Category Archives: Blockchain

Cardano Launches Connector For DApps Integration

Cardano (ADA) Launches Connector For DApps Integration

By Best Owie – July 30, 2021 in Cardano Reading Time: 3 min read

Cardano (ADA) continues to move further in its smart contracts integration on its blockchain. Cardano announced about a week ago that it had successfully completed the long-awaited Alonzo White Hard Fork. And with this, the project was moving on to the next phase of the integration.

Smart contracts on the Cardano network will allow developers to build decentralized finance (DeFi), NFTs, decentralized identity (DID), and countless other things not the network. This is why the move to smart contracts support is very important for the network.

>Related Reading | Cardano (ADA) And Dogecoin (DOGE) Record Highest Gains As Crypto Market Surges

Continuing on down this road, Cardano has now launched a connector for DApps integration on the network using its Yoroi Wallet. Yoroi Wallet comes from the commercial arm and solutions provider of the Cardano Ecosystem known as EMURGO.

The Beta version of the connector was announced four months ago via a press release on the EMURGO website. This was in an effort to make a way for Cardano (ADA) and Ergo (ERG) users to be able to make DApp transactions on the blockchain with no problems.

Related Reading | Cardano (ADA) Demand Rises Amongst Retail And Institutional Investors, Why This Is Happening

The connector provides more incentives for DeFi developers to build solutions and services on the blockchains. And with Yoroi Wallet, seamlessly transfer between both networks. After months of Beta testing, Yoroi Wallet has announced that the App connector is now available for users on the blockchain.

The connector will increase adoption worldwide on the network. Bringing more and more people into the decentralized global operating system that was made for a user base that spans around the globe.

Functions Of Cardano’s Yoroi Wallet Connector

The Yoroi Wallet connector provides a much-needed bridge between users and blockchain-based decentralized apps (DApps) to enable them to access the services they require. The DApp connector will allow users to carry out activities permitted by the DApp that they are currently accessing.

Related Reading | Cardano (ADA) Launches Crypto Charity Platform With Rwanda-Based NGO

These activities include the buying and selling of tokens, getting access to resources provides by that DApp, and/or accessing features offered by the DApp.

The bridge provided by the Yoroi Wallet connector also permits the validation of owners of specific assets. Also allowing executions for transactions for the DApp, a functionality that would bring access to things like NFTs.


ADA price currently trending around $1.25 | Source: ADAUSD on TradingView.com

More importantly, is the fact that the Yoroi Wallet connector will act as the communication medium between the Cardano blockchain and smart contracts once the network is able to support them.

Users can get access to the connector by simply adding it as a plugin on their preferred browser of choice. From there, they can access whatever features they wish to use.

Featured image from NewsBeezer, chart from TradingView.com

The original article was written by Best Owie and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Cardano Payments Coming To Amazon?

Cardano Payments Reportedly Coming To World’s Largest Online Retailer Amazon

By Bernice Nyambura – July 26, 2021

Cardano, the world’s 5th largest cryptocurrency by market cap, has shot up by 11.8% in the last 24 hours to trade at $1.34 at the time of press.


ADAUSD Chart By TradingView (Click image for larger view)

The coin broke above its weekly average of $1.30 after rumors that Amazon is planning to accept eight Cryptocurrencies for payments including Bitcoin, Ethereum, Cardano, and Bitcoin Cash.

According to a report by CityAm, a source close to the matter said that the directive comes from Amazon’s CEO Jeff Bezos and the platform will start by accepting Bitcoin for payments by the end of 2021.

“It begins with Bitcoin-this is the key first stage of this crypto project, and the directive is coming from the very top.”

Cardano on Amazon

The world’s 5th largest cryptocurrency market capitalization will receive the boost of a lifetime when Amazon starts to accept ADA payments. The development would also deliver the biggest use case for the Cardano network yet, in North America.

Cardano’s founder, Charles Hoskinson identifies the ecosystem as the third-generation blockchain technology that was developed to deliver all the failed promises of Ethereum 1.0.

The network successfully launched its smart contract upgrade dubbed Alonzo on July 21 which paves the way for smart contracts integrations on its ecosystem. Contrary to other competing ecosystems in the space, Cardano has taken time to lay down its roadmap.

Since the launch of its Shelley Mainnet in July 2020, its developers have delivered sequential successful hard forks, with each getting the network closer to its vision of being the decentralized network of the future.

The official launch of the Alonzo testnet on the Mainnet is scheduled for sometime in September 2020. It will usher in the new era of smart contracts, enable the development of decentralized applications and finally be on a fair level for comparison with Ethereum 2.0.

Amazon’s Native Token Plans

The news follows shortly after Amazon recently announced a headhunt for a crypto and blockchain head, sending the crypto community into wild excitement. The advertisement said that the company was looking for an experienced product leader to develop its digital currency and blockchain strategy and product road.

According to the insider, the two moves by Amazon are part of a well-laid-out plan which started in 2019.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future this is a full-on, well-discussed, integral part of the future mechanisms of how Amazon will work.”

Amazon will then use the cryptocurrency payment infrastructure as a foundation to develop its own digital currency.

“When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favor-a native token.”

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Bernice Nyambura and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Cardano and Smart Contracts

Cardano Aims To Facilitate Users With Smart Contracts

By Asad Gillani – July 24, 2021 in Cardano Reading Time: 3 min read

According to the announcement from IOHK, “Project Alonzo testnet” has moved from Blue to White and is making it possible for Cardano to launch smart contracts.

IOHK is the development team of the Cardano blockchain. The team made the announcement recently, revealing that the testnet has been successful in this first phase.

In their announcement, the development team shared the success of the “Alonzo testnet” fork to a new version, “#AlonzoWhitenode.” The announcement also disclosed that the latest version has commenced making blocks immediately.

This new fork is taking the network a step further to launching smart contracts, which will be beneficial for its users.

Cardano Testnet Had Limitations

The first Cardano testnet may have offered smart contracts, but there were some limitations. The smart contract features it had were only for some people who are core insiders of the blockchain.

Given the upgrade that the team has announced, the network can now accommodate up to 500 validators, developers, and stake pool operators who will test the features.

According to the announcement, the new Fork “Alonzo white” will run for 2 to 4 weeks. Then, it will upgrade to the Alonzo Purple, which is the final testnet for this current phase of its development.

Before, there has been some backlash against the network from the community.

However, even with all those issues, the Cardano blockchain founder Charles Hoskinson assured the community that the project is moving as they planned it. He made this statement on Youtube, saying that the team is following the roadmap they set earlier for the project.

Hoskinson also noted that Cardano had facilitated the sale of over $10 million worth of NFTs on its network. Also, apart from the NFTs, the founder mentioned that the network had facilitated assets sales worth tens of thousands.


The ADA market is flourishing after a hectic week of trading in the red zone | Source: ADAUSD on TradingView.com

He continued to assure the community that the release of Alonzo White to the Cardano mainnet will enable developers to launch NFTs, dApps, and other projects.

More Developments in DeFi

After the announcement of the Alonzo white fork, a DeFi and NFT marketplace, Spores Network disclosed that it had raised a whopping $2.3 million through its fundraising event yesterday, July 16, 2021.

According to the company, it plans to utilize the best features of Cardano, such as low transaction costs, higher transaction throughput, and low carbon footprint, to make NFTs available for mainstream users.

In recent times, more and more artists and companies are joining the NFT market. Some notable ones include Dolce & Cabbana plus Sorare, a “fantasy soccer NFT platform.”

In addition, Sorare recently closed a $532M in a funding round. All these interests and collaboration mean more gains to the Cardano network and the people who use it.

Featured image from Pexels, chart from TradingView.com

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The original article was written by Asad Gillani and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Arsenal F.C. Joins Blockchain Platform

Arsenal F.C. Joins Blockchain Platform Socios.com To Launch Fan Token

By RTTNews Staff Writer | Published: 7/20/2021 10:30 AM ET

English Premier League club Arsenal F.C. has joined the blockchain platform Socios.com to launch their Official Fan Token ($AFC) to create a more engaging fan experience for their global fanbase. $AFC Fan Token holders will have the chance to influence the club in a series of interactive polls across a variety of decisions every season.

Arsenal F.C. has inked a deal to this effect with Socios.com, which is powered by Malta-based esports voting platform ChiliZ. Socios.com will become a digital meeting place for Arsenal supporters across the world, allowing them to become part of a vibrant digital community.

Socios.com is a direct-to-consumer (D2C) platform that leverages blockchain technology to provide the world’s leading sporting organizations with the tools to engage with their global fanbases.

The $AFC Fan Token will launch soon, with all existing and new My Arsenal Rewards Members having the option to receive a free $AFC Fan Token for a limited time. Fans can join My Arsenal Rewards by visiting arsenal.com/membership.

$AFC Fan Tokens will enable fans to access once-in-a-lifetime experiences and rewards, enjoy exclusive content, games, competitions, chat and to connect with a global community of supporters.

The fan token will go on sale in a Fan Token Offering (FTO) on Socios.com and Chiliz.net, the world’s first tokenized sports exchange. The fans can purchase the token directly through their mobile phone via the Socios.com fan engagement app.

The $AFC Fan Token will be tradeable against the Socios.com platform’s native token, ChiliZ ($CHZ), with the fans needed to purchase ChiliZ tokens to exchange into Fan Tokens through a process known as a FTO.

The $AFC Fan Tokens can be used by Arsenal fans to access to voting rights in polls, once-in-a-lifetime experiences and rewards, enjoy exclusive content and promotions, AR-enabled features, chat forums, games and competitions on Socios.com.

Arsenal F.C. has become the 41st major sporting organisation to join Socios.com’s elite global network.

Some of the other teams on the platform include Spain’s La Liga soccer clubs Atlético de Madrid and FC Barcelona as well as European league clubs, France’s Paris Saint-Germain, Italy’s Juventus and AS Roma as well as UK’s West Ham United and Argentina’s Club Atlético Independiente.

Fan Tokens for Paris Saint-Germain, Juventus, AS Roma and Galatasaray have already been listed on world-leading crypto exchanges, including Binance. Fan Tokens have generated $150 million for clubs and partners in 2021 alone and look set to become a powerful new revenue stream for the sports industry.

The Fan Token will help expand the teams’ global fan engagement strategy and their global audience by bringing fans closer to the team. Meanwhile, Socios is expected to benefit from a wide range of marketing rights including in-stadium, TV and digital exposure.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Cardano Successfully Completes Alonzo Testnet Hard Fork

Cardano Successfully Completes Alonzo Testnet Hard Fork, What’s Next?

By Reynaldo Marquez – July 15, 2021 in Cardano Reading Time: 2 min read

Cardano closes in on one of its most important milestones since its inception, the implementation of its smart contract platform, Plutus. Input-Output Global (IOG) announced via its Twitter handle the successful roll-out of the Hard Fork for the Alonzo Testnet.

This update will integrate Plutus into the mainnet, as NewsBTC previously reported. At the moment, Cardano’s developer is testing Alonzo in color code phases, the first one was blue.

Yesterday, July 15th around 19:44 UTC, the testnet migrated to the Alonzo White node. IOG said: “the new network is happily making blocks already”.

Each phase has its own specific set of objectives and tasks to be completed with support from the Staking Pool Operators (SPO) and other partners. IOG added:

Over the past week, we have spun up a new network and onboarded our new intake ready to help us move us closer to smart contracts. Now the next stage of the journey begins.

During this phase, the company revealed that the SPOs will have support from the Project Catalyst crew, an initiative to provide the community with financial support to launch certain projects, and additional Plutus partners and Pioneers.

In future phases, the testnet will be more open with participation from the Cardano community. IOG will focus on the following:

We’ll monitor the new network closely over the next 24 hours while continuing to do further QA work on the node tonight. We’ll then review any feedback/results tomorrow and start addressing any required fixes. We expect a number of updates as we add features to Alonzo White.

Cardano On Track For A New Era With Alonzo

A month ago, IOG celebrated the deployment of a simple smart contract on the AlonzoBlue Cardano Tesnet. Nigel Hemsley, Head of Delivery for IOG, said that the SPOs have been running the testnet nodes with success alongside the Pioneers.

According to the company’s roadmap, AlonzoBlue was intended to run the first exercise of a smart contract and the initial ADA distribution to the SPOs.

Now, AlonzoWhite will run demo dApps, integration with WBE and PAB, benchmarks, and will have the participation of around 500 community members. Additionally, during this phase, Cardano will run the scripts on the network for a basic dApp version of decentralized exchange Uniswap.

In August, if White turns out equally successful, IOG will launch AlonzoPurple. This will be the first public testnet for Cardano and its smart contract platform. All Pioneers will be onboarded with partner dApps.

At the time of writing, ADA trades at $1,24 with a 3.2% loss in the daily chart. This cryptocurrency took over the 5th position in the top 10 by market cap and has been showing resilience in lower timeframes despite the current market conditions.


ADA trends to the downside in the daily chart. Source: ADAUSDT Tradingview

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The original article was written by Reynaldo Marquez and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Cardano Critics Questioning the Platform’s Traction

Charles Hoskinson Responds to Cardano Critics Questioning the Platform’s Traction

By Daily Hodl Staff • July 10, 2021 // ALTCOINS

Cardano founder and IOHK (Input Output Hong Kong) CEO Charles Hoskinson is responding to critics of the blockchain platform and its native crypto asset, ADA.

Ethereum advocate and owner of This Week in Ethereum, Evan Van Ness, recently scrutinized the number of transactions settled on the Cardano network relative to its market cap.

“Do people realize that Cardano barely does 20,000 transactions per day?

Yet ADA has a valuation of $63 billion despite zero traction a full five years after its initial coin offering (ICO). That’s $1.93 million in valuation per daily transaction.”


Source: Evan Van Ness/Coin Metrics

A pseudonymous crypto account called Undervalued Cryptos retweeted a set of predictions that Hoskinson made nearly a year ago, and claimed that some of Hoskinson’s predictions have materialized.

The critiques caught Hoskinson’s attention, who responded directly to Undervalued Cryptos.

Although Cardano has yet to launch smart contract functionality, Hoskinson points to IOHK’s plan to bring blockchain-based IDs to students in Ethiopia, the number of non-fungible tokens (NFTs) on Cardano and the amount of value staked on the network as signs that Cardano is thriving.

“To be honest, we actually have that kind of traction. There are tens of thousands of assets, over $10 million of NFTs, I think, have been sold, if we’re counting correctly, throughout the Cardano network…

All things considered, the ecosystem is quite healthy and viable. And since that time of the prediction last year, we’ve seen a tripling of the population size of Cardano and obviously a lot of value accumulation as well. We’re the number one staked network in the entire space. Number one for commits…

Those who levy criticism at this project are either misinformed or malicious at this point. Cardano remains one of the fastest-growing, most stable, most mature and systematic of cryptocurrency projects, and we remain one of the top mentioned on every social metric in our industry.

And you can see every week progress being made, every week development being done, and people talking about it on Twitter, on Reddit, on Telegram, with their own projects, and a very vibrant ecosystem.”

Hoskinson says that many applications will roll out on Cardano once the Alonzo smart contract mainnet launches, which is expected to happen in August.

“We’re going to see a lot of apps wake up on the network and have a very big ecosystem grow.

There’s already a lot of plans for native tokens, such as SingularityNET. Many [decentralized finance] applications that are coming… Don’t pay attention to the noise. Follow the facts.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/wacomka

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The original article written by Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

Cardano (ADA) Is On its Way to Building a Strong Community

Cardano (ADA) Is On its Way to Building a Strong Community – Weiss

JOHN P. NJUI   •   ALTCOIN NEWS   •   CRYPTOCURRENCY •   JULY 9, 2021

  • Cardano recently eclipsed Bitcoin as the most held crypto on eToro US in Q2 of 2021
  • The team at Weiss believes this is a sign that Cardano is on a path towards becoming a successful decentralized network
  • Furthermore, Cardano is building a strong community around the project
  • Over $31.75 Billion in ADA is currently staked on the Cardano network
  • Cardano (ADA) could once again drop to the 200-day moving average in the days to follow

The team at Weiss Crypto Ratings is of the opinion that Cardano is on a path towards building a strong community around the project. Weiss Crypto Ratings made this conclusion as the result of Cardano overtaking Bitcoin as the most held digital asset on eToro US in Q2 of 2021, as highlighted in the statement below.

Over $31.75 Billion in ADA is currently staked on the Cardano network

Cardano’s strong global community is best exemplified by the total amount of ADA staked on the network.

According to data from Cardano PoolTool, a total of $31.52 Billion or 71.74% of ADA’s circulating supply is currently locked in staking. Additionally, the Cardano network currently has a total of 2,709 staking pools with a grand total of 687,739 ADA addresses participating in the process.

The screenshot below courtesy of the tracking website further demonstrates this fact.

Cardano (ADA) Could Drop to the 200-day MA at the $1.10 Price Area

With respect to price action, Cardano is currently trading at $1.36 and below the 50-day moving average and the 100-day moving average as highlighted in the chart below.

In addition, the following can be observed from the daily ADA/USDT chart above.

  • Trade volume indicates continual selling activity of Cardano
  • The selling of Cardano is further confirmed by the red Heiken Ashi Candles and the daily MACD hinting towards a bearish scenario
  • The daily MFI and RSI are also bearish
  • The 200-day moving average is the most dependable support for Cardano moving forward at the $1.10 price area

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Anonymous Transactions & Smart Contract Interactions

Bringing Anonymous Transactions & Smart Contract Interactions to the Ethereum Blockchain with Railgun

By Livine Sanchez – July 3, 2021

Security solutions that exist on the Ethereum blockchain need extremely specialized infrastructure to function outside the Ethereum system. However, these specialized platforms do not have immediate access to dApps, liquidity on Ethereum, or Distributed Exchanges (DEXs). These shortcomings have been around for a while, but not for much longer because Railgun presents a practical solution.

Introducing Railgun

As earlier mentioned, many solutions allow Ethereum blockchain users to interact outside the blockchain. However, very few of these solutions excel at the ease of use and functionality. For instance, they do not cater to internal shielded exchanges within the network; they cannot communicate with smart contracts, among many other problems. Many of the transaction-specific users have to work in the established denomination.

The bottom line is – the earlier generation privacy policies have fallen short of accomplishing the convenience, anonymity, privacy, and flexibility that Railgun guarantees.

Railgun is a smart contract network that applies zk-SNARK privacy to any smart contract interaction or transaction on Ethereum. It allows users to trade, use leverage platform, or add liquidity to any Ethereum dApp without a digital footprint.

How Can Traders Use Railgun?

Railgun allows traders to use stablecoins—the most popular token category—to exchange and complete transactions with the same level of privacy as using cash. Railgun keeps your trades private and anonymous. This privacy is especially useful for traders who do not wish scouts or spies to copy their investments and strategies. Let us explore additional benefits of Railgun to traders below; 

Future of Railgun

Railgun is set to launch its DAO and token “RAIL” on July 3, Saturday, 13:00 UTC. The highly anticipated addition to the DeFi space is set to transform the market for DeFi users. There are also many unique features to anticipate from Railgun in the future.

As soon as Railgun is fully deployed, the team will have community members release web front-ends for people to use Railgun easily. Railgun is decentralized, so it is hosted on the Ethereum network – there are no third-party organizations or server hosts.

Presently, a mobile wallet for iPhone and Android is in the works, and the developer tools for ordinary apps will be launched. The launch of the developer tools spells good news for wallet developers. It means that they can upgrade their apps and install the Railgun feature within a few minutes. Any DEX or wallet app can easily offer its users privacy by adding a “use via Railgun” button.

Lastly, there have been talks of a lending and derivative system. However, the Railgun development team has kept their cards close to their chest about that for now.

Conclusion

With the attractive features already on offer and in the pipeline, Railgun is primed to be a successful addition to the Ethereum network. DeFi users have longed for a solution like Railgun for a long time, and in just a few days, it will be available to everyone that needs it. The same cannot be said for the RAIL token, though. Now would be an excellent time to hold some before it sets off to the moon.

Finally, we’re eagerly waiting for the release of Railgun, and its token RAIL on July 3rd. Follow Railgun on Twitter for the Uniswap link release and to receive all updates and developments.

Learn more here

Website: https://railgun.ch/

Twitter: https://twitter.com/railgun_project

Telegram: https://t.me/Railgunproject

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Livine Sanchez and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Blockchain.com

Blockchain.com introduces username-based crypto transactions

The new integration enables Blockchain.com users to send funds to major wallets by typing a readable domain.


Image courtesy of CoinTelegraph

            JUNE 24, 2021

Major crypto wallet provider Blockchain.com is integrating with Unstoppable Domains to simplify sending crypto funds for its customers.

Unstoppable Domains announced Thursday that it had integrated native support for Blockchain.com, enabling that latter’s 32 million verified users to send funds with a username instead of a full-length crypto wallet address.

The initiative aims to remove the risk of human error when sending funds, simplifying transactions between Blockchain.com users and more than 50 other wallets and exchanges supported by Unstoppable Domains, including Coinbase wallet, MyEtherWallet and others.

The integration allows users to send cryptocurrencies like Bitcoin (BTC) and Ether (ETH) using a readable recipient’s domain instead of a 25-to-42-digit alphanumeric wallet address. This way, users will be protected from associated typos or miscopies.

“With our integration with Blockchain.com, an ‘invalid address’ message will pop up if the address is not linked to a wallet,” Unstoppable Domains founder and CEO Matthew Gould told Cointelegraph.

Gould said that there is no specific character length for a domain wallet address. “We only recommend you pick a domain that’s easy to read and remember. It could be your first and last name, your nickname, the name of your business,” he noted.

Related: Unstoppable Domains’ .crypto websites now available via Brave browser

The news comes amid Unstoppable Domains hitting a major milestone, with the company selling more than one million domain names that are minted as nonfungible tokens (NFTs) on the Ethereum blockchain. Alongside sending and receiving funds, these NFT domains with a .crypto extension are used to create decentralized websites to publish content and access Web3.

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Original article posted on the CoinTelegraph.com site, by Helen Partz.

Article re-posted on Markethive by Jeffrey Sloe

Cardano Ousting Ethereum?

Cardano Ousting Ethereum As Hoskinson Teases Release Of Astounding Algorithmic Stablecoin Paper

By Brenda Ngari – June 18, 2021

IOHK has been focused on enabling smart contract functionalities on the Cardano blockchain over the past months. While the full rollout may not come for a couple of months, IOHK already has its eye on a new algorithmic stablecoin paper.

In a June 18 tweet, the founder of Cardano (ADA) blockchain Charles Hoskinson revealed that IOHK is gearing up to release a remarkable research paper regarding an algorithmic stablecoin in the next few weeks. Hoskinson explained that the algorithmic stablecoin paper is “unfinished business” from his days at Bitshares.

Owing to the resounding success of the decentralized finance (DeFi) sector in 2020, there was a growing interest in a class of coins widely known as algorithmic stablecoins.

Unlike centrally controlled stablecoins like Tether (USDT), algorithmic stablecoins maintain their 1:1 peg with USD by automatically adjusting their supply based on price and collateral amounts. To put it simply, these kinds of stablecoin projects rely on a series of complex algorithms to regulate supply and maintain a stable value.

Earlier this year, the first Cardano-based algorithmic stablecoin was announced, AgeUSD, which would be created atop the Ergo blockchain in partnership with Emurgo and Input-Output Hong Kong (IOHK). Once they verify that it’s working as expected, IOHK hopes to move AgeUSD over to Cardano.

In August last year, Hoskinson admitted to being “very obsessed with DeFi”, which led to countless interviews, discussions, and reports. He added that Cardano’s algorithmic stablecoin would be “significantly better than MakerDAO”.

Cardano has long been described as an “Ethereum Killer”, alongside other cryptos such as Polkadot (DOT) and Solano (SOL). The Hoskinson-led project hopes to ultimately capture the market that is currently dominated by Ethereum. Time will tell when or whether this unbridled dream becomes a reality.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe