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Cardano is a multi-ledger system that will support multi-currencies, says Charles Hoskinson

Priya

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Cardano is a multi-ledger systems that will support multi-currencies, says Charles Hoskinson
Source: Unsplash

Charles Hoskinson, the creator of Cardano and CEO of IOHK, organized a surprise Ask Me Anything session on his YouTube channel on March 24, 2019. In this session, the CEO covered various topics such as the Roadmap update, the release of training materials, Cardano’s status as a multi-asset ledger, and EOS centralization.

On being asked about the roadmap update, Charles Hoskinson assured that it would be announced during the IOHK summit being held between April 17-18, 2019 in Miami.

Hoskinson further spoke about whether ADA would be the only cryptocurrency for the entire Cardano ecosystem, or there would be more currencies introduced in the future. He stated that it would not be a “particular usual financial system,” if users cannot issue their own assets, adding that Cardano was a multi-ledger system that would support multi-currencies.



Hoskinson went on to say,

“And, we think we have a great strategy for handling that, I’ve partnered with somebody personally who’s in the ICO market to see what we can do about bringing STOs to our platform as well or at least ensuring inter-operability standards. So, we will be a multi-asset ledger.”

Additionally, Hoskinson remarked that EOS “felt like centralization,” rather than a “perfectly legitimate product.” He added that he failed to see any differentiation between deploying something on EOS versus deploying something on Amazon. The Co-founder of Ethereum said,

“[…] expect for being much more expensive, unpredictable pricing and lower quality of service and also when things go wrong, and have no recovery mode outside of begging a committee of people to save you […] This is not innovation, this is just application old concepts and then bolting on poorly conceived governance system and cutting a lot of poor facilities.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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