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Cardano Successfully Launches Shelley Mainnet

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Cardano Successfully Launches Shelley Mainnet

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Cardano reaches an important and highly anticipated day in its roadmap today as it moves to the Shelley phase of its march towards total decentralization.

The Cardano community has been anxious about the arrival of Shelley. Cardano’s founder Charles Hoskinson acknowledged that the speed of the development has not exactly met the expectations of the community of holders, but he is excited about the future and knows Cardano is going in the right direction.

“We’ve had problems with expectation management, and meeting deadlines and getting a proper project vision articulated, developed and deployed,” Hoskinson said during a YouTube broadcast back in March. But of late Cardano, has picked up their pace and delivered the much anticipated Shelley as promised.

Hoskinson thinks IOHK is on its way to creating the most decentralized blockchain network. Back in October, he opined that they are pioneering some exciting technology.

Cardano became the first blockchain to provide a peer-reviewed status after working in step with professionals at the University of Edinburgh. Their proof of stake protocol Ouroboros reached a peer-reviewed status in 2018.

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As the Shelley era begins, Hoskinson has gone so far to say that Cardano’s code is among the best ever written in the field. In an interview with Layah Helipern, Hoskinson made a bold claim about the quality of Cardano and its technology.

“We’re speeding up and accelerating and we’re doing so with some of the highest quality code that’s ever been written in the history of our space because we’re using a really scientific language Haskell and we’re using the same engineering standards that NASA uses and SpaceX uses for their rockets.”

Charles Hoskinson and IOHK have been promising a revolutionary “third-generation” cryptocurrency since the Ethereum co-founder set off on his own path. Now nearing a level of interoperability, scalability, and sustainability that other protocols can’t provide, it could be time for Cardano to take over.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/cardano-successfully-launches-shelley-mainnet/

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Recently-appointed Blockchain Australia CEO elaborates on the future for blockchain

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Steve Vallas, who was appointed to the top spot this month, speaks about the importance of revamping the perception of blockchain, its utility in the post-pandemic world, and more

Blockchain Australia, the end to end Blockchain Consulting and Technology company, recently appointed Steve Vallas as their Chief Operating Officer (CEO). In an interview with Coin Telegraph, the newly-appointed CEO explained his vision for the future of Blockchain Australia and the future direction of the industry.

Vallas said that building up public confidence in blockchain and improving the image of the technology among businesses and governments across the world topped his to-do list.

Steve Vallas replaces Nick Giurietto, who led Blockchain Australia for the last five years in the top spot. Vallas, who is a qualified lawyer and blockchain technology strategist, has worked as an industry coach and mentor for multiple universities and accelerator programs.

He is also the founder of the Australian marketing firm Honey Digital. Vallas has previously been part of the advisory team for governments on blockchain technology.

His main focus will be in improving the confidence of key industry leaders on blockchain technology by presenting it as a stable and well-developed solution. “It comes down to people’s definition of blockchain. Their views were formed during the 2017 period where a lot of scams and [poorly planned] projects failed,” he stated.

Vallas elaborated that blockchain is often considered synonymous with cryptocurrencies, but the use of the technology across different sectors is difficult to explain. Even today, many don’t understand how blockchain can benefit the supply chain, retail or legal sectors.

The pandemic presents a unique opportunity for the blockchain sector and the industry must take full advantage of it, Vallas claimed. He said that, “it [COVID-19] has highlighted the flaws in current systems” and the need to keep systems running without the constant need for human intervention.

Disruption in supply chains over the past few months has led organisations to be open to unorthodox solutions. Blockchain Australia must seize the opportunity to contribute to a post-pandemic future, he added.

The Australian Ministry for Industry, Science, Energy, and Resources, formulated a national strategy for capturing the potential of blockchain engagement in businesses called the National Blockchain Roadmap, earlier this year.

Vallas said that he aims to bring industry leaders, government officials, and other relevant parties to the same page with the new initiative. He added that the National Blockchain Project is viewed as a clear indication that the government is willing to work with blockchain leaders to develop a sustainable plan.

Source: https://coinjournal.net/news/recently-appointed-blockchain-australia-ceo-elaborates-on-the-future-for-blockchain/

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VeChain Crypto Hits YTD High in Latest Intraday Rally; What’s Next

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  • VeChain (VET) hit a year-to-date high (YTD) during the Friday trading session.
  • The 24th largest blockchain asset rose 8.57 percent to 114 sats, bringing its YTD gains up by more than 85 percent.
  • Nevertheless, the VET/BTC uptrend is showing signs of cooling off, albeit holding a string of dependable support levels underneath.

VeChain’s crypto token VET rose 8.57 percent on Friday to hit its year-to-date high at 114 sats.

Traders flocked to the 24th largest cryptocurrency due to unfound reasons. But its intraday rally coincided with a review from Early Metrics on VeChain’s potential as a startup.

Praises

The globally renowned rating agency called the blockchain company as one of the fastest-growing startups, praising its growth logic, market positioning, and operational implementation. The favorable review appeared as VeChain powered a drug traceability platform for Bayer China, one of the world’s largest pharmaceutical firms in late May 2020.

The word-of-mouth visibly helped VeChain’s native crypto asset VET painting an incredible rally on Thursday. The climb also came as a part of a 200 percent rebound from the token’s March 2020 lows.

The blockchain industry is still at its nascent stage. But traders anticipate specific projects to utilize the distributed ledger to its full potential. And when some of these startups receive recognition by existing tech firms, they tend to attract traders to purchase the asses that back their blockchains.

VET, it appears, rose on a similar sentiment.

VeChain Technical Outlook

Another reason why traders preferred to migrate their capital into the VeChain market is an annoying Bitcoin. The benchmark cryptocurrency stands stuck in a $1,000-wide trading range for the last three weeks. Meanwhile, its price moves this week remains capped inside a $5,00-range.

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VeChain breaking out of a Bullish Pennant. Source: TradingView.com

VET appears at an advantage against an underperforming Bitcoin. The crypto has just broken out of a Bullish Pennant structure that puts it en route to a fresh upside target towards 129-132 sats. Incidentally, the resistance area also coincides with the 78.6% Fibonacci level on the retracement from 158-high to 35-low.

The crypto token’s bullish bias is also gaining strength from a string of concrete support levels. At first, VET/BTC is trading above its 20-EMA (the green wave) and 50-SMA (the blue wave). Moreover, it is holding an incredible price floor at around 88 sats.

Despite the bullish signs, there remain risks of a downside correction as well, especially when Bitcoin starts rebuilding its upside scenario. Should that happen, VeChain would test all the support levels for a potential pullback.

Source: https://www.newsbtc.com/2020/07/03/vechain-hits-2020-high-intraday-rally/?utm_source=rss&utm_medium=rss&utm_campaign=vechain-hits-2020-high-intraday-rally

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Japan’s central bank to check for technical feasibility of the digital yen

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In an announcement yesterday, the Bank of Japan outlined the two major technical barriers the project must overcome — universality and resilience

In a report released yesterday, the Bank of Japan (BoJ) revealed that it would commence a Proof of Concept (PoC) process with the digital yen. However, any timetable for the release of the currency is yet to be announced by the bank.

The report, titled “Technical hurdles for CBDC,” outlined the objective of experimenting with CBDCs and the potential they hold for a country like Japan and the world.

It is important to note that China is already ahead of Japan in the race to be the first major country to release its own CBDC. According to reports, China is in the testing phase for the digital yuan and began piloting the comprehensive project in the cities of Shenzhen, Chengdu, Suzhou and Xiongan in April.

Thursday’s report stated that the proposed experimentation would “check the feasibility of CBDC from technical perspectives, collaborate with other central banks and relevant institutions, and consider introducing a CBDC.”

The report explained that ensuring universal access and developing resilience were the two major technical barriers for the project. The former refers to providing access to the country’s CBDC to everyone — including those without a smartphone.

As of 2018, research suggests that only 65% of Japan’s population had access to smartphones. Thus, the BoJ believes that “it is important to develop CBDC to be available to a variety of users”.

The BoJ also emphasised the necessity to develop resilience to ensure that the currency is available even when the power is down, stressing that the digital yen will need to be available during emergency situations, such as an earthquake.

A centralized system carries the risk of collapsing due to a possible single point of failure, but can offer larger capacity and faster transaction speeds. And although a decentralized system will be able to overcome a single point of failure, it will take longer to process transactions as blockchain networks require consensus among multiple validators.

“Both centralized and decentralized types have pros and cons […] in the case of massive transactions for retail use cases in advanced countries, it is better to adopt the centralized type […] in the case where the amount of transaction is limited and resilience and future possibility are prioritized, there is room to consider the decentralized type,” the report concluded.

Source: https://coinjournal.net/news/japans-central-bank-to-check-for-technical-feasibility-of-the-digital-yen/

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