Cardano’s Competitive Edge

Cardano’s low-cost transaction model offers a distinct advantage over other blockchains and traditional financial systems. To illustrate this, the average Bitcoin transaction fee presently stands at $5.88, and moving tokens on Ethereum costs approximately $2.45. For large transfers, even services like PayPal or Western Union would charge fees exceeding Cardano’s by a significant margin.

Details of the Transfer

The specific transaction took place on March 20th. Following the transfer, the receiving address now holds a balance of 1.73 billion ADA ($1.07 billion). While the identity of the transacting entity remains unknown, the size of the transfer has led some members of the Cardano community to suggest the likely involvement of a centralized exchange. Notably, 1.32 billion ADA accounts for about 0.36% of Cardano’s total circulating supply.

The Evolving Cardano Ecosystem

Though Cardano sometimes attracts criticism, this large-scale, low-cost transaction showcases its inherent efficiency. Additionally, Cardano’s DeFi (decentralized finance) landscape continues to grow, providing further avenues for attracting users and capital. This focus on accessibility and cost-effectiveness, positions Cardano as an attractive network for a wide range of users and use cases.

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Technical Foundations and Implications

Cardano’s ability to facilitate low-cost transactions stems from its core design principles. It utilizes a proof-of-stake (PoS) consensus mechanism called Ouroboros.

Unlike the energy-intensive proof-of-work (PoW) model employed by Bitcoin, PoS systems achieve consensus through a network of validators who “stake” their ADA holdings. This approach significantly lowers energy consumption and enables faster, more scalable transactions.

The implications of Cardano’s cost-effectiveness extend beyond individual transactions. Low fees foster an environment conducive to microtransactions, where users can move small amounts of value without prohibitive costs.

This opens the door for innovative use cases in areas like gaming, decentralized marketplaces, and even small-scale remittances. Moreover, low-cost transactions can make the Cardano network more accessible to users in developing economies, furthering its goal of promoting financial inclusion.

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Hoskinson made this comment in a tweet after the tech billionaire and crypto supporter Elon Musk’s takeover of Twitter ignited a meteoric price surge for Dogecoin (DOGE). He said now that Twitter is in the hand of Musk, there is a possibility for collaboration between Cardano and Dogecoin.

Charles Hoskinson tweeted, “Now that Twitter is in the hands of Elon Musk I can see a real possibility that doge will somehow merge with the platform.”

Now that Twitter is in the hands of @elonmusk I can see a real possibility that doge will somehow merge with the platform.

— Charles Hoskinson (@IOHK_Charles) October 28, 2022

According to Hoskinson, Dogecoin should be a Cardano sidechain and he could do the migration for free

“Should be a cardano sidechain. I’d do the migration for free. Hell I’d even add smart contracts.”

Should be a cardano sidechain. I'd do the migration for free. Hell I'd even add smart contracts

— Charles Hoskinson (@IOHK_Charles) October 28, 2022

Cardano creator also teased that Twitter should be a Cardano-based protocol.

“Twitter as a protocol as a cardano sidechain is definitely the way to go.”

Twitter as a protocol as a cardano sidechain is definitely the way to go

— Charles Hoskinson (@IOHK_Charles) October 28, 2022

It can be recalled that the long-awaited takeover of Twitter was completed by Elon Musk on Friday. According to the tech billionaire, he made this whooping acquisition because he believes that civilization and free speech need a space to thrive.

In his speech on Friday, he said, “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.

“There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society.

Since the Twitter takeover was announced, Dogecoin (DOGE), Elon Musk’s favorite crypto asset, has been experiencing a massive surge in price. It outperformed other top crypto assets over the past week. According to CoinMarketCap, DOGE is currently the 8th largest cryptocurrency and trading at $0.1176.

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In a series of tweets a few hours ago, IOG stated that an update proposal, which was submitted before the weekend, will activate the much-anticipated increase in per-block Plutus script memory units limit from 56M to 62M.

Read Also: ADA Whale Says Total Value Locked on Cardano is going into the Billions Soon. Here’s Why

This is said to be effective on Cardano mainnet at epoch boundary 328, which is approximately at 21:44:51 UTC on 21st March 2022.

IOG tweeted, “PARAMETER UPDATE: Today, an update proposal (submitted before the weekend) will trigger an increase in per-block Plutus script memory units limit from 56M > 62M. This change will take effect on Cardano mainnet at epoch boundary 328 today, 21 March at UTC 21:44:51.”

PARAMETER UPDATE: Today, an update proposal (submitted before the weekend) will trigger an increase in per-block #Plutus script memory units limit from 56M > 62M. This change will take effect on #Cardano mainnet at epoch boundary 328 today, 21 March at UTC 21:44:51.

1/8

— Input Output (@InputOutputHK) March 21, 2022

Why the Update Is Important to Cardano Network

According to the report, this recent adjustment is the latest among lots of preplanned optimizations that are targeted at improving Cardano network activity in 2022.

This adjustment and the subsequent ones are needed to boost the user experience as the Cardano network continues to see phenomenal growth.

In a series of tweets, IOG wrote:

“This incremental adjustment is the latest in a continuing series of optimizations and increases to network capacity that are being made as Cardano continues to scale in 2022 for future growth.

“Once deployed, we’ll monitor carefully for at least one epoch (5 days) before assessing any further adjustment. Continued observation & orientation guided by real-world usage is key to growing Cardano capacity safely & securely to keep pace with a blossoming ecosystem.

“Cardano has seen phenomenal growth in recent months. With significant further growth expected – we’re continuing to steadily optimize the Cardano network as we grow.

Read Also: Cardano Team Launches Hydra on Public Testnet, Hoskinson Describes It as Significant Milestone

“With the arrival of many new DeFi projects on Cardano over the weeks and months ahead, users should expect high volumes of network traffic. This may be significant at peak times around launches and large NFT drops.

“While users may occasionally experience delays in transactions going through, the Cardano network has been designed to operate safely at high load & throughput will steadily improve as the network continues to be optimized.

“Cardano is one of the world’s most decentralized blockchains built for correctness & security. As the ecosystem grows, we’re now focused on delivering the scaling phase of its roadmap; improving speed and network capacity while maintaining security and decentralization.”

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Cardano network has recently attained another notable milestone in terms of total value locked (TVL), according to the data provided by DeFi LIama, a decentralized finance on-chain data analytic firm.

Read Also: Cardano-Based DEX SundaeSwap to Launch on Mainnet Soon. What to Expect After Launch

Going by the data shared, Cardano (ADA) has reached a new all-time high of $137.71 million across all decentralized exchanges (DEXs).

The data also reveals that the decentralized exchange SundaeSwap dominates the TVL by 85.73%, followed by Minswap with $17.72 million of the TVL.

Cardano Developer Activity on the Increase

Activity on the Cardano network has been increasing lately, with the number of daily new addresses being created on the network jumping 167% on 18th February, a metric that on-chain analyst Ali Martinez said generally “precedes a spike in price volatility for ADA.”

Read Also: Cardano to Increase Its Network Block Size By 11%. Here’s Why This Is Important

The price of ADA has indeed seen its volatility surge, along with the rest of the crypto market. Its transaction volume and developer activity surged after the launch of SundaeSwap, which commands 85.73% of the total value locked on its DeFi ecosystem.

Data from Binance Research shows that contributions to Cardano’s GitHub have surged in November last year, ahead of its mainnet launch. Since then the number of addresses holding ADA also went up sharply, to hit a new 4.53 million all-time high last month, according to CryptoCompare’s latest Asset Report.

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In a report published on 3rd October 2021, the crypto giant Grayscale revealed that Cardano, the largest proof-of-stake (PoS) blockchain is currently processing over 115,000 transactions per day, relatively 13x since the start of the year.

Read Also: Swiss-Based Exchange Lists ADA with Zero Fees, Cardano Foundation Says It’s a Milestone for Further Development

Cardano’s Network Growth Sustenance Is Vital

Moreover, the research report says the Cardano network now has about 2.8 million users, which is a 7.3x increase since the beginning of 2021. Thereby, the crypto asset manager concluded that sustaining the growth of Cardano network could be the key factor to driving existing and outside investors to Cardano (ADA).

Grayscale wrote:

“If dApps (decentralized applications) and other new use cases attract new users, drive increased network usage, and improve Cardano’s metrics, these factors may support a fundamental value rotation into ADA by existing and outside investors.”

Grayscale further stated that the ability of Cardano to develop a compelling cloud super application platform and decentralized application (dApp) ecosystem for users will determine whether the blockchain’s success would stand the test of time:

“Multiple Web 2.0 cloud providers – including AWS (Amazon Web Services), Google Cloud, Microsoft Azure, Alibaba Cloud and Tencent Cloud – have achieved material success today to differing degrees.

Read Also: Cardano Chosen to Power Artificial Intelligence (AI) Modules of a Humanoid Robot Named Grace

“The crypto cloud market may follow a similar path, and Cardano may not need to be the only winner to achieve success. If Cardano can reach its goals, its features, along with the network’s large user community, may allow the ecosystem to capture meaningful share within the rapidly growing crypto cloud platform market.”

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The post Crypto Giant Grayscale Pinpoints One Key Factor That Would Drive New Investors to Cardano (ADA) appeared first on Times Tabloid.

Input Output Global (IOG), the firm behind the development of Cardano (ADA), and developers alike have been working to bring their DeFi solutions to the ecosystem since the Alonzo hard fork combinator was successfully implemented.

Read Also: Charles Hoskinson on the Possibility of a Partnership between Amazon and Cardano

However, Cardano will have to work harder to play catch-up with other networks that already have these capabilities, such as Ethereum, Solana, among others.

For this reason, EMURGO, the commercial arm of Cardano Foundation, announced an important plan that is targeted at bolstering the future of DeFi on the fast-growing network.

A $100 million investment has been allocated to boost the growth and development of decentralized finance (DeFi) platform on the Cardano blockchain.

Read Also: Coin Bureau Host: Cardano To Trigger Largest Explosion in Crypto innovation Since Ethereum Launch in 2015

The new development was shared via the official Twitter handle of EMURGO.

Quoting the CEO Ken Kodama’s statement, the tweet says, “EMURGO to invest $100M in Cardano ecosystem to accelerate DeFi, NFT solutions and blockchain education!”

Just announced EMURGO to invest $100M in @Cardano ecosystem to accelerate #DeFi, #NFT solutions and #blockchain education! – EMURGO CEO, @KenKodama_Biz @emurgo_io#CardanoSummit2021 $ADA pic.twitter.com/Gx4fbw556x

— EMURGO (@emurgo_io) September 26, 2021

Cardano Wants To Lead in the DeFi Space

The investment is meant to be channeled towards the promotion of the network’s capabilities to developers and users.

Although non-fungible tokens (NFTs) are now live on the blockchain since the Alonzo mainnet launch, DeFi is taking a long time as developers need to test their protocols before it’s launched for users for the safety of their funds.

Read Also: NFT Project on Ethereum Moving To Cardano After Alonzo Launch. More Moves Upcoming Due To High Gas Fees?

DeFi on the Cardano network is expected to bring juicy use cases such as lending and borrowing, yield farming, among others to users. These will be built on smart contracts deployed on the Cardano network.

The huge investment is meant to build a strong root for Cardano in the fast-growing DeFi market. It will also enable the blockchain to compete, in the space, with other chains such as Ethereum, Algorand, Solana, and others.

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The post $100,000,000 Allocated To Boost Cardano (ADA) DeFi Adoption appeared first on Times Tabloid.

In a blog post, Cardano Foundation describes the partnership with HackerOne as the right means to expose cyber security flaws on the network.

Read Also: Charles Hoskinson Showcases Vast Growth of Cardano Ecosystem in just Four Months

As indicated on HackerOne official website, hackers will be rewarded with up to $10,000 ranging from $300 in the digital token ADA, depending on the severity of the vulnerability:

Over the coming months, together with the Cardano Foundation, our joint Bug Bounty program will use the power of HackerOne’s ethical hackers and diligent procedures to help us ensure that the Cardano blockchain is the most stable and secure blockchain possible.

The Cardano codebase will be tested for any performance bugs found which represent a critical vulnerability or potential exploit to core Cardano components. Through a bug bounty program, ethical hackers are incentivized to find vulnerabilities and responsibly report them so they can be fixed before serious damage is done.”

Read Also: Another Milestone to Hard Forking the Cardano Mainnet: Upgrade Proposal Has Been Submitted

Describing the necessity of the partnership, the Cardano Foundation pointed out that the best way to detect cyber flaws is using human ethical hackers rather than automated vulnerability scanners

“No organization is immune to security vulnerabilities. The only solution is to find and fix them before they are exploited by cybercriminals. Ethical hackers can find vulnerabilities that automated scanners miss, by thinking creatively and identifying places where bugs could be ‘chained’ together to provide an exploit.”

IOG Targets 12th September for Alonzo Mainnet Launch

The network testing becomes highly necessary as Cardano reaches the final stage of the Alonzo mainnet launch, which is to bring smart contracts functionality to the Cardano network.

Read Also: Cardano (ADA) Finally Makes The Much-Awaited Debut In Japan. Why Is This Important?

The estimated date of the launch is 12th September. The team has been working hard to make the rollout a success.

IOG noted:

“Over the days ahead, we’ll be doing final checks and testing within a controlled environment to ensure that we are ready to upgrade the main Cardano network. And usher in a transformative era of smart contracts capability.”

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