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Cardano’s 1.5 Mainnet Release Successful, Progress Towards New Proof-of-Stake Protocol

Cardano has successfully deployed its 1.5 mainnet, bringing the protocol a step closer to proof-of-stake consensus that “matches the security guarantees of proof-of-work protocols such as Bitcoin.” The update also includes a number of other optimizations, primarily around the blockchain’s crypto wallet, Daedelus. On Mar. 21st, Cardano deployed its 1.5 mainnet. The release is the final stage of the project’s “Byron” phase of development, which includes optimized block storage, tools for programming language Rust, Daedalus for Linux, a Cardano testnet, and other features. Technically, the release will fork Cardano. However, because the release is uncontentious it is unlikely to split the community or create a separate cryptocurrency. Cardano (ADA) is currently ranked 11th with a market capitalization of $1.4 billion.  Prior to the announcement, ADA was trading at 0.0518 per coin. Three hours after the announcement, ADA was trading at 0.0537, a 3.7 percent increase. Progress Towards Proof-of-Stake The 1.5 release also includes progress towards the project’s move to a new proof-of-stake consensus protocol. Currently, the project is using “Ouroboros Classic,” which uses a more limited number of nodes among other deficiencies. With 1.5, the project is transitioning to “Ouroboros BFT (Byzantine fault tolerance),” which is an intermediary for the projects final consensus algorithm, “Ouroboros Genesis.” According to materials from IOHK, Ouroboros BFT is a common technical “meeting point” for the two protocols in order to ensure a “smooth handoff.” Allegedly, the update is “major” because it represents the “first proof-of-stake protocol that matches the security guarantees of proof-of-work protocols such as Bitcoin.” The update will not be active immediately with 1.5 and will be announced separately, according to the release. Other Improvements The 1.5 release also includes a host of other fixes and performance improvements, primarily revolving around Daedelus, Cardano’s primary crypto wallet. Following 1.5, IOHK plans to release a line up of heavy-hitting features in its Shelley development cycle, including Trezor and Ledger Nano S support, Quantum resistant encryption, full multi-signature support, side-chain support, NFC (touchless) debit cards, and other improvements. It appears that Cardano has continued to deliver on its development promises for Q1, consistent with the project’s development-first-hype-later approach towards management. However, whether this will translate to Cardano and its cryptocurrency Ada overtaking incumbents like Ethereum is uncertain. Cardano will unveil more details on its plans for Shelley at IOHK Summit 2019. The post Cardano’s 1.5 Mainnet Release Successful, Progress Towards New Proof-of-Stake Protocol appeared first on CryptoSlate.
Cryptoslate

Cardano 1.5 Releases on the Mainnet Ahead of PoS Protocol Upgrade

Cardano community members have been looking forward to the new major main net update. In version 1.5, a few interesting changes and features are introduced. It is also a major step toward the introduction of the Shelley release, which will occur fairly soon. As the project slowly leaves the Byron development phase behind, the coming weeks and months will prove rather crucial in many different ways. Another big Update for Cardano No cryptocurrency project can afford to stand still. Ongoing development is vital for the success of any project, regardless of which industry it is targeting. In the case of Cardano version 1.5 has been released on the main net yesterday afternoon. It is also the final release of the Byron development phase, as the Shelley “era” will pave the way for a new Cardano in many different ways. As such, this most recent client and main net release are crucial to ensure the transition to Shelley can occur as swiftly as possible. As part of the update, a new consensus protocol is introduced. Such changes are always interesting to keep an eye on, as they can make or break projects quite easily. For Cardano, it seems the new consensus protocol will be known as Ouroboros BFT. It is a “liaison” between the current Ouroboros Classic and Ouroboros Genesis. This latter protocol will be used as part of the Shelley era moving forward, whereas its Classic counterpart will be retired. To put this development in its right perspective, the switch to Ouroboros Genesis is groundbreaking for Cardano. It will introduce the proof-of-stake concept, but with the same security-wise “guarantees” as proof-of-work protocols such as the one found in Bitcoin. That will be something to look forward to, albeit one has to wait and see what the future will hold exactly. The switch from Ouroboros Classic to Ouroboros BFT will occur through a separate protocol upgrade and is not part of the 1.5 release by default. As is always the case this major new release will require all network participants to upgrade as quickly as possible. Daedelus users can upgrade to Cardano 1.5 through the client version 0.13.0. Failure to upgrade in time will cause problems for the upcoming hard fork which introduces the Ouroboros BFT consensus protocol. Although it is expected there will be no major issues in this regard, it doesn’t hurt to make sure users upgrade sooner rather than later. This also applies to all service providers relying on Cardano for any of its specific purposes. The main problem is how there will undoubtedly be a few different “clients” to facilitate this upgrade. There has been a rise in fraudulent cryptocurrency-related applications over the past few years. It is not unlikely Cardano users will be targeted by this particular aspect either. Never allow anyone to access their wallet for whatever reason, nor should users download software from unofficial sources or forum posts.  Keeping tabs on this particular aspect will prove somewhat difficult, but most users should be able to rely on common sense. Cryptocurrency exchanges and trading platforms will also need to update the wallet API before upgrading to version 1.5. It seems that will not pose any major problems moving forward, although it will be interesting to see if all companies decide to make this happen in a swift manner. All things considered, this is a major development for the Cardano ecosystem and its community. Although the “big” changes have yet to materialize, the foundation for those upgrades is in place as of right now. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. Image(s): Shutterstock.com The post Cardano 1.5 Releases on the Mainnet Ahead of PoS Protocol Upgrade appeared first on NullTX.
NullTX

PoW and PoS OBSOLETE? BlockFin - NEW ALGORITHM EXPLAINED

In this video, we are discussing BlockFin - a new consensus algorithm. To understand BlockFin we, first of all, have to understand the basics of consensus and the incentive structures of traditional algorithms such as PoW and PoS. After that, we move on and talk bout BlockFin. Hope you enjoy guys! This video is sponsored by BlockFin team. https://storecoin.com/ https://research.storecoin.com/blockfin
Ivan on Tech
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Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market

There are several altcoins that are registering interesting growth rates in the last weeks. This time, Ravencoin (RVN) was able to pump once again over 20% in just 24 hours. Although Bitcoin keeps being traded sideways, there are some altcoins that are behaving very positively. Ravencoin Spikes 20% Ravencoin was able to grow 20% and […]
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Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.
AMBCrypto

How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.
CoinGape

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. […] Cet article Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA est apparu en premier sur Bitcoin Central.
Bitcoin Central
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