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Will Cardano take Ethereum's lead one day using Hydra and bull investors?

Key Takeaways

If Elon Musk was right about one thing when it comes to Twitter it would be about its potential as a town square. No other social media platform allows everyday folk to interact with celebrities, CEOs, and multi-millionaires/billionaires the way Twitter does. For that reason, one may find several instances where influential figures on the platform voice their opinions in a candid non-corporate-like manner.

On August 17th, Twitter became home to a daring statement by Charles Hoskinson, CEO of Cardano. Hoskinson quote-retweeted a user who outright mocked Cardano, Hydra, and Hoskinson. The CEO then responded by highlighting key advantages Cardano has over Ethereum, the blockchain the user seemingly preferred.

Hoskinsons response focused both on criticizing Ethereum, and on highlighting the capabilities of his technology.

Hydra is live on mainnet and evolving fast. Mithril is live as well and the first step towards a rich DA and light client strategy. We already designed a significantly better way of handling transactions via tiered pricing and Babel fees.

Theres been a roll-up strategy since Midnight was conceived 4 years ago. The protocols and primitives had to catch up and are getting there, tweeted Hoskinson.

Hydra refers to the layer-2 scaling solution that uses sidechains to offload transactions from the main chain. This allows Cardano to process more transactions per second at a lower cost.

Meanwhile Ethereum has a dumpster fire of a consensus layer, has a terrible programming model that they cant change, and are getting eaten alive by their own layer 2 ecosystem.

In a 2020 video, Hoskinson changed up the trend on his Youtube channel from updates about his personal life to a talk about his companys innovations.

Simulations have shown that each Hydra head can currently process about 1,000 transactions per second (TPS). With 1,000 stacking pools, each of which processes 1,000 TPS, Cardano could achieve a throughput of up to one million transactions per second, said Hoskinson in his video.

Hydra was first revealed during an AMA video on Hoskinsons Youtube channel in 2020. When asked about updates on the layer-2 solution his company has been working on, he had this to say:

We are going to keep adding resources to Hydra, and weve been trying to identify some teams so we can parallelize the workstream because its such a high commercial priority. And its going to be very important that well be able to offload a large number of the transaction traffic thats going to come from all of the apps that are coming.

Hoskinson did not immediately respond to a request for comment.

Cardanos native token ADA has been subject to several attacks due to its status in the eyes of the US Securities and Exchange Commission and its leader, Gary Gensler. Gensler sees any token besides Bitcoin, Bitcoin Cash, Ethereum, and Litecoin as a security. Accordingly, the SEC is willing to sue any exchange that trades in significant sums of these supposed unregistered securities.

As a result, many exchanges, such as Revolut, have been seen suspending trading of tokens such as ADA, SOL, and MATIC.

However, Cardano and Hoskinson look at the application of ADA and its corresponding blockchain as technologies beyond the simple potential of financial investment.

For example, in 2021, Hoskinson tweeted his celebration of Cardano technology being used in Ethiopian schools as a form of encrypted credentials for five million students.

On top of that, Cardanos ADA is doing relatively well. Reports show that ADA is on an upward price trajectory and that bulls might be holding ADA in anticipation of a price increase.

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Hoskinson vs. Vitalik: Cardano Founder Believes Ethereum Is an ... - CCN.com

The XRPL (XRP) network has become a beehive of activity in the recent past following the historical ruling that deemed the digital asset, not a security sold through crypto exchanges. According to the latest market aggregate data, XRPs daily transactions have outpaced the second-largest blockchain network, Ethereum, for the past three weeks.

Notably, XRP has averaged about 1.2 million daily transactions in the past three weeks whilst the Ethereum network, which is a DeFi powerhouse, has been averaging about 1 million daily transactions during the same period.

The notable spike in XRP daily transactions is a direct indication of heightened demand by both retail and institutional investors. Meanwhile, the high demand faces short-term upheavals amid reports of SEC appeal on the recent ruling. Essentially, the SEC wants XRP to be regulated under securities law despite the lack of proper directions from the US Congress.

XRP price has been trapped in a daily and weekly correction since last months breakout following the historical ruling on SEC vs Ripple lawsuit. Most crypto analysts expect the digital asset to find a strong support zone between 54 cents and 58 cents in the coming weeks before deciding on the next cause of action. According to a renowned digital assets analyst Crypto Tony, XRP price could oscillate around the 58 cents level before rebounding toward a new high for this year.

On the macro outlook, XRP price has been trading inside a symmetrical triangle since it hit its ATH around $3.4 back in January 2018. Having not revisited its prior ATH during the 2021 crypto bull market due to the effects of the SEC vs Ripple case, experts say XRP price could easily rally beyond $5 during the next major rally.

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The XRP price is undeniably well bolstered by the high-profile partnerships that Ripple has nicked in the past few years and also the strategic acquisitions. Although Ripple has changed its way of reporting the XRP market outlook after the SEC used the quarterly reports against the firm in court, the blockchain payment giant had previously noted that XRPs On-Demand Liquidity (ODL) is used in over 40 global payouts.

Some of the notable payouts include emerging markets like Africa where more than 38 million people are believed to be using digital assets frequently.

Meanwhile, the XRP market is well bolstered by a growing developer community on the XRPL seeking to build scalable and carbon footprint-free DeFi platforms. Moreover, Ripple seeks to be carbon emissions-free by 2028 through a $100 million investment in the industry. As a result, XRP and XRPL are heavily adopted by institutional investors and governments seeking to build scalable and secure stablecoins and CBDCs respectively.

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Ripple (XRP) Surpasses Ethereum and Bitcoin in Daily Transactions ... - Crypto News Flash

A new Bitcoin fork is causing ripples, and discussions have ignited the crypto space about its potential to fit in the shoes of the established giant, Ethereum. As both platforms offer unique features and opportunities within the blockchain circles, their technologies might reshape the landscape of decentralized applications, smart contracts, and the broader blockchain ecosystem.

Ethereum mining involves the validation of transactions and their addition to the blockchain through computational processes. Ethereum mining entails several steps, beginning with opening a wallet for safe storage and maintenance of tokens. Next, acquire GPU or ASIC mining hardware and install mining software, configuring it to connect to the Ethereum network. Joining a mining pool can be beneficial as you can co-share resources with other miners and enhance the likelihood of earning rewards. With all mining resources in place, initiate the mining software and start validating transactions. However, Ethereums consensus mechanism has transitioned to proof-of-stake, resulting in the discontinuation of mining. Ethereum is now secured by validators who stake by depositing ETH.

Since December 2022, the ETH price has been following a rising support line, confirmed at around $1,650. As the ETH price nears this rising support line again, questions arise on what happens next. ETH price prediction expects an increase toward the $2,000 resistance level or a drop to the $1,650 support. Considering the proximity of the resistance to the long-term level of $1,950, a clear and definitive close above this point will be necessary.

Bitcoin Spark is a notable addition to the Bitcoin alternatives and introduces a robust blockchain technology known as Proof-Of-Process (PoP). PoP This technology sets it apart from Bitcoin (BTC), though it shares some tokenomics like the 21M capped and deflationary supply. BTCS, through PoP, offers solutions to some of the challenges plaguing BTC. Whereas BTC lacks smart contracts, suffers high transaction costs, and its mining dominance by a few individuals, BTCS strives to address these issues through improved transaction processing and scalability.

BTCS introduces an innovative revenue generation model through a Bitcoin Spark application that enables users to access processing power for tasks requiring significant computational resources. This process includes mining and reward distribution. BTCS enhances block size for increased transaction capacity per block. Moreover, the network plans on having more nodes, achieving higher decentralization levels with lower costs.

A remarkable aspect of BTCS is its all-inclusive approach lowering the entry for mining, and allowing anyone to participate. BTCS platform proposes the integration of a smart contract layer, which enables the building of diverse applications using different programming languages.

The BTCS ICO is surging in phase two at 1.75, offering a 15% bonus and a projected potential gain of 675%. Picture an investment in Bitcoin under the same terms a decade ago when the price was $1 and consider this ICO as a second chance.

BTCS prioritizes compliance, transparency, and infrastructure security. It has obtained KYC certification from Cognitos KYC for identity verification and smart contracts audit from ContractWolf.

As Ethereum leads in decentralized apps and smart contracts, Bitcoin Spark, with advanced features, potentially challenges the status quo, becoming an Ethereum killer.

Website: https://bitcoinspark.org/

Buy BTCS: https://network.bitcoinspark.org/register

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Is This Bitcoin Fork the New Ethereum? A Closer Look at Their ... - Analytics Insight

July minutes reveal new potential rate hikes. Will crypto decline again?

The minutes from the Federal Reserves two-day July meeting came out yesterday, August 16. They underscore the central banks growing concerns about persistent inflation. Despite a recent quarter percentage point rate hike, which brought the federal funds rate to its highest level in over 22 years, the inflation battle is seen as ongoing by most FOMC members.

The minutes reveal significant worries about inflation staying above the Committees desired range, with tight labor market conditions further complicating the outlook.

Although some members expressed doubt about the necessity of additional hikes, the consensus leans towards caution, emphasizing the importance of a restrictive monetary policy to steer inflation back to the 2% target.

While the future direction remains uncertain, with indications that inflation pressures might be easing, the minutes highlight a collective sentiment of vigilance, suggesting a heightened likelihood that the Federal Reserve might raise interest rates again in the near future if current conditions persist.

Meanwhile, Bitcoin and Ethereum have slipped from their sideways range in a single percentage decrease of around 3%. Has there been a correlation between the negative sentiment toward the future economic outlook with this decrease in the cryptocurrency market?

The Fed minutes were released on the official website at 2:00 p.m. EDT yesterday.

Although the news outlets started reporting soon after due to writing and publishing, the news lagged a bit behind until it caught on. Nevertheless, BTC and ETH prices have already been in a slight downtrend, which only propelled it further.

At the exact time of the Fed minutes release, the price of BTC and ETH started falling with higher momentum and picked up the pace overnight. The price of Bitcoin was trading at $29,195 and fell to $28,300 at its daily low. Ethereum fell from $1827 to its daily low of $1,777, which is a decrease of 2.69%.

As seen on the chart above, there is a direct correlation between this news release and the price decline. This is because all markets are currently sensitive to the overall economic sentiment, and crypto is still viewed as the riskiest asset class in particular.

The next Federal Open Market Committee (FOMC) meeting will be held on September 19 20, 2023. The consensus among financial analysts and other experts on the matter is mixed.

Some expect that the monetary policy-making body of the Federal Reserve System will most likely make another interest rate hike by another 25-basis-point to moderate inflation to the targeted 2%.

Others say that it might pause for now as it did in June and evaluate the situation as it fears the economy will get too tight and limit consumer spending.

Federal Reserve is the most important entity in the global economy since its decisions can impact the value of the US dollar, which is still the global reserve currency. This is why investors and traders all across the world are following their announcements.

What the Fed does next still remains unclear, but considering that it only made a small blow to inflation and definitely not a win, further action will be required, thus we would be primarily expecting an increase in interest rates.

With the cryptocurrency market standing on shaky legs since April, this might be a catalyst for a larger decline.

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authors opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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Fed July Records Hint At More Rate Hikes While Bitcoin and ... - CCN.com

Episode 16 of Hashing It Out explores one of the most popular cryptocurrency use cases: payments. Mark Smargon, CEO of Fuse, joins host Elisha Owusu Akyaw to discuss various Web3 payment solutions and how Fuse contributes to businesses adoption of cryptocurrency payments.

Smargon explained that the payment networks strategy involves looking beyond investments to focus on everyday use cases like payments, which will likely bring more sustainable adoption. Despite the goal, Smargon recounted the difficulty in convincing people and investors that businesses would adopt blockchain payments when starting Fuse in 2019.

Smargon further explained that Fuse is not competing with Ethereum but with Visa and Stripe, and that its intended to be the main payment layer for global transactions. On whether the battle of adoption will be won by a few blockchain networks, Smargon mentioned that Fuse has never held a maximalist mindset:

Smargon believes that Web3 payments have come a long way in the last two years as things like nonfungible tokens and digital collectibles have become more popular. Whats more, the increase in freelancers from developing markets who are paid in cryptocurrency and the use of cryptocurrencies for cross-border payments have been among other catalysts spearheading Web3 payment adoption.

Related:Should we ban ransomware payments? Its an attractive but dangerous idea

Owusu Akyaw asked about the impact of regulations on Web3 payments and adoption in the future. Smargon called it a rollercoaster ride, due to the unstable nature of regulations across the globe. He also added that blockchain technology may need to evolve by adding new features and taking away some existing features to fit regulations and create a better connection with traditional finance.

Listen to the latest episode of Hashing It Out withFuse CEO Smargon on Spotify, Apple Podcasts, Google Podcastsor TuneIn. You can also explore Cointelegraphs complete catalog of informative podcasts on the Cointelegraph Podcasts page.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Fuse CEO Mark Smargon says blockchain payments apps will rival ... - Cointelegraph