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HOSKINSON DETAILS CARDANO’S BILL OF RIGHTS FOR BLOCKCHAIN GOVERNANCE

Charles Hoskinson, the founder of Cardano, unveiled a framework for blockchain governance in his latest broadcast, introducing what he refers to as a “Bill of Rights” for the Cardano ecosystem.

This initiative, centered around 11 foundational blockchain tenants, aims to establish a constitutional foundation that will guide the development and governance of Cardano and potentially influence broader blockchain technologies.

Broadcasting live from Colorado on October 13, 2024, Hoskinson emphasized the collaborative efforts underpinning this initiative. “More than 50 workshops have already been held,” he stated. The process has seen participation from 1,400 individuals and the election of 63 delegates.

At the heart of Hoskinson’s announcement is a blog post titled “The 11 Blockchain Tenants Towards a Blockchain Bill of Rights.” He clarified that these tenants are not exclusive to Cardano but are intended as a universal framework applicable to various blockchain systems. 

“These tenants are meant to capture the natural durability of these systems and the rights of their users,” Hoskinson explained, drawing parallels to human rights enshrined in constitutional law.

The 11 Cardano Blockchain Tenants
Hoskinson provided an in-depth exploration of each of the 11 tenants, elucidating their significance and practical implications for Cardano:

1.  Transaction Censorship Resistance: “Transactions cannot be slowed down or censored and will be expediently served for their intended purpose,” Hoskinson stated. He likened this principle to the freedom of speech, emphasizing the importance of maintaining user autonomy within the system.

“Transactions express the ways the users wish to engage with the system so users should be free and able to do so in a manner proportional to their intent; this excludes censorship but also mandates expediency and processing.”

2.  Predictable Transaction Costs: Hoskinson asserted that “the cost of a transaction should be predictable and cannot be unreasonable,” which is essential for user planning and system sustainability.

He acknowledged the challenges in balancing resource allocation with user intent, especially in high-demand scenarios. Mechanisms like tiered pricing and intent-based ledgers are being explored to address these issues.

3.  Fair Recognition And Compensation: Addressing the equitable treatment of contributors, Hoskinson noted, “Every user’s inputs and contributions to the system will be recognized, recorded, processed, and assessed fairly.” This tenant seeks to ensure that both maintenance and development efforts are adequately rewarded, preventing incentives failures within the ecosystem. He also highlighted the need to fairly compensate various roles, from stake pool operators to governance participants.

4.  Data And Value Portability: Reflecting principles similar to the European Union’s General Data Protection Regulation (GDPR), Hoskinson emphasized the importance of user consent in data handling. “The value and data users contribute or create will not be locked or processed without their consent,” he stated. He advocates for user control over personal assets and information.

5.  Resource Efficiency: “No resources will be unnecessarily spent,” Hoskinson explained, highlighting the necessity of minimizing resource utilization through efficient protocol design. This tenant aims to prevent systemic bloat and ensure the long-term viability of the blockchain. Examples include protocol optimizations that reduce transaction sizes without compromising security.

6.  Safe Preservation Of Value And Information: Hoskinson discussed the dual aspects of this tenant: preserving the integrity of information against threats like quantum attacks and ensuring value stability through mechanisms like stablecoins. “The system will safely preserve the value and information stored within it,” he stated, emphasizing both data integrity and asset stability as critical components.

7.  Minimization Of Unnecessary Resource Expenditure: This tenant focuses on resource optimization, ensuring that Cardano operates efficiently without wasting resources. Hoskinson highlighted the transition from Plutus V1 to V2 as an example, where transaction sizes were significantly reduced, enhancing overall system efficiency.

8.  Fair And Representative Governance: “The system will treat users fairly and will evolve accordingly to their collective will, aiming at its long-term sustainability and viability,” Hoskinson declared. 

This tenant emphasizes the importance of inclusive governance, where all stakeholders have a voice in the system’s evolution. The upcoming Constitutional Convention in Buenos Aires aims to formalize these governance principles.

9.  User Privacy Preservation: Emphasizing data privacy, Hoskinson stated, “Users’ privacy, both in terms of their actions and their data, should be preserved.” Drawing parallels to GDPR, he advocated for minimal disclosure and selective, contextual data sharing. This tenant addresses the balance between transparency and privacy, ensuring users retain control over their personal information.

10.  Compliance with Local Laws and Regulations: “The system will offer users ways to engage that do not require them to break local laws and regulations,” Hoskinson explained. This tenant acknowledges the global nature of Cardano and the necessity for users to remain compliant with their respective jurisdictions.

11.  Transparency, Predictability, and Verifiability: The final tenant mandates that “the system’s operation should be transparent, predictable, verifiable, interpretable, and without asymmetries.” Hoskinson emphasized the importance of open-source protocols and public verifiability to ensure trust and accountability within the ecosystem.

The Way Forward
Hoskinson detailed the ongoing efforts to formalize these tenants through decentralized governance. “You have to have decentralized governance before you go down that road because only through decentralized governance can you make a decision for everyone everywhere, that’s the point of Voltaire,” he remarked. 

The upcoming Constitutional Convention in Buenos Aires, Argentina, scheduled for December 2024, will bring together delegates from 50 countries to finalize and approve the constitutional text based on these tenants.

The founder underscored the significance of this initiative beyond Cardano, suggesting that other blockchain communities could adopt similar frameworks to balance technical innovation with ethical governance. 

“These tenants are being actively debated by the Cardano community […] they will act as beacons in the far horizon that will pull Cardano and other blockchain communities to where they intend to travel to,” Hoskinson stated.

Hoskinson concluded the video by highlighting the importance of preserving the system’s integrity over short-term gains. “We should never sacrifice the integrity of the system for the sake of short-term gain or short-term progress on some arbitrary metric like token price or adoption,” he asserted.

@ Newshounds News™

Source:  Bitcoinist

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GOLD FEVER HITS COSTCO: 77% OF STORES SELL OUT AMID SOARING DEMAND FOR BULLION

Costco’s gold bars are flying off the shelves as record-high gold prices spark a buying frenzy across the U.S. A recent survey found that 77% of Costco stores offering gold sold out in early October. The trend reflects growing demand for gold as a hedge against inflation and economic uncertainty.

Costco’s Gold Bars Are Selling Out Amid Record Gold Prices
Gold bars from American multinational wholesale corporation Costco have become a highly sought-after item, selling out from store shelves across the U.S. as gold prices reach record highs. 

A survey of Costco outlets in 46 U.S. states revealed that 77% of stores stocking gold bars sold out within the first week of October, Bloomberg reported. 

The retailer’s ability to offer gold at competitive prices, combined with membership rewards, has made it a popular destination for those seeking a hedge against inflation.

Costco provides bullion at prices below those of traditional precious metals dealers, and loyal members can receive up to 4% in rewards, further boosting the appeal of buying gold at the big-box retailer. 

Sourav Sethia, an analytics engineer from New Jersey, has taken advantage of Costco’s convenient gold offerings. Sethia, who regularly buys gold bars at the store, said he receives calls whenever new stock arrives, allowing him to purchase when prices dip. His experience is part of a larger trend of consumers flocking to Costco as gold prices soared nearly 30% this year.

The metal’s appeal as a safe haven amid inflation and economic uncertainty has driven many to seek out the stability that gold provides. According to Josh Young, a Houston-based money manager who bought a gold bar and coin from Costco:

It’s physical and gold does have a long history of being a store of value even though there’s no cash flow from it. It’s a good personal diversifier.

Costco’s foray into the bullion market has drawn significant attention since it began selling gold bars in 2023. The retailer’s chief financial officer Gary Millerchip highlighted the popularity of its gold products. He was quoted as saying:

We are glad to be able to offer gold and silver items for our members. It’s a great example of our merchants constantly finding new ways to deliver uniqueness and value.

Shoppers are drawn to Costco’s gold offerings not just for their investment value but for the convenience of purchasing a long-standing store of wealth at a familiar location. Many customers appreciate the ability to diversify their assets with minimal hassle.

Despite the high demand, Costco’s success in the gold market may not influence overall prices, as the volumes sold are relatively small. However, according to industry experts, the retailer’s strong sales reflect sustained support for gold. 

As spot prices for the metal continue to rise, Costco is helping make gold more accessible to average consumers. Nicky Shiels, head of metals strategy at MKS PAMP, noted that Costco is attracting “a whole new cohort of retail buyers,” adding that this could have positive long-term effects on the market.

@ Newshounds News™

Source:  Bitcoin News

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RIPPLE’S CEO CLAIMS SEC IGNORES COURT RULING ON XRP STATUS

▪️Ripple’s Chief Executive Officer, Brad Garlinghouse, argues the SEC overlooks a vital court ruling.

▪️The SEC is appealing a decision that states XRP is not a monetary instrument.

▪️Bitnomial is also taking action against the SEC over its claims on XRP options.

The company’s founder has accused the U.S. Securities and Exchange Commission  of overlooking a court conclusion on the token’s classification.

This verdict determined that XRP is not a security and raised questions about the commission’s authority. Consequently, industry stakeholders are closely monitoring these developments as legal disputes escalate.

Legal Differences Escalate  
Recently, the SEC’s Notice of Appeal has sparked discussion. This Notice aims to challenge the summary judgment and final ruling in the SEC vs. Ripple case. This high-profile legal battle has persisted for over four years and attracted considerable attention.

 In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not meet the third prong of the Howey Test. This test determines whether an asset qualifies as a security.

In response to the SEC’s complaint, Ripple plans to file a cross-appeal. The SEC contests a decision that includes a $125 million fine against Ripple for its institutional the coin’s  purchase.

The organisation’s Chief Legal Officer, Stuart Alderoty,  stated that the SEC’s inquiry does not affect the  rules of clarity. Furthermore, this response has led to a positive shift in sentiment among the currency holders.

Bitnomial’s Legal Action  
Additionally, Bitnomial Inc. has filed a lawsuit against the SEC. This lawsuit highlights ongoing regulatory challenges. It stems from the SEC’s efforts to assert jurisdiction over digital asset derivatives. 

Bitnomial intends to launch physically delivered XRP Futures after receiving self-certification from the Commodity Futures Trading Commission  on August 9, 2024. However, the SEC later contacted Bitnomial and claimed jurisdiction over the XRP US Dollar Futures contract.

Bitnomial argues that the SEC’s claims are unwarranted. The exchange insists that these offerings should be classified as commodity derivatives rather than securities.

Support for this position comes from the recent decision by the Southern District of New York. This ruling confirmed that XRP is not inherently a security and was not classified as such in secondary market trades.

Implications for Cryptocurrency Regulation  
As these legal battles unfold, the cryptocurrency community watches closely. The SEC’s pursuit of regulatory authority raises important questions about future cryptocurrency regulations in the United States. The outcomes could set serious precedents for Ripple Bitnomial and the broader digital asset ecosystem. Industry participants await clarity as these legal disputes continue to evolve.

@ Newshounds News™

Source:  Crypto News Land

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Source:  Seeds of Wisdom Team RV Currency Facts

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