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The Cardano Foundation will preserve its independence, says new CEO

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3 Monaten ago

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The Cardano (ADA) ecosystem has a complex governance structure, not dissimilar from the way the U.S. democracy operates, with its built-in checks and balances. 

There are three main players: the Cardano Foundation, EMURGO and IOHK; according to the Foundation’s incoming CEO Frederik Gregaard, the governance will only get more complicated as more organizations join. He also said that he intends to maintain the Foundation’s independence from Cardano’s founder and IOHK CEO, Charles Hoskinson, who created this structure in the first place:

“The Foundation law in Switzerland says that we need to be independent. That’s exactly why it’s interesting and why Charles chose to set it up like that, because he really, truly feels that the people who are going to protect the Cardano protocol for the generations to come, need to be independent.”

The Foundation’s mission is the advancement of “the Cardano protocol.” It also retains a development company for the protocol, which is currently IOHK — though its contract expires later this year. With the Voltaire era scheduled for release in a few months, the community will soon vote on whether to extend IOHK’s contract. In the unlikely event that IOHK fails to secure the backing of the community, another development company will be hired to take their place.

Although back in 2018, there was a serious rift between the two, it appears that the relationship has been mended since. IOHK is an independent entity, and though its primary focus is on Cardano, it works with other projects as well. For instance, recently, it proposed a couple of solutions to Ethereum Classic. EMURGO was originally established as a venture arm of the ecosystem, but it appears to since have morphed into a broader technology company.

Gregaard accepts that Hoskinson is more than just the head of Cardano’s development company and that there may be times when they will butt heads over the direction of Cardano’s development:

“Charles did initiate the project together with one of his colleagues. So, there’s no doubt about how brilliant he is and how visionary he is. But he’s running a product company that needs to deliver products. <...> I’m sure that there are going to be some fights in terms of priorities and some spots where we believe, together with the community maybe, that we should go a bit more right and Charles wants to be a little bit more left and we need to agree on that together.”

He said that having worked with Hoskinson for the past 6 to 12 months (as a PwC consultant), he has a good feeling about this relationship, though he does not expect it to be easy. Gregaard is a big supporter of decentralized governance. In his view, this presents a viable alternative to the current state of the world, where giant tech platforms like Facebook and Google manipulatively exploit their users.



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RIOT Stock Registers Unprecedented Rally, Riot Blockchain Valuation Soars Above $1B

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2 Minuten ago

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Dezember 29, 2020

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Following the Bitcoin all-time high on Sunday, December 27, Riot Blockchain stock registered 20% gains on Monday’s trading session. The stock has already appreciated by 13x this year. Apart from BTC, investors of Bitcoin mining companies are making a bomb in the market.

Bitcoin mining giant Riot Blockchain is making all the news in the market at the moment. On Monday, December 28, Riot Blockchain Inc (NASDAQ: RIOT) stock price surged a massive 20% surging past $15.5 levels. One of the biggest milestones with the Monday rally is that the Riot Blockchain has clocked a $1 billion market cap.

The latest price rally comes as Riot Blockchain hints at going aggressively on its Bitcoin mining business. Last week, the Riot Blockchain added new S19 Pro Antimers to its bitcoin mining arsenal. The company announced the purchase of an additional 15,000 Bitcoin (BTC) mining machines from Bitmain. The recent purchase also pushes Riot’s total fleet to 37,640 Next-Generation Bitmain Antminers.

Riot said that the fresh purchase of Antminers will help the mining company to attain a 65% jump in its mining hash-rate. RIOT stock has registered an unprecedented rally this year in 2020. RIOT stock has multiplied by 13x this year registering a 1200% surge so far.

Riot Blockchain has issued nearly 17 million shares since November 2020 with its total outstanding shares going to 67.5 million. It has been a phenomenal journey for Riot ever since it ventured into the Bitcoin mining business in October 2017. With valuations less than $50 million back then, Riot has grown more than 20x in size as of its latest stock price.

RIOT Stock and Shares of Other Bitcoin Mining Companies Profit from BTC Bull Run

The recent Bitcoin (BTC) price rally during Q4 2020 has also pushed the stocks of Bitcoin mining companies to new highs. Earlier on Sunday, December 28, the BTC price hit its all-time high of $28,000 in a massive bull run followed by huge institutional inflows.

Moreover, along with the BTC price rally, the Bitcoin hash-rate has jumped significantly since November 2020. Over the last two months, the BTC hash-rate has surged nearly 30% and is currently at 132 TH/s. The surge in the hash-rate suggests higher mining activity for Bitcoin.

As a result, Bitcoin mining companies have been making massive purchases of the BTC mining machines. In addition to Riot Blockchain, other giants like the Marathon Patent Group have made aggressive purchases over the last few months. Just like RIOT, the Marathon Patent Group (NASDAQ: MARA) has registered a phenomenal rally of 18% on Monday, December 28. MARA stock has multiplied investors’ wealth by 12x in 2020. It means the MARA stock has also given phenomenal 1100% returns year-to-date.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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How low could XRP go? Watch these price levels next

Published

6 Stunden ago

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Dezember 29, 2020

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XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading. 

The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings.

In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471.

Where will the XRP price go next?

The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges.

On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. Paul Grewal, the chief legal officer at Coinbase, wrote:

“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”

As Cointelegraph previously reported, analysts anticipated Coinbase to suspend XRP trading after the United States Securities and Exchange Commission filed its complaint.

Coinbase plans to undergo an initial public offering, and it is in the firm’s best interest to remain fully compliant with the regulators in the U.S.

Considering the regulatory uncertainty around XRP, traders have emphasized that technical analysis is of less importance in the short term. Scott Melker, a cryptocurrency trader, said:

“A few people have told me that there’s oversold bullish divergence on the $XRP chart. You are doing it wrong. Charts don’t matter here. You cannot trade in a vacuum. Jesus could come down with Biggie and Tupac and put on a concert for Brad Garlinghouse and I still wouldn’t buy.”

In the foreseeable future, XRP has several major support areas it could potentially recover from. However, these are deep support levels on the weekly chart, which shows that it lacks momentum for a major rebound.

XRP/USD weekly candle price chart (Coinbase). Source: TradingView.com

The XRP price has fallen by over 60% in merely two weeks, recording one of its steepest two-week drops in history.

What happens next?

Adam Cochran, a partner at Cinneamhain Ventures, was one of the first to break the story that Coinbase had conversations about suspending XRP trading.

Cochran hinted that the SEC are probably looking into more projects and companies than people realize. He said:

“If you thought my scoop on Coinbase delisting/suspending $XRP was insightful, you’re going to love the next scoop I’m working on, this week. Looks like that SEC is far more active than we thought and sniffing around a number of projects and companies!”