Cardano to Launch Smart Contracts in September. Here's What It Means for Investors

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The Motley Fool 21 August, 2021 - 09:32am 28 views

What is Cardano coin?

Cardano (ADA), the native cryptocurrency powering Charles Hoskinson's public blockchain, has hit a fresh all-time high and has surpassed Binance's native token in total market capitalization. ... ADA is currently changing hands for around $2.49 after reaching its record high of $2.55 during the Asia trading hours. yahoo.comCardano Price Hits All-Time High, Overtakes Binance Coin as Third-Most Valuable Crypto

What is Cardano all time high?

Cardano, a cryptocurrency that was largely unknown at the start of the year for many people, has powered its way to become the third-largest crypto on the market. The digital coin hit an all-time high Friday of $2.58, a jump of more than 18%. FortuneCardano continues staggering climb, becomes third-largest crypto

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by Emma Newbery | Aug. 21, 2021

Sept. 12 is launch day for Cardano's smart contracts. Last week, Cardano's creator, Charles Hoskinson set a date for the long-anticipated upgrade to the popular cryptocurrency platform called Alonzo.

Cardano (ADA) is a cryptocurrency that aims to use blockchain technology to solve real-world problems. For example, it has partnered with the Ethiopian government to track the educational progress of 5 million students on its network. The project will give each student a tamper-proof academic record that could help them get jobs or study abroad.

Smart contract functionality is a big step that will let Cardano compete with other programmable blockchains and dramatically expand the potential solutions it offers its partners.

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Smart contracts are tiny pieces of code that live on the blockchain. They are game changers. Without them, a blockchain database is a sophisticated ledger that can record and track transactions and data. But with smart contracts, the blockchain becomes a programmable platform that can host other applications.

Cardano's Alonzo upgrade includes its own smart contract development language called Plutus. Cardano wants people who don't necessarily have technical backgrounds to be able to create smart contracts.

Here are a few things smart contracts make possible:

Cardano has taken a slow-and-steady approach to its development. The team believes in thorough research and testing before implementation. It may come as a surprise to learn that this is not the norm in crypto -- in the race to make the most of blockchain technology, many currencies first launch products and then improve them as they go.

In the long run, Cardano's method will likely result in a more secure, scalable, and robust product. Hoskinson designed the blockchain from scratch to address some of the issues faced by first movers Bitcoin (BTC) and Ethereum (ETH).

In the short term, it means other platforms -- especially Ethereum -- have seized the lion's share of the market. According to State of the dApps, which tracks decentralized applications, almost 80% of dApps are currently built on Ethereum.

However, Ethereum is struggling because its platform is not fast enough to deal with the high demand. Until it can upgrade to Eth2, users have to contend with high fees and network congestion. Cardano's smart contracts may mean some of those users switch to its system.

Cardano's price has jumped over 65% since the start of August in anticipation of the Alonzo upgrade. According to CoinMarketCap data, this pushed it into the top three cryptocurrencies by market cap. it reached a peak of $2.25 after the announcement, pushing it close to Cardano's all-time high of $2.46 in May. Cardano is available from all top cryptocurrency exchanges.

Once Alonzo launches, it will be important to watch how many developers use the system and whether there are any technical issues. Cardano is also hosting its annual summit at the end of September. It will be virtual, so investors can sign up and get the inside track on what's next for the coin.

Cardano has come under fire recently as critics bemoan delays in development, particularly the amount of time it's taken to launch smart contracts. As such, not only are the smart contracts important in and of themselves, but a successful on-time launch will also reassure investors that Cardano can deliver.

Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.

Emma Newbery owns Bitcoin, Ethereum, and Cardano.

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Charles Hoskinson Urges Cardano Devs to Create Proof-of-Burn App for ADA

U.Today 21 August, 2021 - 10:00pm

Founder and CEO of IOHK, the company behind Cardano blockchain, Charles Hoskinson, has taken to Twitter to respond to the numerous critics of the huge, as they often claim, supply of ADA.

He has addressed Cardano developers, suggesting they create an app that would allow anyone to burn ADA should they want to.

Proof of Burn Challenge https://t.co/VD7E1wVb6P

In a live stream video, Charles mentioned that every now and then somebody on crypto Twitter would state that Cardano should burn some tokens, since the ADA supply is “too high”.

Hoskinson has stated that it is time that the Cardano community demonstrates the capability of Cardano to deal with that sort of unfriendly suggestions.

He has told the audience about a paper that describes the “Proof of Burn” mechanism that allows anyone to destroy cryptocurrencies by sending them to an address from which they cannot be withdrawn or spent in any other manner.

Shared the screen of his computer in the video and showed this paper authored by several cryptography experts from IOHK and the Cardano community.

According to Charles, this paper is a formalization of the Proof-of-Burn protocol and it describes the process of this mechanism as: 1) generating an unspendable cryptocurrency address to which crypto coins are sent and thus destroyed; 2) a mechanism that check that this address is actually unspendable.

The IOHK founder said that it would be good if the developers who are learning to make apps on Cardano at the moment created a Proof-of-Burn application for ADA.

In that case, Hoskinson stated, whenever somebody would again start talking that it is time to burn ADA, he would send them the unspendable ADA address for coin destruction and offer to make a contribution by burning some ADA first.

Hoskinson said that he and his team could do that themselves but they do not have the time with the Alonzo fork approaching (the announced data of this hard fork is September 12), so he offered other dev teams in the Cardano community to create such an app.

Hoskinson would choose the best one of them. The winner would be given a prize – an NFT of Hoskinson’s favorite lobster toy that is often seen on the microphone in live-streams.

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.

Cardano Posts New All-Time High Taking 3rd Spot From Binance Coin In The Process

bitcoinist.com 21 August, 2021 - 10:00pm

Monster gains for Cardano over the last two weeks have seen ADA grow 80% in value during this period. In doing so, the early hours of today saw ADA hit a price of $2.56, making a new all-time high.

Bears have since stepped in to dip the price before finding support at $2.45. The rest of today sees ADA trading within a narrow range. But crucially, it manages to retain the majority of its recent gains.

With the imminent rollout of Alonzo, it appears as though buyers are lining up in anticipation of further gains. Developers Input Output Global (IOG) has given the date of September 12 for Alonzo to ship.

Cardano’s previous all-time high was achieved in mid-May when ADA reached $2.50.

This week’s performance has been particularly encouraging for Cardano investors. While the majority of the rest of the market dipped alongside Bitcoin’s rejection at $48,000, Cardano was posting gains.

Bitcoin’s revival mid-week saw a return of bullishness across the entire market, but this only accelerated Cardano’s already buoyant buying activity.

At the time of writing, BTC is eyeing the $48,000 resistance level once more.

Cardano’s strong run of form sees its market cap hit $82.6 billion. Although Binance Coin has also enjoyed positive gains of late, it hasn’t been to the same extent as Cardano’s.

At present, ADA’s total market cap is greater than BNB’s by just under $10 billion, pushing ADA into the third spot on CoinMarketCap.

As much as that is a major achievement in itself, Cardano is still some $300 billion behind Ethereum. But with the imminent rollout of smart contracts, analysts expect that gap to lessen going into the future.

In the past, critics have blasted Cardano as vapourware and accused it of being a ghost chain.

Along those lines, this week saw the CEO of Galaxy Digital, Mike Novogratz, say, based on talking to people he knows, developers are shunning the Cardano platform.

In response, IOG CEO Charles Hoskinson reacted in good humor. He invited the community to check back every August 15 (when Novogratz made the comment), as “Mike check-in day,” and presumably cross-reference the number of projects running on the chain.

Commenting on the goings-on within the Cardano ecosystem, Tim Harrison, IOG’s Director of Communication, took the opportunity to tweet about the ambitiousness of what the firm is trying to achieve. Adding that few know the scale of what goes on in the background.

I think what many people don’t understand about #Cardano is the sheer scale of our ambition. And our absolute determination to make it happen. But those who know, know.”

The run-up to Alonzo is fast becoming an exciting time for holders. But even more gripping is what lies ahead as the ecosystem develops.

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Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

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Should you bet on Binance Coin regaining its market position from Cardano

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Apply Behavioral Science If You Want to Invest in Cardano

InvestorPlace 20 August, 2021 - 01:35pm

A bit of info can go a long way for ADA-USD

My suspicion, though, is that few people are buying Cardano for its environmental impact or lack thereof.

Instead, at a time when so many popular altcoins are trading for double-digit prices or greater, Cardano’s combination of fundamental value — that is, the underlying blockchain’s ability to foster multiple decentralized applications — and single-digit prices attracted a new generation of speculators.

True, many if not most analysts dismiss such trades as flavors of the week. Certainly, ADA-USD has shown significant movements to the upside and down. However, what makes Cardano special is that it has been able to sustain the enthusiasm.

Still, it’s a tight race. Binance Coin has a market capitalization of $70.7 billion, whereas Cardano has a valuation of nearly $68 billion. One modest move and Bloomberg can be proven right yet again. It now begs the question: should investors consider adding ADA-USD to their portfolio?

To me, it’s a relative inquiry. If you’re asking me whether Cardano is a solid investment in light of truly speculative cryptos — of which there are thousands — than ADA makes sense. Again, the proof-of-stake protocol is intriguing because a) other blockchain projects are making the transition and b) Cardano already started off with the protocol.

Principally for Cardano, when volume levels increase on a weekly basis, this trend usually corresponds to higher changes in price. Conversely, when volume declines, the price also tends to decline. In my opinion, this dynamic is characteristic of a classic growth play. When the crowd is moving, the price is likewise robust. When the folks are panicking out, the price suffers for it.

You might think that’s an obvious statement that corresponds with any other investment but that’s actually not the case. For the SPY ETF, higher changes in volume barely correlate with higher price changes (52% bullish sessions over 48% bearish sessions). On the other end, lower changes in volume correlate with higher price changes (73% bullish sessions over 27% bearish).

From my interpretation, the SPY ETF behaviorally aligns with a value play. During periods when market activity is at a relative lull, SPY investors tend to accumulate. That makes sense as this fund is tied to the benchmark S&P 500 index, a trustworthy benchmark. In other words, you can buy the SPY’s dips with confidence.

But that’s not necessarily the case with Cardano. When people panic out of their ADA holdings, the situation can get very ugly, very quickly.

While I’m hesitant on providing buy/sell ideas for volatile assets like cryptocurrencies, what I can tell you is what advertising experts say to their clients all the time: know your audience. If you don’t know who you’re targeting, you’re going to end up frustratingly wasting a ton of time and money.

It’s the same principle with Cardano or any of the other cryptos. Specifically for ADA, you must appreciate that historically, this is a sentiment-of-the-time driven trade. While proponents love talking about buying the dips, the data shows that there’s not a whole lot of dip-buyers for ADA.

Instead, when it dips, they slip — as in they slip their way out of there and onto something else. Knowing this can at least help you focus your trading tactics and strategies.

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Article printed from InvestorPlace Media, https://investorplace.com/2021/08/apply-behavioral-science-if-you-want-to-invest-in-cardano/.

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