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Cardano Sees Unprecedented $24 Billion Weekly Whale Movements
Oct 13, 2024
Cardano (ADA) has experienced a notable price rebound, coinciding with a significant increase in large-scale transactions. The cryptocurrency's value has risen by 4% in the past 24 hours, following a week-long downtrend. All thanks to whales. ADA's price had initially fallen by 9.5% to a low of $0.33260. It has since recovered, posting a 6% increase from this trough. This price movement aligns with a surge in high-value transactions. Data from IntoTheBlock (ITB) reveals that large holders, often referred to as "whales", moved 17.33 billion ADA in a single day - this volume equates to approximately $6 billion. ITB's Large Transaction Volume metric, which tracks transfers valued at $100,000 or more, indicates a weekly transaction volume of $24.18 billion. This marks a substantial increase from the previous week's figures. The majority of these transactions occurred within a three-day period, with $6 billion moved on October 11 and $5.8 billion on October 10. The spike in whale activity appears to correlate with ongoing developments in the Cardano ecosystem. A recent report from InputOutput highlights Cardano's continued prominence as a blockchain development hub, following recent node upgrades to versions 9.2.0 and 9.2.1. InputOutput's data shows that by September's end, 1,376 active projects were under development on Cardano. This underscores the platform's appeal to blockchain innovators. September also saw an increase of 80,000 minted native tokens and a rise of 1.34 million in total network transactions. Despite these positive indicators, investor sentiment towards ADA has been predominantly negative, particularly on social media platforms. Cardano's founder, Charles Hoskinson, addressed this issue directly on X (formerly Twitter). Hoskinson emphasised that the negative outlook does not reflect any shortcomings of the Cardano project. He asserted that the network continues to grow and develop. Hoskinson also criticised other cryptocurrency ecosystems, stating that Cardano remains committed to true decentralisation, unlike those aligning with corporate entities such as BlackRock and Wall Street. Despite prevailing pessimism, ADA's price has maintained a key support level at $0.33. This offers some reassurance to bullish investors. On-chain metrics, including net network growth and positive momentum in the futures market, suggest a more optimistic outlook. The recent surge in whale activity could potentially signal the beginning of a more sustained price increase for ADA. However, market participants remain cautious, given the volatile nature of cryptocurrency markets. As Cardano continues to develop its ecosystem and attract developer interest, the coming weeks may prove crucial in determining whether the recent whale activity translates into sustained price growth or remains a short-term anomaly.
Cardano Founder Calls Ethereum a 'Dictatorship', Thinks Vitalik Buterin Has Too Much Power
Sep 26, 2024
Cardano founder Charles Hoskinson has launched a scathing critique of Ethereum's governance model. He claims the network operates like a "dictatorship" under the outsized influence of co-founder Vitalik Buterin. Hoskinson made these scandalous remarks during an interview in Singapore. He argued that Ethereum's development relies too heavily on Buterin's direction. "Everybody looks to him for the roadmap," Hoskinson said. "Everybody looks to him for inspiration, and he's also the only person who has enough power to rally people." The Cardano founder questioned Ethereum's ability to make decisions without Buterin. He pointed to recent shifts in Ethereum's scalability strategy as evidence of Buterin's influence and highlighted Ethereum's move away from sharding-based optimization. The network now focuses on rollups and layer-2 networks for scalability. "Where does this idea of embracing layer 2s come from, or rollups come from?" Hoskinson asked. "Was it some random Ethereum engineer — or was it Vitalik Buterin writing a blog post about it, talking about it, and advocating for it?" As one could expect, Hoskinson contrasted Ethereum's approach with Cardano's new governance model. He claims it solves the "governance trilemma" of efficiency, effectiveness, and integrity. Cardano's recent Chang hard fork transformed ADA into a governance token, which allows holders to elect representatives and vote on development proposals. "If you have those three things, then you have a fair shot of avoiding the anarchy of Bitcoin or the dictatorship of Ethereum," Hoskinson stated. "You actually have something that can move forward with one voice, but it's still decentralized at the end of the day because it represents everybody." Hoskinson acknowledged his own influential role in Cardano's development since 2015. However, he insists the new governance model ensures the network's continued innovation, with or without his involvement. The Cardano founder was previously involved with Ethereum. He served as one of eight original co-founders and CEO before departing in 2014 due to disagreements over the project's direction. He obviously sees things in a dark way till now. Although Hoskinson believes Ethereum is heavily influenced by Buterin’s vision, most of Ethereum fans would disagree. According to CoinTelegraph's Tom Mitchelhill, Buterin does not wield unilateral power in the decentralized network. The blockchain uses a mix of offchain and onchain governance that includes the Ethereum Foundation and community and stakeholder input into Ethereum Improvement Protocols. The most critical decisions are taken at core developer meetings. Contentious decisions can result in a hard fork, such as The DAO hack rollback that resulted in Ethereum Classic.
Cardano Founder Shares Must-Read Info for Every ADA Holder
Sep 06, 2024
Cardano is set for a major governance overhaul. The change comes with the upcoming Chang hard fork. It's got ADA holders on edge. Charles Hoskinson, Cardano's founder, has stepped in to clear the air. He's laid out the options for withdrawing staking rewards post-fork. The clarification follows growing unease among ADA holders. Concerns first surfaced when Linda, a Stake Pool Operator, sounded the alarm. She warned that users might need to delegate to a DRep to access rewards. Hoskinson was quick to respond. "Users have three choices," he stated. They can vote no confidence, abstain, or delegate to a DRep. Lace, a wallet, will default to abstain if users only select delegation. It's meant to simplify things. But there's a catch. Abstaining isn't passive. It requires action. Hoskinson confirmed this in a follow-up tweet. ADA holders must make active decisions in the new system. Some users aren't thrilled. Jacob, posting on X, expressed distrust in the new DRep roles. He fears "influencer DReps" might drain the treasury. Hoskinson reassured skeptics. "That's why that option is there," he said. Users can even vote no confidence in the entire system. It's a built-in safeguard. The Chang hard fork introduces significant changes. These are outlined in Cardano Improvement Proposal (CIP-1694). It details four governance roles: General ADA holders, Delegated Representatives (DReps), Stake Pool Operators (SPOs), and the Constitutional Committee. General ADA holders form the network's backbone. They can engage directly or delegate to DReps. DReps vote on behalf of others. They're expected to understand proposals deeply. SPOs maintain the blockchain's infrastructure. Under the new model, they can submit proposals and vote on actions. The Constitutional Committee ensures governance aligns with network principles. It's a lot to take in. But for ADA holders, understanding these changes is crucial. The new system aims for more democratic governance. Whether it delivers remains to be seen.
Cardano Blockchain Heads for Its Biggest Upgrade in Two Years: The 'Chang Hard Fork'
Aug 30, 2024
Cardano is gearing up for its biggest upgrade in two years. The "Chang hard fork" will reshape the network's structure. It'll introduce on-chain governance features. Cardano launched in 2017. Ethereum co-founder Charles Hoskinson created it. Now the biggest upgrade of the network was set for this week. But Hoskinson pushed it back to September 1. "The magic of deadlines is that people who aren't taking upgrades seriously suddenly say damn we got to get moving," Hoskinson wrote on X. Some exchanges needed more prep time. Binance was one of them. The delay's got folks talking. Cardano's not the biggest player in town. It ranks 30th by DeFILlama's standards. But crypto circles keep a close eye on it. Hoskinson's a bit of a celebrity in the space. He's all over videos and podcasts. A hard fork's a big deal in blockchain. It invalidates older versions. Sometimes it causes drama. Often it's planned. This one's bringing major changes for users and devs. The upgrade's main gig? On-chain governance. ADA token holders will elect representatives. They'll vote on proposals and technical changes. It's a whole new ballgame. "This will mark the first step towards a minimum-viable community-run governance structure," the Cardano Foundation said. They're pretty stoked about it. Cardano's got a history of taking its sweet time. It added smart contracts back in 2021. That was a game-changer. Now, it's pushing the envelope again. The project's been a dark horse in crypto. Some call it the "Ethereum killer". Others say it's all hype. But Cardano's stuck to its guns. It's focused on peer-reviewed research and gradual development. This upgrade's part of the Voltaire Era. It's the final stage of Cardano's roadmap. The goal? A self-sustaining system. No training wheels needed. CIP-1694's at the heart of it all. It's introducing new governing structures. There's a Constitutional Committee, delegate reps, and stake pool operators. Once it's live, the community's in charge. Cardano's aiming to shake things up. It wants to prove that slow and steady wins the race. The Chang fork could be its make-or-break moment. For the crypto market, Cardano's move is significant. It's pushing the boundaries of decentralized governance. If it works, other projects might follow suit. But it's not all smooth sailing. Critics say Cardano's too academic. They argue it's lost ground to faster-moving competitors. The project's betting big on this upgrade to silence the naysayers. In the end, it's a bold move. Cardano's putting its fate in the community's hands. It's either gonna be a massive flop or a game-changer for the whole industry. Only time will tell.
Only 'Real' Crypto Will Weather the Storm, Says Charles Hoskinson, Cardano Founder
Aug 06, 2024
Charles Hoskinson, the founder of Cardano, reckons only legit cryptocurrencies will make it through the current market mess. He's not mincing words. In an X post on August 5, Hoskinson warned of a potential domino effect. Japan's economic woes could spill over into broader markets, including crypto. But he's not all doom and gloom. "Japan blowing up could cascade into the greater markets, including crypto on the short term," Hoskinson wrote. He added, "Moonboys will flood X and bark like babbling idiots about how project founders have failed and are evil; regardless, the macroeconomic caravan goes on." Hoskinson believes short-term market jitters are par for the course. The long-term outlook for cryptocurrencies remains rosy, especially for those with "integrity and utility". His stance reflects a growing sentiment in the crypto world. The industry is maturing beyond mere speculation. Current market conditions will separate the wheat from the chaff. Only cryptocurrencies offering real value will survive. Hoskinson remains bullish on the long-term prospects for cryptocurrencies. He argues they represent a fundamental shift away from traditional fiat systems. Hoskinson's comments come amid a global market sell-off. On Monday, Japan's Nikkei plunged 12%. It's the biggest one-day drop since the Black Monday crash of 1987. The rout spread like wildfire. Asian markets fell first, then European and U.S. markets followed suit. South Korea and Taiwan saw stock market declines exceeding 8%. U.S. markets opened with major losses. The Dow Jones fell over 1,000 points. The NASDAQ dropped 6%. The S&P 500 decreased 4.2%. European markets slumped to a 6-month low. The crypto market isn't faring any better. Bitcoin, the big daddy of cryptocurrencies, fell 15.72% in 24 hours. It dropped from around $60,896 on August 4 to $51,325 on August 5. It's since recovered slightly to $55,114 at the time of writing. Other crypto assets like Ether, Solana, and Cardano also took a beating. They experienced substantial price drops. The Crypto Fear & Greed Index paints a grim picture. It plummeted into 'Extreme Fear' territory, hitting a dismal score of 17 out of 100. It's the lowest since July 12, 2022. This index is a key indicator of market mood. Its current reading underscores the bearish sentiment among investors. The crypto world is holding its breath. In this climate, Hoskinson's words carry weight. The market might be in turmoil, but he's betting on substance over hype. Only time will tell if he's right.
10 Most Underestimated Geniuses of the Crypto World
Bitcoin
Jul 02, 2024
The cryptocurrency world often shines a spotlight on big names like Satoshi Nakamoto, Vitalik Buterin, and even Elon Musk. These are real legends, beyond any doubt. However, beneath this layer of renowned figures lies a group of underestimated geniuses whose contributions are equally transformative. You probably haven't heard of them, unless you are one of them, of course. These individuals have played pivotal roles in shaping the industry, yet their recognition remains disproportionately low. They have created some of the most popular products in the crypto world, probably including some that you use daily. Maybe their inventions even helped you earn some pretty decent profits. Maybe you can't even imagine your life without these products now. Let's try to figure out the top ten such individuals, exploring their backgrounds, impacts, and why they deserve more credit. Go with us, it is going to be a pretty exciting ride. Gavin Wood Who Is He? Ah, Gavin Wood. Probably no one deserves a place in this list more, than this British computer scientist and co-founder of Ethereum and Polkadot. These two projects play an unbelievably important role in the world of blockchain. And yet, you probably have no clue who Gavin Wood is. You might have never heard his name. Though, of course, you know who Vitalik Buterin is, don't you, huh? He earned his Ph.D. in computer science from the University of York. And then became one of the kings of the emerging blockchain world. His input is, though, underestimated as hell. Short Bio Wood developed Ethereum’s programming language, Solidity. This is quite a big deal. Ethereum has become one of the driving forces of the blockchain world not for nothing. You've probably heard of smart contracts. Solidity, a brain child of Gavin Wood, is essential for writing smart contracts. He also introduced the concept of Ethereum’s Virtual Machine (EVM). Input in Crypto Industry Wood’s work on Solidity and the EVM laid the foundation for decentralized applications (dApps). He later founded Polkadot, a multi-chain platform aimed at enhancing interoperability between different blockchains. A few individuals can boast such a list of achievements, you bet. Why Underestimated? Wood is a pretty humble and modest person. His foundational contributions to Ethereum and the blockchain world are priceless. But Wood is almost totally overshadowed by Ethereum’s more prominent co-founder, Vitalik Buterin. Young Buterin is a charismatic speaker and a walking examples of the modern day nerd culture, more that the infamous TV character Sheldon Cooper, if you remember who that was. Wood's innovations in blockchain interoperability and development of Polkadot have not received the recognition they deserve. Anatoly Yakovenko Who Is He? Anatoly Yakovenko is the founder of Solana. You can be a fan of Solana, or be a hater (sometimes that happens also), but no one can be as stupid as not to see that Solana has given blockchain a momentum it needed so desperately to be taken seriously in the world of traditional finance. The fastest blockchain with the lowest fees, that was a stark contrast to a heavyweight Bitcoin. And while Bitcoin may still be the 'new gold', it Solana who holds a promise for blockchain to beat traditional finances. Short Bio Yakovenko holds a degree in computer science from the University of Illinois Urbana-Champaign and worked at Qualcomm before venturing into blockchain. He has a background in distributed systems. Input in Crypto Industry Solana, under Yakovenko’s leadership, has introduced a high-performance blockchain capable of processing thousands of transactions per second, making it one of the fastest in the industry. Why Underestimated? While Solana has gained popularity, Yakovenko himself remains relatively unknown compared to founders of other major blockchains. His innovative approach to blockchain scalability deserves more acknowledgment. Stani Kulechov Who Is He? Stani Kulechov is the founder and CEO of Aave, a decentralized finance (DeFi) protocol. One of the revolutionary and crucially important elements of the DeFi world, that you are either using already or are going to be using sooner that you think. Short Bio Kulechov is a Finnish entrepreneur with a law background. He started Aave in 2017, initially as ETHLend, a peer-to-peer lending platform. Now look at how far has the project gone since that, aren't you impressed? Input in Crypto Industry Killing banks is what Kulechov does, in fact. Aave has revolutionized the DeFi space with features like flash loans and credit delegation. It is one of the most widely used DeFi platforms, offering various financial services without intermediaries. Why Underestimated? Despite Aave’s success, Kulechov’s role and vision in the DeFi revolution are often overlooked. That is why you haven't probably ever heard his name. His contributions to creating a robust and user-friendly DeFi ecosystem deserve more recognition. Hayden Adams Who Is He? Hayden Adams is the creator of Uniswap, a decentralized exchange (DEX) protocol on Ethereum. Uniswap is beyond any doubt one of the most recognized and widely adopted projects among those that have risen on the shoulders of Ethereum, and this is also the most popular DEX, as of now. Short Bio Adams, a mechanical engineer by training, turned to coding after losing his job. What a coincidence, right? He developed Uniswap with a grant from the Ethereum Foundation. Input in Crypto Industry Uniswap introduced the automated market maker (AMM) model, which changed the landscape of trading in the crypto space by allowing direct peer-to-peer transactions without intermediaries. That can also be dubbed 'killing banks'. You just do your financial deals directly, protected by smart contracts. Why Underestimated? Adams’ work on Uniswap has significantly impacted the DEX space, yet he remains a lesser-known figure compared to others in the industry. His innovative approach to decentralized trading deserves broader recognition. Elizabeth Stark Who Is She? Elizabeth Stark is the co-founder and CEO of Lightning Labs, which develops the Lightning Network for Bitcoin. Short Bio Stark is an educator, entrepreneur, and former lecturer at Stanford and Yale, with a strong background in technology and law. Input in Crypto Industry The Lightning Network, a second-layer solution for Bitcoin, aims to enable fast, low-cost transactions. Stark’s leadership in developing and promoting this technology has been crucial for Bitcoin’s scalability. Why Underestimated? Despite her significant contributions to Bitcoin’s scalability solutions, Stark is often overshadowed by more prominent Bitcoin figures. Her role in advancing the Lightning Network is critical and deserves more recognition. Sergey Nazarov Who Is He? Sergey Nazarov is the co-founder of Chainlink, a decentralized oracle network. You've probably heard something of this project, even if you are a newbie in the world of DeFi and know nothing of blockchain besides a vague understanding of how Bitcoin works, or even less. Short Bio Nazarov has a background in philosophy and business administration. That might came in handy when he co-founded Chainlink to solve the problem of bringing real-world data to smart contracts. Input in Crypto Industry Chainlink provides secure and reliable oracles. It simply means that the decentralized network enables smart contracts to interact with external data sources, an absolutely unique feature in the crypto world. This has been instrumental in the growth of DeFi and other blockchain applications. Why Underestimated? While Chainlink is well-known, Nazarov’s personal contributions and vision are often underappreciated. His work on decentralized oracles has been fundamental to the expansion of blockchain functionalities. Charles Hoskinson Who Is He? Charles Hoskinson is a co-founder of Ethereum and the founder of Cardano. See, the man touched two of the blockchain legends that shape the world of crypto. So he is to be considered a legend himself, isn't he? Short Bio Hoskinson is a mathematician and entrepreneur. That may have played a significant role in his enormous chain of successes in the blockchain world, a strong vision is clearly something you might want to posses in order to be a great achiever like Hoskinson himself. He was one of the original co-founders of Ethereum before quitting and founding IOHK, the company behind Cardano. Input in Crypto Industry Hoskinson’s work on Cardano focuses on creating a secure and scalable blockchain through peer-reviewed research and formal methods. Why Underestimated? Hoskinson’s influence in the crypto industry is significant, yet he often doesn’t receive the same level of recognition as other Ethereum co-founders. His academic approach to blockchain development is innovative and impactful. ##Jed McCaleb Who Is He? Jed McCaleb is a co-founder of Ripple and Stellar. Both projects are famous, respected and require no additional comments even if you are reading this article on your third day in the world of crypto. Short Bio McCaleb is a programmer and entrepreneur who founded the infamous Mt. Gox exchange before moving on to more secure and scalable blockchain projects. Input in Crypto Industry McCaleb’s work on Ripple and Stellar focuses on improving cross-border payments and creating more inclusive financial systems. Why Underestimated? Despite his pioneering efforts in blockchain technology and payments, McCaleb’s contributions are often overshadowed by controversies and the more prominent figures of Ripple and Stellar. Robert Leshner Who Is He? Robert Leshner is the founder of Compound, a leading DeFi protocol, a project that will probably be named by one of the most definitive in the dawn of crypto by our successors. Short Bio Leshner is an economist and former municipal bond trader. He founded Compound to enable decentralized money markets. Input in Crypto Industry Compound allows users to earn interest on their crypto holdings and borrow against them in a decentralized manner, significantly influencing the DeFi landscape. Why Underestimated? Leshner’s contributions to DeFi through Compound are substantial, yet he remains less recognized than other DeFi pioneers. His role in enabling decentralized finance deserves more attention. Silvio Micali Who Is He? Silvio Micali is the founder of Algorand, a high-performance blockchain. Geeks often dub Algorand 'a next generation blockchain'. And there is a reason for that. Short Bio Micali came into crypto world not out of the blue. He is a renowned computer scientist and Turing Award winner. Most of his accolades came from his work in cryptography. Input in Crypto Industry Algorand aims to solve the blockchain trilemma, offering scalability, security, and decentralization. Micali’s innovations in consensus algorithms have been pivotal. Algorand has already shown some impressive results, yet if we someday see Micali's revolution in all it's glory, it might outshine many of the well-established names in the industry. Why Underestimated? Despite his prestigious background and Algorand’s technological advancements, Micali’s contributions are not as widely recognized in the crypto community. His work is foundational and impactful. Conclusion The cryptocurrency industry is full of brilliant minds whose contributions often go unnoticed. Not surprising for such a big industry with such a quick turn of events. What seemed new and significant to you yesterday, might be completely obsolete and irrelevant today. From developing foundational technologies to pioneering new financial systems, these ten underestimated geniuses have significantly shaped the crypto landscape. Recognizing their work not only honors their achievements but also inspires the next generation of innovators in this dynamic field.

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