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Who Uses Cardano Blockchain and Why?

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Who Uses Cardano Blockchain and Why?

Cardano is a third-generation blockchain that was developed in 2017 as an alternative to Ethereum, aiming to correct all the flaws Ethereum had and make a better, faster, and easier-to-use chain.

Reality is changing so fast in the crypto world and now Ethereum has reemerged as a better blockchain option, after its relocation to proof-of-stake (PoS). How will this affect Cardano and is Cardano still a good investment?

In this article, we’ll talk about all the advantages of the Cardano blockchain, who uses it, and why. We’ll take a look at the best alternatives to Cardano (ADA), that are set on Ethereum, such as Tamadoge (TAMA) and Lucky Block (LBLOCK), but also Binance Smart Chain, like Battle Infinity (IBAT).

Main Advantages of Cardano Blockchain and ADA Coin

Cardano is a proof-of-stake blockchain platform where you can become a validator by staking the platform’s native ADA token. By staking some of all of your ADA coins you earn passive income in network fees for all the transactions you validate.

The Ethereum co-founder Charles Hoskinson was hoping to create a more sustainable and scalable blockchain when he launched Cardano as an alternative to Ethereum. Bitcoins’ biggest competitor Ethereum was still relying on proof-of-work (PoW) protocol that was regarded as slow, energy consuming, and outdated, so much so that all alternatives based on PoS, like Cardano, were welcomed.

Investors use ADA mainly for staking, for which they receive rewards also in ADA, and to pay transaction fees for using the platform.

Now that Ethereum went through the Merge and became PoS-based, Cardano may be much affected by this upgrade.

cardano blockchain

Cardano Cryptocurrency 2022

Cardano is a cryptocurrency created and traded as a potentially prevalent model of investing and earning money. Good marketing and a large community have upgraded the currency’s value to significant numbers. However, after the crypto crash in May, the price dropped and has continued to decline until now. Although experts expect raising back in value in years to come, it will hardly be as impressive as investors expected. 

Cardano price prediction

One of Cardano’s most prominent (ADA) features is its origin, created under the Ethereum blockchain by its co-founder Charles Hoskinson. It is designed to be a part of the proof-of-stake blockchain as an opportunity for investors and visionaries to make the world a better place. The team building has created an interoperable and scalable multi-asset ledger with a platform for verifiable intelligent contracts. 

Cardano was supposed to be a more efficient alternative to proof-of-work networks like Bitcoin and Ethereum. Because of that, it had higher interoperability and the potential to be faster, cheaper, and more sustainable. 

Things went well until May, and mentioned crash, when major cryptocurrencies collapsed, taking all more minor currencies with them. Cardano was one of them that dropped in value, seemingly even more than any other currency. It was the only currency that ended 2022 with a price lower than its minimum during 2021. Investors have pulled their investments, and the token lost its value quickly. 

Although experts expect coming back of the currency in months to come, it will hardly be a stable and sustainable model of investing for a long time. If we see predictions, Cardano will not have significant raise in price in years to come.

Year Price
2022 $0.53
2023 $0.79
2024 $1.16

Is Cardano Blockchain a Good Investment and Why?

Just in the first three weeks of September Cardano’s price was in a slow but imminent fall dropping by 12 percent in the past seven days. The current price is $0.4485 per ADA which is around 85% below the all-time high of $3.10, according to Coinbase.

The fall of Cardano is not expected to last long, since the blockchain is preparing an important upgrade for September 22. The Vasil hard fork is expected to go live and enhance the network’s scalability and usability, but also recheck the ADA price.

While Cardano is struggling to get back on its feet in the shadow of Ethereum’s Merge, investors’ interests once again turn to Ethereum and its big stars like Tamadoge, which is a new presales record breaker amongst cryptos.

Tamadoge as the Best Ethereum Alternative to Cardano Blockchain’s ADA

Tamadoge (TAMA) is the first meme coin with significant utility and it just closed its presale by rising by $19 in a month. The project offered half of the total two billion supply on presale and they all sold out ahead of time.

Tamadoge is more than a meme coin since it’s also a ticket to Doge themed metaverse where users spend time with the amazing Tamadoge Pets in a play-to-earn (P2E) virtual setting.

Tamadoge Pets come in the form of NFTs you can own but also develop through the game by raising them to adulthood and earning rewards for your devotion. Your Tamadoge Pets can also battle other players’ pets and earn ‘Dogepoints’ that transfer to TAMA tokens.

Since the presale is over, the project’s Telegram or Discord are the places to go if you want to keep up with this exciting new project and find out more on how to acquire your own Tamadoge.

tamadoge

>>>Buy Tamadoge Now<<<

Lucky Block – the Best NFT Competitions Platform

Lucky Block is the market-leading NFT competitions platform whose coin LBLOCK got in front of hot new coins after a series of listings on high-profile exchanges, including LBank, MEXC, and Gate.io.

There are two upcoming events on Lucky Block’s calendar that investors are anxious about since they should boost the price of LBLOCK.

Lucky Block is planning to start a burn program that will make this token a deflationary asset. The plan is to burn 1% of tokens each month to decrease the current supply of 3.65 billion tokens.

Lucky Block is also soon to release an Ethereum bridge that will connect the two versions of LBLOCK coin set on two different blockchains and make them interchangeable.

LBLOCK coins are used to purchase Lucky Block NFTs that gives you access to competitions at the Lucky Block NFT Competitions platform. Each Lucky Block NFT collection has its designated Lucky Block NFT competition and its designated prize.

The project’s coin LBLOCK is already popular with investors and the upcoming upgrades are pushing this coin even higher on the list of coins to own this year.

luckyblock

>>>Get Lucky Block Here<<<

Battle Infinity the Binance Smart Chain Alternative to Cardano

Battle Infinity is a fantasy sports play-to-earn (P2E) ecosystem based on the Binance Smart Chain that managed to sell out all the coins offered in presale earlier than expected.

The Battle Infinity P2E ecosystem consists of several products. There is a fantasy sports game where players are collectible NFTs, but there are other assets also structured as NFTs, like customized avatars or virtual land. These NFTs can be bought or sold on an NFT market. There is also a games store, a decentralized exchange, and a staking platform.

The most interesting part of the project is a social interactions platform set in virtual reality where players can interact on a whole new level with their game surroundings.

The project is currently at phase four on its roadmap, where several exchange listings are planned but also a launch of the Battle Stake platform. All of this makes Battle Infinity’s native token IBAT the best coin to own in 2022.

ibat premier league

>>>Buy Battle Infinity Here<<<

Conclusion

Cardano is experiencing a current fall in price that is not expected to last long and is probable to be followed by a positive price correction after the expected upgrade.

The expected changes in price might be slight when compared to long-run projections that are in the case of Cardano pretty volatile. There are no guarantees how the Ethereum Merge will affect ADA coin price in the upcoming months.

The best alternatives to buying Cardano are amongst new but strongly set coins, like Lucky Block which has a roadmap rich in momentous events pushing the price of LBLOCK higher each time. Tamadoge is also a choice to consider since investors couldn’t get enough of this meme coin with utility that has a record presale.

If you see the potential in metaverse games but would like something based on real sports, Battle Infinity is the project to invest in in 2022.

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report

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FTX’s Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report
  • A report by Forbes reveals that Sam Bankman-Fried knew about Alameda Research’s financial dealings.
  • SBF previously denied being “deeply aware” of Alameda’s finances. 
  • The former FTX chief regularly shared documents related to Alameda with Forbes over the past 2 years. 
  • The report indicates that SBF was well aware of Alameda’s business activities. 

An exclusive report published by Forbes has shed light on information that is in contradiction with recent claims made by Sam Bankman-Fried, the man behind the bankrupt crypto exchange FTX. 

Sam Bankman-Fried was aware of Alameda’s finances

In an interview at the DealBook Summit, SBF claimed that he was surprised by how big Alameda’s position was, referring to the risky trades made by his quantitative trading firm. The disgraced CEO tried to avoid accountability for Alameda’s actions by claiming that he was not involved in its day-to-day operations. “Alameda’s finances I was not deeply aware of. I was only surface-level aware of Alameda’s finances” he claimed. 

However, the report by Forbes provides an insight into the discussions they had with SBF in order to calculate his net worth for their annual World’s Billionaires list. During these discussions, Bankman-Fried shared several details that indicated that he was in fact well aware of Alameda Research’s finances. 

In order to prove his net worth, SBF detailed some of Alameda’s major holdings and several transactions involving Solana and Serum tokens as well as the notorious FTT. Some of these details were shared as recently as August 2022. The level of information found in the documents shared by Sam Bankman-Fried suggested that he knew more about Alameda than he revealed during his controversial interview. The former FTX CEO included details about his quant trading firm’s funds along with its token holdings, which at the time included 53 million SOL, 176 million FTT, and more than 3 billion SRM. According to this, the value of his share of Alameda’s funds under management was $8.6 billion. 

FTX's Sam Bankman-Fried Knew More About Alameda Research Finances Than Let On: Forbes Report 11

While it is still unclear as to how involved Sam Bankman-Fried was in the day-to-day operations at Alameda Research, the detailed description of the trading firm’s finances shared by him suggests that he knew more than he let on. 

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

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Mike Novogratz’s Galaxy Digital might buy crypto custodian GK8 from Celsius

Summary:

  • Galaxy Digital won a bid to buy one of Celsius’s assets as part of bankruptcy proceedings for the crypto lender.
  • Mike Novogratz’s company will buy GK8, a custodial business that Celsius acquired over a year ago in November 2021.
  • The custodian plans to launch crypto trading and lending for institutional investors.

Galaxy Digital submitted a successful bid for GK8, a crypto custodial service listed as an asset by Celsius during the lender’s bankruptcy proceedings. Both entity did not disclose the acquisition sum at press time. 

GK8 was acquired by Celsius in November 2021 when the bull run was near its peak. Months after, the lender was crippled by slumped crypto prices and Terra exposure. Celsius paused withdrawals shortly after LUNA and UST imploded in May, before declaring bankruptcy in July,

CEO Mike Novogratz said in a statement that adding GK8 to Galaxy Digital’s businesses offers a key ingredient for growth. Novogratz also addressed concerns regarding possible conflict of interest from the deal, ensuring that “clients will have the option to store their digital assets at or separate from Galaxy”.

Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.

Galaxy will also expand its workforce by some 40 employees as part of the deal. The firm hopes to onboard blockchain developers and cryptographers to name a few.

Galaxy Digital scoops Celsius asset after $76.8 million FTX exposure 

The digital asset firm reported losses in Q3 earnings after weathering contagion from Terra’s $40 billion crash. Galaxy’s earning report also revealed exposure to the bankrupt crypto exchange FTX. 

EWN reported that Novogratz’s firm tried to withdraw $47.5 million of the total sum from FTX before Sam Bankman-Fried’s exchange froze withdrawals.  The company

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Coinbase Calls Out Apple For Blocking NFT Transactions On iOS

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Coinbase Calls Out Apple For Blocking NFT Transactions On iOS
  • Coinbase has revealed that its latest app update was blocked by Apple.
  • Users of Coinbase Wallet iOS can no longer send NFTs.
  • Apple reportedly wants 30% of the gas fees levied on NFT transactions.
  • The exchange has warned that this will have a major impact on iPhone users that interact with NFTs.

Coinbase, the largest crypto exchange in the United States, has called out tech giant Apple Inc. for its monopolistic policies on commissions on NFT transactions. In a lengthy Twitter thread earlier today, Coinbase Wallet revealed that Apple had blocked its latest app release. The reason for this restriction is the gas fees associated with NFTs. Apple has reportedly claimed that the gas fees required to send NFTs need to be paid through their In-App Purchase system so that they can collect 30% on the fees. 

Coinbase: 30% commission not possible

The crypto wallet provider has clarified that the demands made by Apple are not possible to meet. The company has further alleged that Apple’s new policies are aimed at protecting their profits at the expense of consumer investment in NFTs. Additionally, this move also creates a hindrance in developer innovation across the crypto ecosystem. 

For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried.”

According to Coinbase, iPhone users that own NFTs stand to lose the most from Apple’s policy change. The policy will make it difficult for users to transfer NFTs. Coinbase has indicated that it is willing to work with the tech giant to find a solution. 

We hope this is an oversight on Apple’s behalf and an inflection point for further conversations with the ecosystem. @apple – we’re here and want to help

— Coinbase Wallet (@CoinbaseWallet) December 1, 2022

Apple’s de-facto ban on NFT trading

Apple has ignored repeated calls to exempt NFTs from its notorious 30% cut, which has been dubbed the “Apple Tax”. On 24 October 2022, the firm updated its App Store policy, which included guidelines for NFTs as well. This was the official nod from Apple for iOS apps offering in-app NFT buying and selling as well as minting, as long as the “Apple Tax” is paid.  

Per a report by The Information, Apple’s app store policies have had a direct impact on NFT startups. Due to these policies, NFT marketplaces don’t even consider selling through mobile apps, leaving a large portion of potential buyers untapped. According to Magic Eden’s co-founder and Chief Technology Officer Sidney Zhang, Apple’s commissions are the reason why her NFT startup has never offered buy and sell functions on its app. 

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