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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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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