IOHK founder and CEO Charles Hoskinson has revealed that over 100 companies are in the process of moving from Ethereum and Cardano in his recent interview with Bloomberg. 

This will become possible when the functionality of the latter “matures.” 

As reported by U.Today, SingularityNET, the artificial intelligence firm behind social humanoid robot Sophia, was “seriously discussing” migrating to Cardano.    

Yet, in spite of ADA recently becoming the third-largest cryptocurrency, its parent blockchain is often dismissed as vaporware. As Coin Metrics’s Nic Carter points out, it doesn’t have a single notable application:

I am not aware of a single popular application deployed on Cardano, nor have I seen any enthusiasm for the platform among developers. 

Taking over DeFi

Not acting coy about his ambitions in the decentralized finance (DeFi) industry, Hoskinson believes that his blockchain is infinitely more efficient than the current leader:         

You can take your DeFi and you can run it on my system for 1/100 to 1/1000 of the cost.

The mathematician—who created Cardano after a tiff with Ethereum developers—has made some brash remarks about Uniswap, the largest DEX, and CryptoKitties, the poster child of dApps, comparing them to Beanie Babies:

I don’t care about Uniswap and CryptoKitties and other things. It’s a bubble, and it comes and it goes, like Pet Rocks and Beanie Babies.

Hoskinson has much bigger plans than edging out Etherereum in DeFi — he wants to run whole countries on the blockchain he created.

You Might Also Like

Sun, 02/28/2021 - 09:39

Cardano Dominates Exchange Trading as Charles Hoskinson Calls Out "Salty" Haters

ByAlex Dovbnya

Hoskinson is already is a celebrity

While Cardano is still far from becoming the go-to blockchain for governments, 33-year-old Hoskinson has already achieved celebrity status, claiming that he’s now getting recognized at airports and receiving fan mails:   

That’s the most surreal part of all of it.

The billionaire is a rising social media star, with his YouTube and Twitter followers growing together with Cardano.   

Ethereum (ETH) founder Vitalik Buterin has shared his views on the ongoing debate about how to reduce the blockchain’s bloated data storage. Buterin’s view came as a response to support for a thread on X supporting state expiry.

Vitalik Buterin rejects expiry, proposes partial node solution

For context, "Ethereum's state" refers to all the data needed to keep track of account balances, token ownership, smart contract storage and the rest. Over the years, the state has grown with the creation of more accounts and contracts.

The amount of resources required to maintain the state continues to soar, and it is causing serious challenges for the network’s stability. It will also impact the scaling of the network as data storage continues to grow.

According to a state expiry advocate, approximately 80% of these data are stale but still take up space. Hence, state expiry supporters propose that the old and unused part of the state should be removed after a period of time. This, they believe, would help Ethereum scale.

However, Buterin has kicked against this proposal. He suggests that instead of enforcing expiry at the consensus level, the system should allow nodes to choose to store only part of the state.

The Ethereum founder noted that state expiry will affect the whole network, but "partial nodes" do not. Yet, the network maintains the full state, which is more flexible and does not require Ethereum to change its core rules.

Ethereum’s long-term roadmap aligns with Buterin’s view

Vitalik Buterin has also recently shared his long-term vision for the blockchain, with emphasis on simplifying the ecosystem. He stressed that building a secure, future-proof network is key, while keeping it fast and responsive. 

Buterin believes this can be achieved with quantum computing to ensure the speed of transactions is improved. This indicates that the founder's "partial node" solution took into consideration the overall long-term vision for Ethereum.

This outlook is important for Ethereum, as competition with other layer-1 scaling solutions like Solana and BNB Chain is growing at a very fast pace. The implication of the scalable mainnet stack is such that it can support the RWA tokenization move and other demands from Wall Street investors.

Proponents like Tom Lee see strength in Ethereum’s design, which has helped it maintain 100% uptime since its launch. This strength, he believes, can help push the price of Ethereum to a new all-time high (ATH) above $10,000.

This week, Coinbase CEO Brian Armstrong confirmed that Kevin Durant had regained access to a Coinbase account that he had opened almost 10 years ago. This puts an end to the speculation surrounding the NBA star's supposed permanent lockout.

Durant first entered the market in late 2016, when Bitcoin was trading at around $650. The largest cryptocurrency now changes hands at around $117,000, representing an increase of around 180 times since his initial purchases. 

Over the past five years alone, Bitcoin's price has increased by more than 950%, turning initial investments into multimillion-dollar holdings.

The account issue arose during a discussion at CNBC's Game Plan conference in Los Angeles. Durant’s business partner Rich Kleiman said his client had been unable to log in for years. Hours later, Armstrong addressed the matter directly on social media, writing that the recovery process had been completed.

NBA star becomes major U.S. exchange investor

Durant’s connection to Coinbase goes beyond a user account. In 2017, he and Kleiman added Coinbase to the portfolio of their 35V investment firm. Four years later, the two companies signed a marketing agreement, making Durant one of the company’s public ambassadors. 

Despite these ties, he was unable to access Bitcoin purchased prior to the partnership and investment.

The scale of the numbers involved puts the recovery in perspective. A $10,000 Bitcoin investment at Durant’s entry price would now be worth almost $1.8 million. Even a single coin purchased in 2016 would now be worth more than $116,000.

Durant, who is set to play in the upcoming NBA season with the Houston Rockets, has now regained direct control of assets acquired almost 10 years ago.

XRP is currently  switching from a neutral to bearish trend on the market. The asset has now established a distinct lower high, a classic indication of a bearish reversal after battling for weeks to maintain momentum. This change formally marks the return of XRP to a midterm bear market phase, as many traders had feared. The market structure indicates that the worst may not be over as XRP is currently trading at about $3.03, having already lost over 1% in the past day.

XRP's rally possibilities

Bulls are losing strength as sellers regain control, according to the lower high formation against declining volume. XRP runs the danger of breaking the $3.00 psychological support if this trend persists — most likely today or during the following trading session. The token might fall more quickly if there is a confirmed drop below that level, possibly moving it toward $2.90 and even $2.81 (200 EMA). 

Data from on-chain and derivatives supports the outlook. Long positions suffered the most from the $6.4 million in liquidations over the past day. The fact that funding rates are moving against bullish momentum suggests that speculative bets are rapidly winding down, even though open interest on major exchanges is still high. 

Optimism for XRP

As far as we can see now, XRP has little cause for optimism unless it can regain confidence in the $3.10-$3.20 range. The token is susceptible to a protracted decline in the absence of that recovery. Long term, this collapse might pave the way for a more significant reversal, wiping out a large portion of the gains made this summer. 

The worst case scenario for XRP has come to pass: declining demand, a confirmed lower high and an impending breakdown below $3.00. For XRP bulls, the midterm outlook is essentially as bearish as it gets, especially if that support is broken as the market is probably getting ready for another leg down. It appears that XRP's bear market will get worse unless there are significant inflows again.