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Creator Of Cardano Bashes JPM Coin, Labeling It As “The Abomination Of Crypto”

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The creator of the altcoin Cardano, Charles Hoskinson, is making the crypto news today because of a recent statement in which he shared a less than flattering assessment on the brand new crypto asset issued by JP Morgan – the JPM Coin.

Hoskinson was a speaker at the Hong Kong Blockchain Week 2019, where he made the comments and drew an impassioned response from the audience. Most of them, in fact, applauded his outspoke message.

As a successful entrepreneur, mathematician and humanitarian, Hoskinson’s main challenges are to solve global problems using emerging technologies. He also often talks about banking the ubanked, where he aims to develop financial tools for billions of people who would otherwise lack access to any monetary means.

As he told during the Hong Kong Blockchain Week 2019:

“We train people and then we set up public private infrastructure and we’re trying to modernize most of these governments, we modernize with blockchain technology, so everything from property and business registration to voting systems to supply chain management.”

Then, he pointed to his biggest challenge being the dealing with government officials and citizens who show a great deal of suspicion when idealistic solutions are put forward. And when the JPM Coin topic came up, he said:

“I saw the JP Morgan Coin, and you guys just don’t get this space. You don’t know how any of these things work. It’s an abomination of crypto. It’s an abomination of concept.

There is absolutely no need or utility behind what they’ve created, it’s just a proof of concept for the sake of being a proof of concept..to justify some bizare executive fantasy.

The whole reason why we exist is because these guys are criminals. They’ve done horrible things over these last few decades. They’ve bankrupted the world, and they’ve excluded three billion people from the world financial systems as a consequence of the regulations and systems they’ve put into play. And the whole world is living the consequences of their wrongdoing and poor decisions.

As a counter-reaction, the cryptocurrency world exists, and it continues to grow, and it will continue to gain relevance. And eventually, it will collide with the legacy system.

I see this [JPM Coin] as the last vestiges of a dying industry trying to achieve some form of relevance. And I have very little respect for this type of work. I don’t see it as a positive thing.”

This statement has showed the extent of Hoskinson’s frustration with the status quo. His viewpoint demonstrates his sincerity towards establishing a more equitable economic system for which he is known as a pioneer.

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Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Cardano News

Cardano’s Largest Pools Seem To Be Over-Staked At The Moment

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Cardano’s largest pools seem to be over-staked currently and the issue will still be observed for the upcoming weeks. As per the latest reports that we have in our Cardano news, the AdaPools.org platform indicates that 18 of Cardano’s 249 active staking pools are saturated as of January 4.In regards to value, 33 percent of all staked ADA was allocated to 7% of the active pools. IOHK considers the pools with more than 1 percent of all staked funds to be saturated. The rewards are later shared with fewer people and the pool becomes ‘’less desirable’’ as IOHK noted on Twitter. The users, who fail to switch to less saturated pools, seem to earn lower rewards which are only a system to keep the pools from becoming centralized.Though Cardano has a few large pools, the majority of Cardano’s largest pools are not over-staked. The research shows that each pool is ranked by the amount of ADA that it has staked so by definition, it lists the most saturated pools first and it is not clear if the users will want to flock to certain pools or if the saturation is just the outcome. The pools that offer low fees and higher rewards do not appear to be saturated however, the pools that are run by Cardano ambassadors seem to be attracting a lot of staked value because of their official nature.Despite the fact that the pools are indeed saturated, Cardano has a large network with a huge potential to be more decentralized. The project attracted a lot of active pools and the users have staked about 9.5 billion Ada on the testnet. It is also possible that the network will grow larger when Cardano launches staking on the Shelly mainnet this year. The changes in the staking process are clearly needed so Cardano has to shift the incentives to encourage movement between the pools.Pool listings sites will have to sort the pools in a way that makes unsaturated pools more visible to the public. The users have also requested saturation alerts and switching between pools which will make the entire process much more easier. The staking process is fairly simple and it seems that the process will not be as simple as ‘’set it and forget it.’’ Over-staking has been a long-running issue on the other blockchains that heavily rely on similar delegation systems such as Tezos.
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Cardano News

Cardano Is Expected To Be The Most Predominant Force By 2020: CEO

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The CEO of Cardano, Charles Hoskinson, recently spoke about how Cardano is expected to rise soon and become "the most predominant force by 2020" as he said. From the daily altcoin news, we all know that Cardano and its token ADA have been growing and were described as one of the most innovative blockchain networks in the country.However, the CEO of Cardano recently decided to step up and say how he hopes that ADA will be the most predominant force in the crypto space by the end of 2020. Hoskinson revealed that with the launch of the much-awaited 'incentivized testnet' the team behind ADA learned a lot about stake pools and the business of maintaining a cryptocurrency all while creating stability.In his latest AMA session, Hoskinson spoke about the future Cardano news and said that 2020 could indeed be the year for ADA, adding:
“We are especially interested in investing resources at IOHK and our partners at EMURGO and the Cardano Foundation [are] investing a lot of time to make sure that we fully understand. And as we exit 2020 and we go throughout the decade this is something we do continuous research in and the better we get, the better the feedback loop becomes, the faster we can grow and get to those billion users and become a true social operating system that is beneficial to everyone in the world.”
Cardano is expected to be a predominant force as he said, and the three crucial things that need to be aligned for it to "displace" Bitcoin and achieve the coveted number one include commercialization, incentives and technology.Hoskinson admitted that all cryptocurrencies came into existence because of Bitcoin as the oldest coin. He also said that this coin will always be valuable - but also that the Cardano platform will be a place which caters to the people wanting to build their dApps on a platform that people want to store value on.As his final note, Hoskinson said that the Cardano ecosystem this year will focus on collaborations. He also said that the Ourobouros BFT will be rolled out by February at the latest.At press time, ADA is at the 12th position on the market and trading at $0.034.
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Cardano’s Testnet Success Provides A Guide On Decentralization

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Cardano’s Testnet success only shows how decentralization should work and according to Charles Hoskinson tweeted to update the community on progress with the Shelley incentivized testnet and it seems that they fixed all minor issues and also that the staking process has been successful so let’s read more about it in today’s Cardano ADA news.The co-founder Charles Hoskinson tweeted about the developments of the Cardano’s Testnet and said that there’s more work required to get rid of the minor issues but overall, he is pleased with the progress. Since the start of November, when the ADA balance snapshot happened, the testnet progressed through a few stages and the most recent one was the release of the Rewards Wallet back on Monday this week.Since then, the ADA token holders who participated in the testnet, could delegate their tokens with the choice of stake pool operators and the reward was eventually more ADA which will become spendable after the finish of the testnet. The testnet will integrate with the mainnet and will transition into the Cardano blockchain to a decentralized network. The key phase of the Shelley phase is decentralization and the developments will boost the Cardano network a step forward as well.By rewarding the delegation and helping the third-party operator pools and developers, the team hopes to make Cardano the most decentralized network out there. There are about 466 staking pools that are taking part in the testnet but Cardano aims to attract more than 1000 operators into the network:
 “We expect Cardano to be 50-100 times more decentralized than other large blockchain networks, with the incentives scheme designed to reach equilibrium around 1,000 stake pools.”
The Bitcoin network operates in less than 20 large mining pools 81 percent of which are concentrated in China. This has serious implications for Bitcoin since people wonder whether the benchmark cryptocurrency is truly decentralized. Bonpay pointed out some people and corporations that mine Bitcoin which are able to do so because they take advantage of economies of scale:
 “Having so much mining power centralized in one country put in doubt decentralization of Bitcoin and exposes the Bitcoin network to a worrying degree of political risk.”
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Cardano Shelley Testnet Kicks Off: More Than 5 Billion In Staked ADA

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It's happening - the Cardano Shelley testnet has been live for around 24 hours and so far, the ADA holders have staked more than 5 million ADA coins which are now worth around $195 million. The Cardano latest news show that IOHK took to Twitter to report than more than 240 staking pools have gone online ever since Shelley went live.On top of this, about 120 staking pools during the first day of operations were carried out alone. According to the roadmap behind Shelley, IOHK is well on its way to reaching a target of 1,000 staking pools. As they tweeted:
“Our incredible #CardanoCommunity have put in a remarkable effort this weekend, with over 240 pools (+ counting) getting ready for staking.”
ADA holders have been waiting for the launch of Cardano's Shelley incentivized testnet in which the participating users will be able to earn real ADA rewards, which they will reportedly receive by the end of the testnet period.The IOHK team also said that the Cardano Shelley testnet is going well, and they offer the participants a rewards calculator through which they can calculate the estimated amount that they can earn from staking ADA tokens.For instance, users who stake 100,000 in ADA (worth around $3,600 at press time) could earn around $260 per year in staking rewards. The Shelley mainnet will reportedly go live in early 2020 from when staking will become available to all users. So far, staking has been going well - and people who don't understand it can best refer to it as the process of locking funds in a crypto wallet to support the operations of a blockchain network.At the end of this November, the Cardano Foundation also launched AdaPay which is an ADA payment gateway from merchants. This was developed in collaboration with the enterprise-grade fintech platform Coti as a solution which lets merchants accept ADA payments with "near instant" settlement in 35 fiat currencies - directly in their bank accounts.Meanwhile, today's altcoin news and market updates show that cryptocurrencies are taking another hit. Currently, Bitcoin (BTC) is at $7,100 while Cardano's ADA token is still at $0.036 with a 1% drop on the day. The biggest loser in the top 20 is Cosmos (ATOM) which lost around 7% overnight - while the biggest gainer is Mindol (MIN) with a 24% increase in the same period.
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