- Cardano Has Finally Started the Migration to the Proof-of-stake Protocol with the Shelley Hardfork
- Analyst Explains That IOTA’s Collaborative Consensus Is Much Better Than PoS and PoW
- Cardano ADA Moves Dangerously Below the $0.900 Support Risking Lower Lows
Cardano News Today – Before the launch of the Cardano Shelley hardfork, there was a lot of hype about how the blockchains migration from proof-of-work to proof-of-stake would change the game for Cardano. Among other things, the proof-of-stake protocol makes the blockchain more decentralized than its proof-of-work counterparts. This protocol is also more functional than the proof-of-work protocol. However, the IOTA MIOTA blockchain might have what it takes to compete with Cardano’s proud proof-of-stake according to one analyst.
Cardano News Today – Does IOTA Have What it Takes?
Unlike Bitcoin and Cardano, IOTA’s Tangle runs on a collaborative consensus mechanism that is validated by economic actors across the globe. IOTA’s Hans Moog recently said that the decentralized ledger technology that is currently in existence has failed to do what it’s supposed to because developers are trying to build a vacuum in isolation. He said that Tangle is better than proof-of-work and proof-of-stake because it combines decentralized technology with validation from economic actors of the world. This makes it more secure than PoS and PoW, or so he believes. The economic actors Moog is referring to includes but isn’t limited to, corporations, States, individuals, companies, and cryptocurrency whales.
Moog said that the first model of the decentralized ledger technology is better than the second model. The first model is what was followed in the creation of IOTA Tangle. Moog said that current DLTs (PoW and PoS) are difficult to fragment into shards, hence the scalability problem. In his words;
“The more shards you have, the more you have to distribute your hashing power and your stake and the less secure the system becomes. Real-world identities (i.e. all the big economic actors) however could shard into as many shards as necessary without making the system less secure. Today’s DLTs waste trust in the same way as PoW wastes energy.”
“Is secure money worth anything if you can’t trust the economic actors that you would buy stuff from? If you buy a car from Volkswagen and they just beat you up and throw you out of the shop after you paid then secure money won’t be useful either.”
Cardano ADA Moves Dangerously Below the $0.900 Support Risking Lower Lows
In other news, the Cardano ADA token is dangerously moving below the $0.90 level. At the time of writing, the token was trading at $0.090511. It is down by 2.66% against the USD and down by 1.90% against Bitcoin BTC. The trading volume over 24 hours was $422,009,167 and the market capitalization was $2,346,689,155. Falling below the $0.90 level will make things worse for Cardano ADA.