Liz Bancroft-Turner, the Project Manager at Charles Hoskinson’s science and engineering firm InputOutput presented the latest updates in Cardano’s Shelley Project. Here, she gave a recap of the developments made in the project, explained the road ahead and talked about test and quality plan methodology used to keep the progress in check. She began by speaking about the goal of the Shelley Project, which is to become fully decentralized and autonomous. Turner stated that there are three main work streams that will help the team deliver decentralization. These streams are incentives, delegation, and networking. The IOHK official added:
“For incentives, this is about encouraging stakeholders to follow the protocol andassure that the system runs smoothly for delegation this is about allowing users to hand over their right to sign blocks to a third party and for networking it’s about enabling the infrastructure to support decentralization.”
Cardano (ADA), which is supported by IOHK, is the firm run by Charles Hoskinson, the founder of Cardano (ADA). They are known for their low key style. They focus more on the development and less on marketing. Cardano (ADA) is one of those projects that are increasingly seeing the institutional interest. The price had an extensive correction and is now ready for a trend reversal. After Eos (EOS), Cardano (ADA) seems to be the top ten coins with the most satisfied investors.
Market Cap being at $ 2Billion and Circulating Supply at 25 927 070 538
The above chart for ADA/USD on the weekly time frame shows Cardano (ADA) in a strong downtrend. The price has failed to breach the downtrend yet. The current weekly candle lies right next to the downtrend line but it has failed to break above it thus far. However, the lower the ADA/USD falls, the easier it gets for Cardano (ADA) to break the downtrend resistance. If Cardano (ADA) breaks this downtrend, there is little doubt that it will break past $1 in a matter of weeks. The price had an extensive correction and is now ready for a trend reversal. RSI on the above chart seems to have bottomed out. Weiss wave volume profile on the above chart shows that the bearish momentum is lost.
Cardano (ADA) is one of the few top ten coins that have already broken its downtrend against Bitcoin (BTC). The current weekly candle on the ADA/BTC weekly chart above has already opened above the downtrend resistance and is expected to close above it. The volume for ADA/BTC has been on a steady decline but buyers are rushing in as the market recovers. We have seen a growing number of institutional investors and family offices show a strong interest in top ten coins. This is not just due to their stability, low risk or high liquidity. Cardano (ADA)has seen interest mainly because of its tech and long-term potential.
Cardano (ADA) is the cryptocurrency with the highest probability of being listed next on Coinbase. Recently, IOHK along with ETC Dev succeeded in getting Ethereum Classic (ETC) on Coinbase. That listing did surprise a lot of people when Ripple (XRP) was bypassed. However, the fact of the matter is that Coinbase has grown too big to toy around. They are only listing projects that have long-term potential. Cardano (ADA) is one of those projects.
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