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Cardano’s [ADA] team has made significant contributions to the cryptocurrency ecosystem, asserts Charles Hoskinson

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Cardano [ADA] team has made significant contribution to the ecosystem asserts Charles Hoskinson
Source: Pixabay

IOHK, Cardano’s parent company, recently released the Cardano roadmap which charted the progress of the blockchain’s 2020 vision. Following the much-anticipated announcement however, ADA failed to post upward movement and recorded an underwhelming market trend.

Undeterred by the current valuation of the digital asset, Charles Hoskinson, CEO and Founder, revealed that Cardano primarily targets groups of people who want to know what the technology stands for and what it has to offer. Cardano does not believe in giving into the hype and attracting investors, he said. In the latest edition of “The Cardano Effect,” Hoskinson said,

“There needs to be a funnel to capture these people and take them on a narrative journey of why are we doing what we are doing, what is our philosophy, what techniques..where are we going and why are we credible to that as an ecosystem”

Talking about certain demographics like state co-operators, exchanges, infrastructure providers, smart contract developers and scientists, the CEO asserted that Cardano’s team is not a “passive participant” in the aforementioned ecosystem, where they just obtain the research and implement it on the network. He stated that the team has been involved in actively writing papers. Hoskinson further revealed that the Ouroboros Proof of Stake algorithm has been cited 250 times.

According to the Colorado-based entrepreneur, the team has made significant contributions to the ecosystem. Citing the same, he disclosed,

“.. we discovered design defects and bugs and all kinds of things in a code that we didn’t write in a specification and we didn’t design and then we went to the authors of it and we said hey look we found all these issues with it, they said wow that’s great we’ll fix it”





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Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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