On 6th August, Charles Hoskinson, the CEO and Co-Founder of the science and engineering firm IOHK released a Twitter video update to communicate the progress of the Cardano project with the community.
Here, he talked about the purpose of Prometheus and related topics. He also clarified the much-discussed case of him rage-quitting the social media platform, Twitter.
Firstly, the Founder mentioned a subset of users that might not be entirely content with the existing Cardano code. For this reason, the team has built an alternative client that the community could use for embeddable devices, ATMs, and Intel SGX style deployments.
Therefore, Prometheus is the parallel code based on Rust. It is written by the Cardano developers to offer its community with more options and freedom. Furthermore, Hoskinson explained:
“We’re gonna have our first demo come September internally for the completed version of the command-line interface for Prometheus. But Prometheus is a library of different functionality and third parties should be able to use that library for their own product lines.”
He then stated that Prometheus has been already tested on Android and iOS devices. The team believes that this would make for a good foundation for mobile clients and light clients alike.
Another intriguing hint dropped by Hoskinson was regarding an upcoming product based on the core of Prometheus. The announcement is to be made on 15th August by Emurgo, which is a project backed by the Cardano blockchain. Hoskinson revealed that the product is going to be based a Google Chrome extension. In his words:
“…its [the product’s] heart Prometheus and IOHK product and we’re really excited about the quality of that code and we’re really excited about the capability of that code and we’re already starting to see people wanting to use it and we’re not even quite done with it yet.”
Next, the IOHK leader talked about the two families of code that Cardano has built: Rust and Haskell. While Haskell Cardano is a reference code, Rust Cardano is modular, more like a library meant to be used by third-party developers who want to build their own wallets, mobile or light.
Regarding the use case of the Rust code in ATMs and ledger devices, Hoskinson revealed that Cardano is in talks with Sirin Labs. Sirin Labs has an open-source operating system called Sirin OS that runs Finney devices. These devices are the first blockchain backed mobile phones and PCs which do not compromise on cybersecurity by only prioritizing user-experience.
Recently, Hoskinson had quit Twitter after a series of trolls and minor controversy surrounded a comment made by him. He mentioned Twitter as a platform that has become toxic. He gave a final statement regarding the issue and said:
“I have very limited time. I run an international company. We operate in 16 countries… I travel dozens of places every single year and if I have a simple question for a company, a very small company of just a few people whom I assume … run their Twitter feed and I get a response where an article is written that I’m a monster, if there’s a top-rated cryptocurrency Reddit post about how bad of an actor I am… What’s the value of this platform.”
Lastly, he informed the community that he will be using the medium [Twitter] to broadcast videos only.
Subscribe to AMBCrypto’s Newsletter
Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
Subscribe to AMBCrypto’s Newsletter