Crypto Guides, Knowledge & Insights

Charles Hoskinson Lists 3 Reasons Why Cardano Is Better Than Ethereum

Charles Hoskinson – the founder of the blockchain platform Cardano – revealed his three reasons why Ethereum falls behind his project. Additionally, he scratched the topic of BTCs energy consumption.　　Why Cardano Is Superior to Ethereum？　　In a recent Yahoo Finance interview, Cardano‘s founder Charles Hoskinson criticized Ethereum’s network by calling it overrated and outlining a lack of vital qualities.　　First, Ethereum can only process smart contracts while the rival Cardano can do that with governance and compliance. Hoskinson added that his project could operate with metadata and also with automated regulation. Moreover, he concluded that Cardano was created to bring identity to the blockchain system.　　Second, Cardano was built as a collection of protocols that could offer economic support to billions of people, specifically in poor regions. Ethiopia, Tanzania, and Georgia are examples where the network cooperated with the local governments to benefit their citizens. In comparison, he mentioned that Ethereum has never done something similar:　　“We‘ve already started deploying ADA’s system in Ethiopia for five million students.”　　Third, Hoskinson opined that Ethereum has a very confusing structure and the upcoming ETH 2.0 release will lead to the demise of the entire network:　　“First of all Ethereum is killing itself. They are replacing Ethereum with Ethereum

2021-05-28Deep Dive

Bank of Canada sees no strong case for a digital dollar — for now

The Bank of Canada does not see a strong reason for issuing a central bank digital currency, or CBDC at the moment.　　Timothy Lane, the Bank of Canada‘s deputy governor and head of research at the bank’s fintech and crypto department, spoke on CBDC issues at a Wednesday panel, Reuters reports.　　According to the official, the Canadian central bank is now focused on CBDC implementations in more concrete terms, thinking about how it might work and look. However, the Bank of Canada has not found any solid case for issuing a CBDC, Lane said:　　“In terms of where we are with the project, we dont currently see a strong case for issuing it, but the world is progressing very rapidly and probably even more so in the wake of the pandemic.”　　Not only does the Bank of Canada not see a solid case for issuing a CBDC but also it has outlined a number of risks related to a state digital currency previously. In October 2020, the bank issued a report on CBDC-associated risks, paying special attention to threats arising from CBDC storage issues and competition between crypto exchanges and banks in terms of attracting users.　　Last December, Lane said that the global coronavirus pandemic

2021-05-27Deep Dive

Elon Musk not right person to lead green Bitcoin debate, Nic Carter says

Castle Island Ventures Nic Carter doesnt think Elon Musk is the right person to lead the “clean Bitcoin” debate, “possibly not as far as the Bitcoin community is concerned.”　　He told Bloomberg, “Bitcoiners are still intensely skeptical of Musk, and they view him as conflicted given that his business partially involves the sale of offsets.”　　However, asking for Bitcoin miners to be more transparent about their energy mix is a good proposal no matter who its coming from, Carter stressed, alluding to the recently formed Bitcoin Mining Council.　　Bitcoin is a decentralized synthetic commodity that is very resistant to regulation, he noted. If you ban Bitcoin in one jurisdiction, the hash power will just flow to a new jurisdiction. There will be no shortage of friendlier jurisdictions even if individual countries do ban it.　　Instead of banning Bitcoin due to its energy consumption, Carter suggests policymakers should create greener grids for Bitcoin mining.　　North American Bitcoin miners are cleaner than many other industrial consumers of electricity. Carter believes this is why the idea of miners being more transparent about the kind of energy they are using is going to vindicate them.　　Carter also doesnt seem to be convinced on the “Bitcoin is used for money laundering”

2021-05-27Deep Dive

dCanvas Employ Secure Proxies, On-Chain Meta Data on Collaborative NFT

Positioned as the biggest collaborative NFT art project, dCanvas opened up for the public for the second time by allocating 256 public release NFTs in its community pixel board on May 6th, 2021.　　Before this allocation, dCanvas had made 1024 NFTs available that got sold within five days. To understand why these public releases are so popular, we need to delve deeper into what dCanvas is, the purpose it serves, and how it is unique from other NFT projects.　　dCanvas: Owning Community Art　　At its core, dCanvas is about a 1024X1024 community art pixel board, divided into blocks of 4X4. Each block is an NFT. Once you own a block, you win exclusive rights over the blocks colors and governance in the creation and sale of art pieces commissioned based on the picture of the overall canvas. In the end, as an owner of a block, you can earn your share of the potential royalties with your co-block owners.　　Before its official launch, dCanvas offered a limited number of NFTs in the first two bouts, as mentioned earlier. These blocks were up for a fixed price, located at a premium central location of the board. These public releases have been successful. Outpacing the average

2021-05-27Deep Dive

Billionaire Carl Icahn Prefers Ethereum Over Bitcoin

During a Bloomberg TV interview, Icahn Enterprises founder Carl Icahn had some words of praise for Ethereum, the worlds second-largest cryptocurrency, claiming that it can function as both a store of value and a payment system:　　“With Ethereum, its the underlying blockchain. So, Ethereum has two things — you can use it as a payment system, you can use it as a store of value.”　　When it comes to Bitcoin, the American businessman—whose net worth is estimated to be $15.6 billion—says that it can only serve as a store of value:　　“So Ethereum and Bitcoin are different. Bitcoin to me is just a store of value.”　　Icahn is not the only Ethereum-curious billionaire. Earlier this week, hedge fund legend Ray Dalio, who now owns Bitcoin, also said that Ethereums transactions are more efficient.　　A $1 billion bet　　While Icahn is yet to make a foray into crypto, he wants to eventually do it in a “big way”:　　“Im looking at the whole business, and how I might get involved in it…”　　The activist investor claims that he could put over $1 billion into digital currencies.　　Overall, he thinks that crypto is here to stay but warns that many cryptocurrencies issued today will not survive.

2021-05-27Deep Dive

Canadian regulators accuse crypto exchange of breaking securities law

Canadian securities regulators have initiated a regulatory action against major global cryptocurrency exchange Poloniex.　　On Tuesday, the Ontario Securities Commission published a statement of allegations against Polo Digital Assets, also known as Poloniex, alleging that the firm has failed to comply with Ontario securities laws.　　According to the statement, Poloniex has never been registered with the agency, while encouraging Canadians to use its platform and allowing Ontario residents to trade crypto derivatives and securities. “Poloniex has never filed a prospectus with the Commission or obtained an exemption from the prospectus requirement,” the OSC wrote.　　As Poloniex is incorporated in the Republic of Seychelles, the Seychelles Financial Services Authority has been assisting Canadian regulators in the matter, the OSC noted.　　The new action comes about two months after the OSC notified Ontario-operating crypto exchanges that they must comply with local securities laws or face potential regulatory action. Crypto firms were asked to contact the OSC before April 19, 2021, in order to discuss how to bring their operations as a dealer or marketplace into compliance.　　“Despite this warning, Poloniex did not contact the Commission by April 19, 2021 or at any time to start compliance discussions,” the regulator said.　　As such, the OSC enforcement staff requested that

2021-05-27Deep Dive

Reinventing the Financial Sector – From Satoshi to Bitcoin and Beyond

If you‘re familiar with the crypto space, you’d know blockchain was invented back in 2008 by the mysterious Satoshi Nakamoto – the same developer who created the very first cryptocurrency, Bitcoin. Blockchain is essentially a record-keeping technology. It is a distributed ledger made of virtual ‘blocks’ containing data regarding transactions and traders linked together in a virtual ‘chain.’　　In the post-Covid world, as everything around us gradually walks the digital road, it‘s only natural that the financial sector will need to go virtual to keep up with the users’ demands and requirements. Blockchain is a technology that, combined with the finance industry, can provide solutions to many of the existing pain points of the industry (security issues, increasing frauds, etc.), as well as bring some completely new attributes to the table. In this post, we discuss why blockchain in the financial sector is a good idea and how the technology will affect the finance industry.　　What benefits does blockchain in the financial sector have？　　Blockchain tech was built to deftly and swiftly handle fund transfers, tokenize assets both digital and tangible, and even for developers to create new projects on top of a blockchain with extraordinary ease. Therefore, blockchain in the financial sector

2021-05-27Deep Dive

Stablecoins Surpass $100 Billion Market Cap

Stablecoins have hit a $100 billion market cap.　　Stablecoin Supply Growth　　Stablecoin supply has exploded in 2021.　　Stablecoins are a type of synthetic asset that track the price of another asset. They‘re designed to have the same value as the asset they’re pegged to, and most frequently track the price of fiat currencies like the U.S. dollar.　　On Jan. 1, shy of $30 billion in stablecoins were available. That number has tripled since the start of the year to reach $100 billion today, according to data from The Block.　　Source: The Block　　Tether‘s USDT is still responsible for over 60% of the total market cap for stablecoins. USDT’s supply on Tron has also progressed exponentially and has now surpassed the supply on Ethereum.　　While USDT is currently crypto‘s preferred stablecoin, USDC has been starting to catch up. Major partnerships with the likes of Visa have accelerated the growth of USDC, along with fears around Tether’s cash reserves backing its own stablecoin. All crypto-native transactions using Visa cards will now be settled in USDC on the Ethereum blockchain, a major step in global stablecoin adoption.　　On Tethers side, the biggest driving force has been its adoption of the Tron blockchain for faster transaction times and cheaper fees. Since the

2021-05-27Deep Dive

ICYMI: Bitcoin’s Real Potential in a World We Can’t Afford

Bitcoin is reviving the potential for real savings. While that may come as a surprise to the many outsiders who look at Bitcoin as a mere get-rich-quick scheme, the true utility of Bitcoin lies in its ability to preserve wealth across space and time. Inflation and cost of living were already on the rise when Covid-19 came along and accelerated both trends.　　Inflation breeds a spending culture　　Fiat currency creates an incentive to spend due to inevitable inflation. While the Fed targets inflation at just under two percent, and the official statistics suggest an inflation rate close to this goal, the real number is much higher. According to the Economists Big Mac Index, the real inflation rate may be more than double the number reported by the Fed.　　Whats more – US inflation and debt spending have increased in recent years, much more so since the pandemic (think of the recent $1.9 trillion US stimulus bill). Whether you buy the conservative estimates of 2% to 4% inflation or the more troubling ones of 10% to 15%, a dollar tomorrow is not worth as much as a dollar today. Consumers who stopped spending during the pandemic will need more cash than before to purchase

2021-05-27Deep Dive

UK bans Luno’s ‘time to buy Bitcoin’ ads, calls them “irresponsible”

The UKs Advertising Standards Authority (ASA) has banned a series of popular Bitcoin ads in the country citing irresponsibility, a report on national news outlet The Guardian said today.　　Hard on crypto　　The ASA had previously banned similar ads by crypto exchange Coinfloor in March this year, terming them “socially irresponsible.” It has taken a similar vein for the London-based crypto services firm Luno this time, stating the ads failed to provide adequate information about the risks involved in crypto investing to newbies.　　“We understood that Bitcoin investment was complex, volatile and could expose investors to losses,” the authority said, adding:　　“That stood in contrast to the ad. The audience it addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies.”　　The ad campaign was banned particularly for breaching the UK advertisement code on misleading and irresponsible advertising.　　What did Bitcoin do now？　　The so-called ‘high-profile’ campaign began back in December last year and saw ads plastered across London‘s expansive Underground system and bus networks. The ads featured this tagline, or a variation of this tagline: “If you’re seeing bitcoin on the underground, its time to buy.”　　But the complaints flowed in shortly afterward. The public said such ads did not represent the many

2021-05-27Deep Dive

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