Cardano [ADA] is climbing the on-chain developments and after a long bear market, the coin is seeing the greener side of the market. Today, December 18, Cardano has launched the much-awaited update, Cardano 1.4.
The update encompasses an increase in storage capacity along with other code fixes. The update leads the way for a full decentralization during Project Shelly.
The news about the update was announced on a Cardano forum website. The blog also shared that Daedalus, ADA wallet, now supports Linux. The update was tested against Ubuntu 18 and Fedora 28 and is assumed to work with other major distribution.
The blog also mentioned that the backend of Daedalus and Cardano SL has been rewritten completely and has been tested on the formal specification for Cardano wallet 3. It will bring performance improvements, reliability and improve input selection for transaction creation. The updated version of Cardano SL includes a rewritten v1 API, making it the default now and the older version, v0 API will be depreciated in one of the future releases.
The report claims to change the way how wallet data is stored and managed. This will lead all the wallets to be restored and synchronized with Cardano blockchain’s history, which will take place automatically. This update will be delivered to the current Cardano users through Daedalus update system.
At the time of press, the coin was valued at $0.0326 with a market cap of $845 million. ADA registered a 24-hour trade volume of $80 million with a growth of 7.63%. The coin also registered an overall growth of 7.63% over seven days.
The coin was traded in high volumes on ZB.com with a trading volume of $53 million with ADA/BTC pair. ZB.com was followed by ZBG and registered a trading volume of $10 million with ADA/USDT pair. The third place was acquired by Binance with $7 million volume on ADA/USDT pair.
ADA ranks on the eleventh position on the CoinMarketCap list and has plunged by 0.18% over the past hour, at the time of press.
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Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move
Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.
Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community. He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”
Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”
Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.
Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”
The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.
Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”
His full reply stated,
This sounds horrible to me:
– entirely new blockchain (new coin)
– implicit admission that $ZEC was never scalable, and that opt-in privacy doesn’t work
– roadmap has “a lot of similarities with ETH”
– “sharding” panacea
– subsidy for ZEC foundation https://t.co/R5vLXtKOCP
— Tuur Demeester (@TuurDemeester) June 23, 2019
Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,
“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”
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