Seeds of Wisdom RV and Economic Updates Saturday Morning 10-19-24
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CARDANO SET FOR PERFORMANCE BOOST: HOSKINSON BACKS PROPOSAL FOR COMPOSABILITY AND MULTI-TOKEN FEES
▪️Cardano aims to evolve with a developer proposal to address user “Intent.”
▪️Chang Hardfork and other upgrades complement Cardano’s evolution.
Charles Hoskinson, founder of the Cardano blockchain, has pledged support for a recent proposal to elevate the network’s performance. The proposal specifically focuses on introducing a tool to allow users to pay transaction fees with various tokens besides ADA.
Developer Puts Forth Key Cardano Proposal
Earlier this week, core developer Andrew Westberg proposed tackling prolonged issues on the blockchain. This proposal could alter Cardano’s approach to managing transactions and smart contracts. Westberg’s proposal revolves around the concept of intent related to Cardano’s eUTxO (Extended Unspent Transaction Output) model.
The developer explained on GitHub that many blockchain users often submit transactions without fully specifying all the details. He cited an example using market orders, where users do not specify the exact price they are willing to pay for an asset. This leaves the price open for another system to determine.
These incomplete or partial actions, often called “intents,” present challenges, especially in Cardano, which is known for its strict rules and deterministic nature. Unlike Ethereum, where smart contracts can change a transaction’s outcome during confirmation, Cardano’s protocol requires all transaction details to be disclosed upfront.
This approach ensures the predictability and security of the blockchain platform. Westberg, however, noted that it restricts flexibility, particularly in circumstances where non-determinism, the capacity to change transaction details in real-time, is desired.
Westberg proposed developing a system that allows users to express their “intent” to bridge this gap. He also proposed having the network match and fulfill these intents efficiently, whether on-chain or off-chain. This would make the process more flexible and user-friendly while maintaining the security that Cardano is known for.
In an X post, Westberg urged the protocol developers to prioritize the proposal as it gives the community composability and BabelFees.
“It allows the eUTxO model to shine and pack the hell out of transactions with tons of useful work,” Westberg added.
It is important to note that the Babel Fees feature enables users to pay transaction fees using various tokens, not just ADA. In response to Westberg’s post, Hoskinson commented, “Andrew is correct. It’s a long overdue enhancement that will massively improve Cardano.”
His endorsement emphasizes the importance of the proposed enhancements for the protocol’s future development.
The Focus on Ecosystem Upgrades
Meanwhile, Westberg’s proposal follows several ecosystem developments implemented by Cardano. For instance, Cardano unveiled new releases to the Hydra scaling solution in April.
CNF reported that the new version supports cardano-node v.8.9.0 and integrates the Conway block format. Hydra, Cardano’s layer 2 scaling solution, aims to increase transaction speed by offering high throughput, low latency, and the lowest costs.
Subsequently, the blockchain unveiled the Ouroboros Leios consensus mechanism and the Chang hard fork upgrade. The Ouroboros Leios upgrade, which was recently launched, helped Cardano enhance transaction efficiency and scalability, as noted by CNF. On the other hand, the Chang hard fork upgrade introduced Cardano to decentralization governance.
Overall, these advancements, including Westberg’s proposal, are anticipated to strengthen Cardano’s position as a leading blockchain platform.
@ Newshounds News™
Source: Crypto News Flash
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CRYPTO EVENTS TURN TO REGULATION AND POLITICS AS US ELECTION LOOMS
Some executives at crypto and blockchain firms have suggested prioritizing US congressional races over the presidential election.
With less than a month until the people of the United States decide who will represent them in the House of Representatives, Senate, and the Presidency, some crypto events seem to be focused on regulation and politics.
Attending the Permissionless III conference in Salt Lake City, Utah, and Ripple Swell in Miami, Florida, in October, Cointelegraph noted that many panels included takes from high-level executives on their predictions for what would happen in the November race between Democrat Kamala Harris and Republican Donald Trump for the US presidency, and what the outcome could mean for the industry in 2025.
Whether the topics of discussion initially focused on regulation or included stablecoins or Bitcoin participants suggested that digital assets had become more of a mainstream issue in US politics in 2024 in a way never before seen.
“Every single panel is talking about regulations,” Ripple’s head of US public policy, Lauren Belive, told Cointelegraph at Swell on Oct. 16, adding:
“We’ve seen a much broader swath now of policymakers really interested in the nuances of this technology.”
The crypto industry has made several inroads in 2024 compared to the US midterms in 2022 or the 2020 elections. During Trump’s presidency from 2017 to 2021, he referred to Bitcoin as based on “thin air,” also calling the cryptocurrency a “scam” after leaving office. Both major party candidates have since made statements suggesting they intend to support the industry if elected.
“I do think there’s a frustration and a sense that this is technology, and technology shouldn’t be a political issue — it’s become one in the United States,” Fireblocks head of legal and compliance, Jason Allegrante, told Cointelegraph. “I think that’s why people are now being much more vocal about what the potential impact of this election is.”
Crypto wins regardless of the outcome?
While regulation has always been a concern for many in the industry, the number of lawmakers and policymakers willing to discuss digital assets — including at crypto-focused events — seems to be increasing.
Trump gave a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee. Several presidential candidates and lawmakers also spoke at the North American Blockchain Summit in 2023, which will resume after the US Election on Nov. 5.
“We’re going to be starting [in 2025] with the most educated Congress we’ve ever had because we have so many first-time candidates who are coming in with positions on crypto,” Blockchain Association CEO Kristin Smith said at a Permissionless panel on Oct. 9.
Coinbase chief policy officer Faryar Shirzad added at a different panel on Oct. 11:
“Regardless of what happens in the elections, we will have a very significantly advanced debate around the crypto issues and a very large cohort of members of the House and the Senate […] who will now come in with brand new pro-crypto voices.”
Prediction platform Polymarket, at the time of publication, put Trump at a 60% chance of winning the US Presidency over Vice President Harris.
The Kalshi marketplace, which began allowing bets on US elections after winning in court against the Commodity Futures Trading Commission, put Republicans’ odds of winning control of the House, Senate, and the Presidency at 42% at the time of publication.
@ Newshounds News™
Source: CoinTelegraph
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@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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