HomeNewsCryptocurrencyCardano News #1: EMURGO, Shelley, Security Audit, Magnum Wallet, Testnet, Network Stats

Cardano News #1: EMURGO, Shelley, Security Audit, Magnum Wallet, Testnet, Network Stats

The ongoing growth of any cryptocurrency project can be gauged in different ways. One approach is to look at recent ecosystem developments and the community responses to those changes.

In the case of Cardano, January appears to be off to a good start. A lot of developments are happening in quick succession. Investors hope for an ADA price surge, albeit that is never a guaranteed outcome. 

EMURGO in 2019

One key aspect of the Cardano ecosystem is EMURGO. This project aims to drive the adoption of this technology and bring more value to the native ADA currency. Through 2019, the company has been relatively successful in many different segments. 

The overview of 2019 – as far as top accomplishments are concerned – include a lot of data. Noteworthy updates include ongoing investments, ledger Wallet support, a new blockchain explorer, and much more. All in all, many valuable contributions for the community to take note of. 

Shelley Testnet and Hydra

Charles Hoskinson regularly provides updates on the Cardano ecosystem as a whole. In one of the recent videos he did, several topics were discussed. First of all, he provides a crucial update the Shelley testnet, which is expected to bring a lot more exposure to the ecosystem as a whole.

Another topic being discussed in the video is Hydra. It is an upgrade for the Cardano network. Under the hood, it is capable of outperforming Ethereum by quite a margin. Further development will be made in this regard over the coming months. 

Major Security Audit

Any blockchain ecosystem needs to undergo regular audits by third parties. Most projects don’t adhere to this unwritten rule, for a variety of reasons. In the case of Cardano, a major security audit is currently being conducted. This will provide a clear overview of the project in its current status, and where things can be improved. 

It appears that Root9b is the company conducting this security audit. Root9b provides multiple viable services regarding security and audits. Having such a respected entity look at Cardano’s ecosystem will bring more legitimacy to the project as a whole.

Magnum Wallet News

There are many different wallets for users to store their ADA balance. Magnum Wallet has now integrated ADA support through Ledger hardware wallets. 

Keeping funds offline is always the best approach when dealing with cryptocurrencies. This integration is crucial for ADA users, and gives them an extra option to keep funds safe. 

Testnet “Issues”

A few days ago, there was some concern over the Cardano testnet. Several pools caused the network to fork, resulting in potential testnet reward discrepancies. The full extent of the damage – if any – has yet to be confirmed by the developers. 

In a way, the testnet is designed to be pushed to its limits at all times.  When people break the rules, issues can be addressed properly. That being said, the nefarious behavior by some pools should not be endorsed either. Most of the issues have seemingly been resolved, however.

Current Network Health

At the start of this new decade, it is interesting to look at network stats for different cryptocurrencies. In the case of Cardano, the current statistics are looking good. There is plenty of transaction activity, which is something everyone likes to see.

Fintoism Cardano Network Health 1501

Furthermore, the number of active addresses looks decent as well. Over 5,600 active addresses are recorded as of yesterday. Albeit there is room for further growth, this is a good start to 2020. No one can deny that Cardano is currently looking very healthy overall.

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.


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