In this Cardano news roundup for September, we will be sharing with you some of the hottest news related to Cardano (ADA) and how the entire crypto community is closely following this project.
There were different Cardano news in recent weeks that are worth sharing with you in order to keep updated about one of the most promising projects in the cryptocurrency market.
Top Cardano News
In the next sections, we will be sharing with you the top Cardano news we consider are going to play a key role in the crypto market.
Switzerland’s Draft Law Considers Cardano an Advanced DLT
A draft law in Switzerland is considering Cardano one of the most promising blockchain networks in the world. This could help increase the adoption of this DLT network in the country as companies would feel comfortable knowing the government recognizes the potential it has.
Switzerland is recognized in the world for being one of the few countries with clear regulations for virtual currencies and blockchain technology. The European nation is also one of the most important crypto and blockchain hubs in the world thanks to its friendly approach to the technology and the industry.
Cardano is certainly going to be capitalizing on this and developers will have the possibility to expand Cardano’s solutions in the country for different initiatives and projects.
Cardano Could Become a Top 10 Cryptocurrency
The cryptocurrency market is a very competitive place with projects launching new solutions, implementations and platforms. Cardano is among the largest virtual currencies in the world and the team of developers behind it are allowing this blockchain network to help companies and users that are searching for unique blockchain solutions for their needs.
The virtual currency has been among the top 10 for several months in the last years. However, now it is the number 13th in terms of market capitalization with a $2.5 billion valuation. This could change in the future as other projects lose part of their value and as Cardano continues increasing in price. This would help the entire market have a new project offering some of the best solutions to users all over the world.
IOHKs Proposes Cardano and Bitcoin to ETC to Prevent 51% Attacks
The developing team behind Cardano is proposing the Ethereum Classic (ETC) community the “checkpointing” proposal to prevent future 51% attacks on the network. During the last years, the Ethereum Classic network has been targeted by 51% attacks that affected the entire ETC community and ended up creating losses for some users.
One of the solutions to avoid future 51% attacks was for exchanges to increase validation times for ETC transactions. However, the Checkpointing consensus would be performed using an unspecified Ouroboros Byzantine Fault Tolerant and signed on the Ethereum Classic using some of the trusted members in the community.
Although this includes the need to trust third parties, the solution could be used as a short-term prevention strategy to avoid 51% attacks.
IOHK Releases Information About How to Finance Cardano’s Development
Being a decentralized network with full-time developers can be a complicated task for those projects that want to remain decentralized. This is one of the reasons why some of the projects in the community are centralized: they highly depend on funding to push forward innovation and solutions.
Cardano wants to solve it with a democratic community couture that will be playing a key role in the sustainability of the platform. In a recent IOHK post released by the researcher Bingsheng Zhang, he explained that in order to continue with a clear development of the platform it will be needed for the community to continue with its participation.
ADA holders are going to play a key role in helping the entire project move forward and reach its most advanced stage.
On the matter, the blog post explained:
“Voltaire is IOHK’s way of establishing this capability, allowing the community to maintain the Cardano blockchain while continuing to develop it by proposing and implementing system improvements. This puts the power to make decisions in the hands of ada holders.”
Cardano could continue working and developing its solution with a voting treasury system that would apply community consensus to create a democratic culture that will be key to maintain the sustainability of the whole platform. This would be a unique system that no other crypto project has implemented until now and that could be a great way for users to feel they are part of the Cardano ecosystem.