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Cardano Price Analysis: ADA/USD Register New 2018 Lows, Floors not Visible

Latest Cardano News

Aside from developing this peer-reviewed smart contracting platform, Cardano is all about the community. Participants are “amazingly diverse and vibrant”. We saw Charles Hoskinson and Ken Kodama open letter and how they needed the community to rally behind their effort to rid the chairman of the Cardano Foundation whom they accuse of incompetence and attempts to coalesce power.

Part of Cardano’s guiding principles include “the growth of the community and its needs”. Now, as they work towards Voltaire, they are also diligent taking every step with caution and even including third parties to hold IOHK accountable assuming there are flaws that end up hurting users.

Read: 2 Reasons Cardano (ADA) Could Be Listed on CoinBase Before Stellar (XLM)

Patience, diligence and commitment to quality are the hallmarks of Cardano and this is rightfully so especially when we recognize that a financial operating system and a multi-layered protocol is being built. It demands exceptional attention to detail to every line of code and this monumental task is heaped on IOHK which aside from guiding this project also has other activities to deal with.

As a result of this and the realization that Cardano isn’t lacking in engineering resources but the fact that they are researching and at the same time building the protocol which is difficult. Because of this postponement of Project Shelly’s Q1 deadline is almost inevitable.

ADA/USD Price Analysis

ADA/USD Price Analysis

At spot prices, ADA is down 15 percent and 30 percent in the last day and week but still hanging on at 10th. At this rate, prices are not only trending at new 2018 lows but are confirming the bear breakout pattern of early August. We expect this draw down to continue as long as BTC prices dump and deadlines extended.

Trend: Bearish

Everything else constant, ADA has been on a free fall after breaching the 6 cents previous main support and now resistance. Unless otherwise, this trend should continue and ADA could slip below 1 cent before year’s close.

Volumes: Bearish, increasing

Of interest in our analysis are Nov 28 bull bar—218 million versus 140 million and Nov 4—131 million versus 127 million, Nov 5—144 million versus 123 million and Nov 6—165 million versus 127 million. Notice that, the trend is clear, the last three bars have increasing volumes but the deviation from average is not that wide.

In the meantime, Nov 28  high trade volumes didn’t stop sellers from marching forward, reversing earlier gains. At spot rates, ADA/USD is trading below Nov 2018 lows accompanied by high trade volumes. This is bearish and we expect prices to trend lower unless of course there are surges above 3.3 cents erasing these losses.

Candlestick Formation: Bear Breakout

Following drops of Nov 19, ADA sellers drove prices below important support level completing the bear breakout pattern set rolling in early August. The drop has been near perpendicular and as long as prices trend below 1.5 cents, bears are in control.

Conclusion

11 months later and sellers are not slowing down partly because of BTC price declines. We expect losses to continue and as ADA/USD trade below 3.3 cents, the bear breakout pattern of Nov 19 is valid and sellers are in control. Floors are not yet visible and we shall recommend buying once proper bull reversal signals print perhaps driving prices above Nov 2018 lows and even 4.5 cents.

All charts courtesy of trading view

This is not Investment Advice. Do your own Research.

The post Cardano Price Analysis: ADA/USD Register New 2018 Lows, Floors not Visible appeared first on Ethereum World News.

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A $3.3 Billion Claim: Has Cardano's Blockchain 'Solved' Proof-of-Stake?

“Proof-of-stake is solved.”

Even in an industry that’s seen no shortage of grand proclamations, those words, issued by entrepreneur Charles Hoskinson in April, grabbed attention.

The CEO of blockchain firm IOHK (and one-time CEO of Ethereum), Hoskinson was seeking to send a message about a new research paper, one he believes proved that the company’s novel twist on how blockchains come to consensus, called Ouroboros, had addressed long-standing concerns about whether the model can sufficiently secure investor funds.

Given the size of the claim (and its impact), it’s an assertion that sparked doubt from cardano’s more prominent competitors. However, months later the team at IOHK maintain Ouroboros may be the answer to one of crypto’s most divisive questions – whether so-called proof-of-stake systems offer solutions to some of the industry’s pressing problems.

So far, the market appears to be interested in the opportunity to support the thesis.

Soon to power the public blockchain cardano, Ouroboros may one day support the world’s eighth-largest cryptocurrency, with its 25 billion ADA tokens worth $3.3 billion. And a look at the history of proof-of-stake systems perhaps showcases why so much money is on the line.

First pitched by developers Scott Nadal and Sunny King in 2012, proof-of-stake offers what is claimed to be a more sustainable alternative to proof-of-work, the consensus method underlying the world’s biggest blockchain by market cap, bitcoin.

Allowing users to vote or “stake” their coins on a transaction history in exchange for rewards (instead of burning computational energy), it’s relatively untested, having so far only been adopted in hybrid, small-scale or delegated formats.

So, while bitcoin’s security is comparatively proven (its blockchain is currently sustaining $114 billion and has held up for years), many crypto coders believe proof-of-stake is necessary to transition the industry into the next phase, in which users no longer have to own hardware in order to claim a blockchain’s rewards.

The trouble is, no one can agree on how this should be done.

“Different consensus algorithms do well in different environments,” Nate Rush, a proof-of-stake researcher for ethereum, told CoinDesk, “If the assumptions that some protocol is ‘solved’ under turn out to break or be unrealistic, then this protocol can fail.”

Still, the team behind cardano, IOHK, have worked to secure academic partnerships, as well as relationships with researchers in the field distributed computation in an effort to prove the proof-of-stake model can be achieved.

Taking the security of bitcoin as its starting point, the chief scientist behind the protocol, Aggelos Kiayias, has created formal proofs for each step of the protocol’s design, used to dispel doubt as to the algorithm’s ability to protect assets.

Kiayias told CoinDesk:

“Contrary to [other proof-of-stake protocols], we developed Ouroboros together with a formal proof of security that the protocol indeed captures the security properties of a robust transaction ledger like bitcoin.”

Peer-reviewed protocol

But it’s not just proof-of-stake researchers that disagree – in the broader landscape of consensus design, there’s some who believe proof-of-stake is doomed from the start.

For example, Dahlia Malkhi, a distributed system researcher, claimed earlier this year that ethereum’s proof of stake model, Casper, is “fundamentally vulnerable”- leading to a system where consensus is powered by the wealthy.

Yet, in this atmosphere of skepticism, cardano has amassed a high degree of academic support, building strategic university relationships through IOHK- a for-profit company with centers in several universities, including the Toyko Institute of technology in Japan, University of Athens, and University of Edinburgh.

“We basically have a kind of a university-company relationship, so what we generally do is we set up research centers, we embed some IOHK personnel within those research centers, and we subsidize the lab, and then we have some sort of control or influence over the research agenda,” Hoskinson said.

Responsible for ethereum classic, zencash, as well as cardano itself, according to Hoskinson, these academic partnerships feedback into the IOHK’s cryptocurrency solutions.

“Generally, the output of this relationship are peer-reviewed papers and we have a team within IOHK that take those papers, extract specifications from them and then put them in the pipeline for implementation into products,” Hoskinson continued.

Alongside further relationships at Lancaster, Kent university, Oxford, and Illinois, the advantage is that the relatively small pool of researchers equipped in the topic have had their eyes on Ouroborus, which has been toured around at various academic conferences as well.

“We’ve brought in the total set of people who are actually looking at trying to break, trying to enhance, our core protocols, and there’s a lot of hard work that has been achieved as a result of that,” Hoskinson told CoinDesk.

Gearing up to become a fully fledged smart contract and cryptocurrency platform, cardano currently has limited functionality, but it is introducing the necessary features to transition to proof-of-stake throughout this year.

Currently tweaking the final details under simulations, Hodskinson urged that Ouroborus comes with advantages over other protocols. For example, he says the system is the only one that will allow users to stake from cold storage, and use multiple addresses to manage their finances.

Hoskinson told CoinDesk:

“The long-term goal is to try to completely replicate all of the security capabilities and functional capabilities that the proof-of-work system has without actually having to expend any of the electricity or effort that proof-of-work does, and it looks like, now that we’ve put about two-and-a-half years of research into this thread, Ouroboros is now converging to that stage.”

Theoretical unknowns

Still, at the time of writing, it’s unclear how the protocol will behave in the wild, and there’s ways in which the wider proof-of-stake research community hasn’t been entirely receptive of cardano’s claims.

For example, no one has been as critical as EOS’s creator Dan Larimer, a former colleague of Hoskinson, who wrote that not only is “Ouroboros is a 400-pound bulletproof vest that doesn’t actually stop the real bullets,” but claimed it was a badly conceived variant of an algorithm he had designed in 2014.

(EOS uses a form of proof-of-stake that relies on delegated nodes that have been nominated the task of reaching consensus.)

Ethereum, of which Hoskinson was a co-founder, has also signalled skepticism.

For example, speaking on reddit, ethereum founder Vitalik Buterin warned one security assumption of the blockchain could allow hacker to create false histories on the blockchain.

There’s also different approaches to design. While the protocol itself is in place, IOHK are still working on building the underlying incentive scheme, something that Casper researcher Vlad Zamfir believes should be designed in tandem with the tech.

Attempts by CoinDesk to engage researchers with published work on proof-of-stake also returned mixed results, with several offering no comment or suggesting they hadn’t yet looked into the technology and its specific claims.

Theory meets reality

But according to Emin Gün Sirer, a Cornell University professor and researcher in consensus protocols, this is typical of the field.

“Ouroboros has the advantage that it is peer reviewed and a well-credentialed research group stands behind the effort,” Gün Sirer told CoinDesk, “But it also suffers from a downside that plague many early proof-of-stake protocols, namely: the papers are long, dense and full of subtle proofs.”

As a result, Gün Sirer said, “No two researchers in this area seem to agree on which papers have valid proofs and which have redefined the properties so as to make proofs meaningless. The academic community vets papers for academic rigor, not real world application.”

That said, Hoskinson believes this interaction with academia is essential for cryptocurrencies to migrate onto the next phase. He warned that while many blockchains make wide claims for the scalability and security of their product, there’s not many laymen with the skillset to properly evaluate those claims.

As such, Hoskinson said he anticipates more research on Ouroboros and cardano to emerge going forward.

“We all talk about the Tendermints and the Decreds and the Caspers because these are industry accepted ones and they have good marketing,” Hoskinson said.

However, he continued:

“If you look under the current there’s an increasing professionalization of the cryptocurrency space… serious scientists who have great credentials and are utilizing the peer review process and bringing decades of knowledge with them.”

Rubix cube via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Cardano (ADA) Aims To Disrupt Virtual Reality Industry

It is very hard to see platforms in the blockchain industry performing excellently in the virtual reality world. However, Cardano, going by all indications aims to disrupt the 3D visualization and audio world.

Going by what IOHK, the creators of Cardano, and digital art studio Kuva, has in store, it is easy to say that the virtual reality is going to find a way in the blockchain industry, in an irresistible way.

According to IOHK CEO Charles Hoskinson, “IOHK has a commitment to both education and design and this captivating and complex data visualization is the perfect combination of both. It’s beautiful as much as it is functional and our hope is that it will help make blockchain truly understandable for a whole new audience.”

On IOHK.io website, users are allowed to dig deep into what Bitcoin is, through interactive art featuring imagery, text, and music. On the platform, Bitcoin blocks are designated in a chronological funnel, on interacting with it, move and expand.

“Each block when clicked on, opens to elicit soothing tones and detailed information,” pointed The Next Web.

However, to create the work, “designers studied crystals in nature and the Merkel Tree in cryptography for inspiration. Once developers decided on a basic structure, they built the fascinating Symphony of Blockchain as an educational tool that’s, arguably, a piece of living fine-art.”

Mark Lundin, Creative Partner at Kuva, said that the “best part is that it’s only the beginning and we will continue to work with IOHK to unveil further blockchain visuals that capture the unique essence of this complex technology.”

IOHK aims to fully unveil captivating blockchain visuals that will place one of the most awesome technology in the world on an excellent platter for people to interact with and understand the hidden concepts.

According to the team, putting user experience at the fore in blockchain design is key.

“When it came to the user experience we wanted to ensure it was effortless to explore. The technologies and concepts we’re attempting to explain are complex enough and on top of it all, we didn’t want users having to fathom out a complex navigation system.”

The virtual simulation is dubbed Symphony of Blockchain and has daily transaction virtually designed for easy understanding of what blockchain technology deployed in Bitcoin looks like.

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What makes Cardano (ADA) So Special?

The seventh largest cryptocurrency by market capitalization and relatively new [Sep 2017] in the crypto-verse Cardano is turning out to be an opportunity that should not be missed. It is titled by many as the first crypto-project born from scientific philosophy based on academic research, peer-reviewed work and software developed on open source standards.

The team behind the network want to create an ideal security-oriented ground base for supporting smart contracts and distributed applications, which is a direct challenge-posing for the second in lead by market cap Ethereum (ETH).

Charles Hoskinson – CEO and founder of Cardano, during an interview for IB Times, revealed long term plans that could lead to grasping true scalability and interledger peer-to-peer transactions in the platforms infrastructure:

“We are probably not going to lose a lot of Byzantine resistance. These epochs that we have come up with, there’s no reason they can’t be run in parallel…”

Cardano’s e-Wallet is called Daedalus, one of a kind in the market. It gives users the ability to activate decentralized applications within the cryptocurrency’s Blockchain. So, it’s both very powerful, versatile and safe.

Following up the release of the software improvement and update 1.1.0, the team declared that they have set under radar various issues that users were approached by with the wallet.

“Daedalus will detect when the time on a user’s machine is out of sync with the global time and will display an error message asking the user to fix the issue. Before this feature was added when there was a time difference of 20 seconds or more, the Cardano node was unable to connect to the network and validate the blockchain, and Daedalus would be held on the loading screen with the “Connecting to network” message.”

Ethiopia – African nation has announced that Cardano’s blockchain technology will be studied and explored out for use cases in the nation’s Agritech industry.

Accordingly to the agreement, the Ethiopian workforce and economy will find support by Cardano for training blockchain targeted developers. To highlight out, Ethiopia’s GDP has increased constantly to a record high of $72.3 bln in 2016.

Being fully transparent because of the above-mentioned open source and peer reviewed structure, many do favorite Cardano and find its features exceptional as it makes developing in the platform very easy.

It’s the worlds seventh preferred coin, according to Coinmarketcap and if things keep going as they have so far, it’s going to continue rising in value and market share.

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Cardano [ADA] Technology to Find Utilization in Ethiopia’s Agritechnology Industry

Ethiopia – African nation has announced that Cardano’s blockchain technology will be studied and explored out for use cases in the nation’s Agritech industry. The announcement has come to public via Charles Hoskinson twitter profile as he let know that a formalized contract has been made with the Ethiopian Ministry of Science and Technology.

Accordingly to the agreement, the Ethiopian workforce and economy will find support by Cardano for training blockchain targeted developers. To highlight out, Ethiopia’s GDP has increased constantly to a record high of $72.3 bln in 2016.

Cardano plans to launch a decentralized blockchain-based network that will have its own version of smart contracts. The crypto-platform has been developed by Hoskinson after he decided to part ways with the Ethereum and Ethereum Classic projects.

Despite being targeted and criticized by the likes of Daniel Larimer – founder of EOS, the team and Hoskinson behind Cardano continued to work towards the improvement of the platform. During the Eurocrypto conference, a new proof-of-stake algorithm was announced.

Keeping in mind that a memorandum of understanding was signed down by the included parties, it can be shut down at any time. However, John O’Connor, Director of African Operations at IOHK (Cardano’s parent organization), stated that an agritech platform that will use Cardano’s blockchain should be launched by the end of this year.

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Ethiopia Explores Blockchain Role in Tracking Coffee Exports

Ethiopia is exploring the use of blockchain technology to track the supply chain for its largest export, coffee.

For the effort, the East African nation has partnered with blockchain research and development company IOHK to develop blockchain applications for coffee shipments and other areas of agriculture.

In a press release, IOHK said it is collaborating with the Ethiopian Ministry of Science and Technology for the project, and will closely work with ministers, entrepreneurs and startups in the country.

Getahun Mekuria, the country’s Minister of Science and Technology said that the research is focusing on using the Cardano blockchain platform as a base for work by Ethiopian developers.

According to Charles Hoskinson, CEO of IOHK, the company’s efforts go beyond the supply chain project.

He explained:

“We are also training local blockchain developers, some of which we will hire, while the rest will go on to plough their skills into the economy. The first class will be all female, and the goal is to have graduates of that class move on to create ventures in the cryptocurrency space using Cardano technology, the first venture of its kind in Africa.”

Coffee beans image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.