Currently, at $0.0298, Cardano is down over 97 percent from its all-time high (ATH). Meanwhile, founder Charles Hoskinson shares the ongoing developments that according to him are signalling towards a very bright future of ADA.
“Making Epic Progress”
Charles Hoskinson, the founder of 12th largest cryptocurrency Cardano (ADA) in his latest Tweet shared about the ongoing developments and the future of the cryptocurrency.
“1.4 is almost out, testnet has been released, rust Cardano is making epic progress, the Haskell rewrite is underway, plutusfest in a few days, Emurgo is growing and the Foundation will soon reawaken from its long slumber. Cardano’s future is looking very bright!”
He further shared, “It’s amazing to see this in action.”
Just recently, Hoskinson also shared about the “latest flavor of Ouroboros,” whose abstract of the e-print version reads,
“We present Ouroboros Crypsinous, the first privacy-preserving proof-of-stake (PoS) blockchain protocol. To model its security we give a thorough treatment of private ledgers in the universal composition (UC) setting that might be of independent interest.”
Ouroboros is now coming with privacy by relying on SNARKs mechanism as further explained here,
“To prove our protocol secure against adaptive attacks, which are particularly critical in the PoS setting, we introduce a new coin evolution technique that relies on a SNARKs mechanism and key-private forward secure encryption. The latter primitive—and the associated construction—can be of independent interest. We stress that existing approaches to private blockchains, such as the proof-of-work-based Zerocash are analyzed only against static corruptions.”
Moreover, the updated version of the roadmap talks about Byron, the bootstrap phase where the improvements are being made. From here, the next step is Shelley that will contribute to “stability, interoperability, and governance,” this would further mean,
“Cardano’s protocols will increase in complexity, interdependence and use more exotic cryptographic primitives.”
Apart from the ongoing developments, Cardano is also gaining the limelight with Coinbase reiterating to exploring over 30 cryptocurrencies for listing.
The 12th largest cryptocurrency Cardano (ADA) is currently trading at $0.0298 with 24-hours gains of 2.70 percent. It is also in the green in the BTC market by 2.26 percent.
Cardano (ADA) is currently over 97 percent down from its peak at $1.25 in early January. The $772 million market cap cryptocurrency is managing the daily trading volume of about $26 million.