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Cardano’s Charles Hoskinson: Ethereum 2.0 will kill…

The crypto-space has been getting refined and developed of late. With people from the community understanding the importance of ‘innovation’ in the ecosystem, individual projects have ushered in a series of upgrades recently. To highlight the essence of the revolution, Cardano’s Charles Hoskinson did not shy away from recently asserting the fact, “Innovations get you out…

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Cardano’s Charles Hoskinson: Ethereum 2.0 will kill…

The crypto-space has been getting refined and developed of late. With people from the community understanding the importance of ‘innovation’ in the ecosystem, individual projects have ushered in a series of upgrades recently. To highlight the essence of the revolution, Cardano’s Charles Hoskinson did not shy away from recently asserting the fact, “Innovations get you out of situations.”

Highlighting the ongoing market trend, the exec went on to say,

“Altcoins, at this point, are collectively more worth that what Bitcoin is and there’s a lot of institutional money that is leaving is leaving the PoW consensus and is going to the greener PoS alternatives.”

Ethereum, with its 2.0 upgrade, would shift to the PoS consensus mechanism. As pointed out previously, Proof of Stake coins like Cardano, Polkadot, and Solana have been pumping harder than their PoW counterparts. Additionally, their market valuations and rankings have been quite impressive lately too.

According to Hoskinson, networks that use the PoS mechanism “do more,” with the exec adding that it is “the bread and butter to sustain real financial applications.” He added, 

“Crypto is seeing a big pivot to sustainability.”

In light of recent developments, there have been talks that Cardano is a potential Ethereum killer. Hoskinson straight-out denied the claim, however, stating that what Cardano sought to achieve set it apart from other bigger names in the industry. Talking about the “actual” Ethereum killer, he asserted, 

“First of all, Ethereum is killing itself. They’re replacing Ethereum with Ethereum 2.0. So, Ethereum 2.0 will kill Ethereum 1.0.”

Additionally, by doing “holistic things” in the ecosystem, Hoskinson underlined that Cardano is filling in all the missing pieces. For starters, its much-anticipated Alonzo hard fork, will allow developers to build smart contracts on its platform. In the next 90 days, apart from focusing on Alonzo, Cardano would divert its attention to support other potential viable projects too. Highlighting the same, Hoskinson said, 

“For smart contracts we are almost through that entire rollout… The next major milestone was the ability to issue assets on the platform and there are a lot of NFT platforms coming in.”

Hoskinson also brushed off the assumption of Ethereum potentially killing Cardano post its shift to the PoS mechanism. According to Hoskinson, Cardano is “leading” the PoS fight. He said, 

“I don’t look at it that way. We were always with the mantra – scalability, interoperability and sustainability. We were first to the market to PoS and Ethereum is still having trouble. We have a better engine.”

Cardano uses the UTXO accounting model, which is said to be more scalable compared to Ethereum’s proposed model, and that, according to Hoskinson, gives Cardano another leading edge. He added, 

“We’ll be a leader for micro payments. Well again, everyone is free to disagree and that’s what makes it fun.”

Finally, while highlighting the different technologies, philosophies, user bases, and time horizons, the exec commented, 

“The bigger the systems get, the slower they evolve. Look at Bitcoin. Bitcoin’s co-developers desperately want to develop the system… they just can’t get it done.”

Unsurprisingly, Cardano’s digital currency, ADA, has also been doing pretty well lately. After scaling up to the fifth position on CMC’s rankings, the coin’s impact on portfolios has by and large been positive since the beginning of this year. 


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Analysis

SEC, Ripple, XRP Lawsuit update: This is ‘something obviously the SEC does NOT want to see happen’

The ongoing case between the United States SEC and Ripple Labs was already seeing a lot of back and forth before John Deaton and XRP Holders filed a motion to intervene. While the defendants, for their part, have come out in support of the movants’ motion in “limited capacity,” the regulatory agency has vigorously argued…

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SEC, Ripple, XRP Lawsuit update: This is ‘something obviously the SEC does NOT want to see happen’

The ongoing case between the United States SEC and Ripple Labs was already seeing a lot of back and forth before John Deaton and XRP Holders filed a motion to intervene. While the defendants, for their part, have come out in support of the movants’ motion in “limited capacity,” the regulatory agency has vigorously argued against both the motion and Ripple’s “limited participation” idea.

The SEC’s latest response to both has fueled quite a reaction within the crypto-community, with most on the fence with respect to what they expect might happen next. Jeremy Hogan, however, isn’t one of them, with the popular attorney recently going on Twitter to air his views on the agency’s response to XRP holders’ motion to intervene.

According to Hogan, the aforementioned response “jumped the proverbial shark,” with the attorney implying that the SEC’s latest argument is unlikely to fly and be accepted by the court in the present case. Here, the argument that Hogan was referring to was the allegation that Ripple and Deaton and XRP holders are in cahoots with each other and are colluding to beat the SEC.

Such an allegation is an extension of similar statements made by the SEC in the past. In fact, in its initial reply to Deaton’s motion to intervene, the agency had accused the movants of “reciting” the defendants’ litigation position. Even in its present response, the SEC has alleged that the movants won’t be impartial and objective participants, with the agency adding,

“….. Movants would act as friends of the defendants, not true friends of the court.”

It’s worth adding, however, that for his part, Hogan seemed to agree with the SEC’s contention that XRP holders shouldn’t be “injected as full litigants.” Instead, he said,

“I think the Judge should (and will) grant limited “amici” participation – something obviously the SEC does NOT want to see happen.”

Hogan, ergo, seemed to side with Ripple’s conditions for XRP Holders’ participation in the present case.

The popular attorney also took issue with the fact that the SEC has failed to recognize the value of the new insights and facts the movants might be able to bring to the said litigation.

What does the SEC’s latest response, the sheer tone and animosity of it, mean for the prospect of settlement, however? Well, according to the attorney, “it doesn’t change anything.”

Finally, Hogan observed,

“Lawyers are not supposed to make baseless accusations against opposing counsel yet, here we are…”

This is a telling statement to make, especially since something similar was implied by the intervenors’ latest memorandum of law against the SEC’s opposition. In his submission to the court, Deaton had claimed that he was being “unfairly targeted as an unhinged conspiracy theorist crusader.”


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Jibin George

Jibin is a news editor at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA

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Analysis

Matic & Loopring: Why these projects matter to Ethereum’s performance

With ETH’s price back in the $2900 range, there has been a lot of debate on the level of security Layer 2s provide, their long-term ROI, and the sustainability of their price rally. After crossing the $4000 level on May 12, the price dropped, several times and the scaling solutions’ have rallied. Consider the analogy,…

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Matic & Loopring: Why these projects matter to Ethereum’s performance

With ETH’s price back in the $2900 range, there has been a lot of debate on the level of security Layer 2s provide, their long-term ROI, and the sustainability of their price rally. After crossing the $4000 level on May 12, the price dropped, several times and the scaling solutions’ have rallied.

Consider the analogy, someone with $100 can save or store it in several ways as they would like. There is the option of storing it in a wallet, keeping it in a bank, or in the security of a vault. However, with Ethereum, a trader with $100 worth of ETH would have to use all ways at once – store in a wallet, bank and vault at once. Does that make it inefficient and unnecessary?

What L2 solutions do is that they offer the option of one way instead of many, making it efficient. These L2 solutions are projects like MATIC, Loopring, OMG. All three projects have offered high short-term ROI since the launch of ETH L2. In the case of MATIC, the number of transactions and the transaction volume have increased significantly since the launch.

The altcoin now ranks 14 in the top 25. The transaction volume for nearly all three projects has increased, on account of significantly high fees of settling transactions on the ETH network. According to data scientist @ASvanevik, MATIC has the largest inflow of stablecoins of any Ethereum address in the last 7 days. This signals increasing demand for MATIC, while the price rally extends beyond the 105% from last week.

In the case of Loopring based on the following data from Lunarcrush.com, the Galaxy Score Trend, a combined measure of health, quality and performance, is at 63, lower than the peak it hit the second week of May 2021. The social volume has dropped considerably and the demand across exchanges has dropped. It is anticipated that once the social volume recovers and trader sentiment is neutral, Loopring would offer high short-term ROI like other L2 scaling solutions.

L2 solutions are likely to remain relevant for a long time; as ETH transaction fees remain high, traders and ETH Maxis have been bullish about MATIC and Loopring. MATIC already offers side chains and plasma and has a roadmap to introduce optimistic and Zk rollups in the future which is likely to increase ease of use. In the war of L2 scaling solutions, ease of use is the key factor, after demand and ROI. Long-term ROI is anticipated to be high for ETH and scaling solutions alongside it.


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Ekta Mourya

Ekta is a full-time journalist at AMBCrypto and her specialization lies in spot markets. Currently pursuing her MBA, she is passionate about trading, fintech, and everything decentralized.

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What’s next for XRP’s price following these court proceedings

The ongoing legal battle between the SEC and Ripple has been somewhat of a rollercoaster for XRP traders and HODLers. There is uncertainty in the price of the altcoin, as a result of this legal debacle. The SEC has argued from the beginning of this enforcement action that XRP is a security. The impact of…

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What’s next for XRP’s price following these court proceedings

The ongoing legal battle between the SEC and Ripple has been somewhat of a rollercoaster for XRP traders and HODLers. There is uncertainty in the price of the altcoin, as a result of this legal debacle. The SEC has argued from the beginning of this enforcement action that XRP is a security.

The impact of the recent updates is that XRP’s price is at $1.44, down nearly 5% in the last 24 hours. There has been an increase of nearly 50% in the trade volume in the last 24 hours. The altcoin’s price is nearly 62% below the ATH of the $3.84 level based on data coinmarketcap.com.

The social volume hit a peak several times, following updates from the SEC vs Ripple hearing. It has dropped to 16258 based on the above chart, following SEC’s argument that XRP holders are actually XRP investors. This is akin to an attack on XRP HODLers’ portfolio given the impact on the ROI in the short-term. (Ironically, the SEC’s motto is to “protect investors”)

HODLers vs Investors: What is the fate of XRP traders

XRP Short term ROI || Source: Messari

Based on the above chart, XRP traders have earned less than 15% ROI in the past 30 days and that makes it less profitable than most altcoins in top 10. Similarly, for HODLers who accumulated when the price was at $1.9 level, they are currently unprofitable. The volatility has nearly dropped, with a few spikes following updates from the hearing. At the same time, XRP’s correlation with BTC and ETH is above 80%. This has helped the altcoin’s price sustain at the $1.6 level against the selling pressure on spot exchanges.

In its latest filing, the response from SEC makes the hostile stance towards XRP traders clear. The updates in court proceedings have by no means safeguarded the interests of XRP traders. The short-term ROI is expected to drop further following updates.

The enforcement action brought by the SEC may have never been intended to protect or negatively impact XRP’s price, however, at a time when nearly every mid to small-capitalization altcoin is rallying this summer, XRP’s rangebound price action is largely a result of the SEC proceedings against Ripple.

XRP traders have responded to this action, by consistent demand across spot exchanges and the market capitalization is currently above $51 Billion, the altcoin ranks 7 and there are currently no signs of dropping below the top 10.


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Ekta Mourya

Ekta is a full-time journalist at AMBCrypto and her specialization lies in spot markets. Currently pursuing her MBA, she is passionate about trading, fintech, and everything decentralized.

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