Cardano’s (ADA) Charles Hoskinson Presents First the First Privacy-Preserving Proof of Stake Protocol
Cardano’s ADA is certainly dipping with the present bear trends in the cryptocurrency market, with the latest decline of -27% in the course of the last week.
However, it seems that ADA is gaining more positive momentum as the announcement came about the progress on the future updates that Charles Hoskinson and the teams taking care of Cardano’s ADA are working on.
Charles Hoskinson announced in a tweet not more than a day ago as the dips are still taking over December, that 1.4 version is almost ready while adding that Cardano rust is making “epic” progress and the test net for the latest version had already been released.
One of the most significant updates that Hoskinson announced is the first privacy-preserving Proof of Stake protocol that should add yet another valuable feature to Ouroboros.
Cardano (ADA) Leaves the Top Ten List, Hoskinson Announces New Updates
Cardano’s new updates will bring new privacy-focused features to ADA network thanks to SNARKS and zero-knowledge technology. Charles Hoskinson already announced that the first privacy-preserving Proof of Stake protocol is ready and released.
The protocol is called Ouroboros Crypsinous and is supported by SNARKS technology, also known by the protocols seen in a privacy-oriented currency, ZCash (ZEC).
In order to make the protocol immune to adaptive attacks, as Charles Hoskinson went to explain further, the team needed to modify the PoS protocol known to be vulnerable to these attacks.
That is how ADA gets the first privacy-preserving Proof of Stake protocol while, as the dev team added mechanism based on SNARKS zero-knowledge technology and secure encryption.
In the meanwhile, the crypto market is going through a rebound at the end of December 9th after scoring losses over the course of the last seven days.
Cardano (ADA) is going up by over 7% against the dollar in the last 24 hours; however, the gains are more likely conditioned with the uprising market trends rather than directly being affected by the update announcements that came out earlier.
Hoskinson also talked about the updated roadmap that includes Byron improvements that should introduce the network to Shelley.
He further went to add something about Emurgo and Cardano foundation, stating that Emurgo is growing while Cardano foundation is slowly “waking up from their slumber,” probably referring to the lack of initiative taken from Cardano Foundation management since the beginning of the year.
In the meanwhile, while Cardano is waiting to get listed on Coinbase and the team is proceeding with working on updates, ADA lost its spot on the top ten list of cryptos, currently ranked 11th currency after the recent gains.
Coinbase Confirms their Interest in ADA, Official Listing Announcement Yet to Come
Several days ago, Coinbase released another update on their listing plans, mentioning 30 cryptocurrencies and stating that their new policy should bring over 90% of compliant digital assets, which means that all the listings would need to go through the process of testing before getting an official listing.
Coinbase was mentioned even earlier, few months before, together with ZCash (ZEC), Basic Attention Token (BAT), Stellar Lumens (XLM), and 0x (ZRX).
By far, only BAT and ZRX got the listings out of 5 previously announced Coinbase listing interests.
However, Cardano’s ADA is still waiting for the official confirmation from Coinbase, for now only getting another honorable mention by one of the biggest exchange markets in the cryptoverse.
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