominant mobile network that everyone needed, no one could stop, and few understood. Bitcoin is a dominant monetary network that everyone needs, no one can stop, and few understand.”

MicroStrategy bullish on BTC 

Saylor and his company have been extremely bullish on BTC in recent months. Earlier this week, MicroStrategy announced that it would be selling $1 billion in stock to purchase more bitcoin. Saylor also joined the newly launched Bitcoin Mining Council which will look at how to make bitcoin mining more energy efficient in the future. 

The company has also recently sold $500 million in secured notes to raise funds to purchase more bitcoin. The company currently holds well over 90,000 BTC in its reserves, totaling more than $3 billion with no plans on slowing down anytime soon. However Saylor has previously stated that the entities he controls hold 111,000 bitcoin. 

The bitcoin maximalist has no plans on selling any bitcoin anytime soon. 

Speaking at the Parallel Summit 2021 earlier this week, Saylor also commented further on bitcoin, saying “I don’t think there’s any other asset where every intelligent person who understands it, decides to do everything they can to make it more valuable.” 

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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Source: https://beincrypto.com/saylor-compares-btc-to-early-apple-no-one-can-stop-and-few-understand/

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Bitcoin Price Showing Bearish Downtrend Despite On-chain Metrics Indicating Favorable Network Conditions

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The price of Bitcoin (BTC) has continued to drop as the premier cryptocurrency stays afloat a price well below its 7-day high of $41,295.27. At present, BTC is down 5.21% to $35,952.61 according to CoinMarketCap, a bearish positioning that negates the current favorable conditions of the Bitcoin blockchain. Since the price of Bitcoin began retracing from its All-Time High price above $64,000, the market trend has witnessed a more passive engagement from retail investors across the board.

This low activity rate is made more evident as Glassnode data showed that the cumulative or total fees paid on transactions in the network have attained their lowest level of 1.390 BTC in the past one year per a 7-Day Moving Average estimate. Based on a similar trend, the lower fees indicate a lack of congestion by users in the blockchain. 

This trend has its inherent impacts which are both negative and positive. On the negative end, the overall price of Bitcoin is kept low as inconsistent transactions and lack of buy-ups that stir a bullish run is absent. The positivity is best targeted at users as sending funds is now relatively cheaper, and more attractive.

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Investors Back US Traditional Markets: Impact on Bitcoin

Traditional market investors have pumped more than $756 billion in the daily reverse repurchase operation, a move that came after the Federal Reserve boosted interest rates for the traditional market offering. 

Following the meeting of the Financial Open Market Committee (FOMC) held last Wednesday, the interest rate for overnight repurchase agreement was adjusted to 0.05%, better than the 0% it has been, and the interest rate it pays banks on reserves held at the U.S. central bank was also boosted to 0.15%. These increments influenced the recorded inflows.

In tandem, the United States Dollar appreciated against other currencies on Friday, rising 92.70 against top fiat currencies. This may also account for the unrelenting sell-offs in the Bitcoin markets, as an appreciated Dollar is a cogent advantage for the market bears.

Economic policies from market watchdogs have an overbearing impact on Bitcoin and the cryptocurrency ecosystem as a whole. While many market proponents and bulls anticipate a resurgence in price amidst growing fundamentals, the current performance of Bitcoin does not discount the favorable nature of the network at present.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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