Ethereum, Cardano and another crypto project are entering crucial phases that the bear market cannot stop: Coin Bureau

0

A widely followed crypto analyst claims that Ethereum (ETH) and two other altcoins are entering key stages in their existence that will make them seemingly immune to the bear market.

In a new market update, pseudonymous Coin Bureau host Guy tells his followers that altcoin leader Ethereum, smart contract platform Cardano (ADA) and privacy-focused blockchain Monero (XMR ) all enter “crucial phases” of their journey.

Guy says ETH’s next trial of a proof-of-stake mechanism on its testnet is on track to transition from a proof-of-work system in August.

“Three of the biggest projects are entering crucial phases of their existence over the next few weeks. First, Ethereum is preparing to launch the merger on its testnet in about a week.

Now, this is a crucial step on the road to a mainnet merger in August, we hope, and the beginning of Ethereum’s proof-of-stake era. So if the merger goes as planned on the [testnet]then there is a chance that the actual merge will go as planned.

Guy then says that on June 9, Monero will launch its bespoke mission, which would permanently reduce the protocol’s block reward to 0.6 XMR. According to the crypto analyst, this will encourage people to mine the token more.

“Because this block reward will remain in perpetuity, miners will always have an incentive to secure the network and never have to worry about the block reward going to zero, as will eventually happen to Bitcoin. More mines equals more decentralization equals more security.

Next, the crypto analyst notes Cardano’s upcoming Vasil hard fork update, which is expected to launch in late June. According to Guy, the upgrade should speed up the protocol and reduce transaction fees.

“[The Vasil hard fork] will see a number of Cardano improvement proposals implemented, which will primarily focus on making the network more scalable, which we hope means faster and cheaper transactions. [Also]the five millionth native asset has also just been minted on Cardano and the stablecoin Djed is also on the horizon.

Guy also says that the price of a crypto asset is not necessarily an accurate reflection of the usefulness of a digital asset.

“Remember that price isn’t everything. It’s what happens behind the scenes that matters most and no bear market will stop the best projects from continuing to evolve.

I

Check Price Action

Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox

follow us on TwitterFacebook and Telegram

Surf the Daily Hodl Mix

 

Check the latest news headlines

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/Marciano Graphic/monkographic/Mingirov Yuriy



Source link

Share.

Comments are closed.