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Cardano [ADA]: We will emerge from 2019 more decentralized than any other network, says Charles Hoskinson

Akash Anand

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Cardano's [ADA] Charles Hoskinson: 'We will emerge from 2019 more decentralized than any other network"
Source: Pixabay

Proponents of the cryptospace have made it their goal to inform users in the community about the developments on the network, as well as the future of their respective cryptocurrencies. In a recent panel discussion with Unblocked, Charles Hoskinson, the Chief Executive Officer of IOHK spoke about the choice of viable technologies in the cryptocurrency space as well as the effects it can have on mainstream procedures.

Hoskinson was of the opinion that Proof of Stake vs Proof of Work differences are evident as one deals with physical aspects, while the other aims to reduce the input consumed to generate the same output. The computer scientist said,

“If you have physical control like the one on PoW, then the government or anyone else can seize a particular warehouse or commodity using force. PoW can also expose networks to goldfinger attacks where one of two networks built on PoW can destroy the other chain if the former has 51 percent of the total hash power.”

The IOHK CEO further added that PoW is not feasible in the long run, because mining pools are not loyal and that members in the pools “do not care for the price of the currency or the quality of the chain.” He stated,



“Just like the mercenaries in ancient Rome, the members of the mining pool will realize that they will make more money if they do something else like destroying the chain rather than uplifting it.”

The computer scientist then spoke about the recent upgrades on the Cardano network, focusing on Cardano 1.5 update. During the initial launch of Cardano 1.5, the organization had stated,

“Cardano 1.5 is important in preparation for moving to the Shelley development phase. This update brings a new consensus protocol, Ouroboros BFT, which is a key step in the transition from Ouroboros Classic, the current consensus protocol running the Cardano network, to Ouroboros Genesis, the protocol for the Shelley era. Ouroboros Genesis is a major upgrade to the protocol that underpins Cardano because it is first proof-of-stake protocol that matches the security guarantees of proof-of-work protocols such as Bitcoin.”

Hoskinson also revealed that the 1.5 upgrade was the first in a series of upgrades targeted at making the Cardano network more and more decentralized. He claimed that after the upgrades, users will get something that is 100 times more decentralized than Bitcoin and that the network will emerge out of 2019 more decentralized than any other network in the market.





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Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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