Posts about Cardano
Cardano employs a so-called multi-asset ledger. Tokens are stored directly in the ledger and treated similarly to ADA coins. No smart contract is needed to mint tokens on Cardano. Issuers must define a minting policy script and sign a specially created mint transaction.
To issue tokens on EVM platforms, it is necessary to deploy a smart contract, which is then used for transferring tokens. The token issuer can define support for transaction censorship and token freezing in the contract. Let's explore how the two approaches differ and think about what Cardano should be.
TLDR
USDT and USDC can only be issued by complying with the requirements of the regulators.
The ecosystem's dependence on a stablecoin that can be frozen at any time by a centralized entity is very dangerous.
Cardano does not have USDT and USDC because it is unable to meet the requirements of the regulators.
Owners are always in full control of their tokens in the Cardano ecosystem. Even the issuer cannot change that.
It can't be said that Cardano has fewer capabilities than EVM platforms just because it doesn't allow transaction censorship.
Regulatory Compliant Stablecoins
The issuers of the well-known stablecoins USDT and USDC had to comply with the requirements of regulators in order to be allowed to tokenize USD on blockchain platforms. It's important to note that this has brought huge liquidity to the ecosystem and stablecoins are one of by far the most used tokens. DeFi ecosystems definitely benefit from the ability to use this kind of stablecoins. Unfortunately, and users are not always fully aware of this, this comes at the cost of violating the basic principles of decentralization.
See for yourself what the smart contract for Tether USD contains.
https://i.redd.it/iqd24icbmmca1.jpgHow is it actually possible to censor transactions on EVM-compatible platforms?
When people want to mint fungible tokens on Ethereum, they use standards like ERC-20, ERC-721, or ERC-1155. These standards are essentially smart contracts. Smart contracts define a common list of rules that EVM tokens should adhere to. A customized and deployed smart contract is then used each time tokens move from address to address. A smart contract can define any behavior that EVM will allow and this can be the ability to censor transactions based on a blacklist or freeze an account. The owner may lose the ability to spend or use the tokens in any way.
A deployed smart contract can never be stopped or otherwise manipulated by a third party. Ethereum and other EVM-compatible platforms are mostly decentralized at the network level. Token issuers, however, can write whatever they want in smart contracts, including the things described above.
People sometimes ask why Cardano doesn't have USDT and USDC. Cardano is unable to censor transactions or freeze an account. All tokens have exactly the same properties as ADA coins. Transfer of tokens is done directly by the protocol through transactions.
Cardano has an accounting infrastructure for assets defined in the ledger model and can transfer tokens and NFTs natively. Tokens are stored directly in the ledger similar to ADA coins.
No smart contract is needed to mint tokens on Cardano. Issuers must define a minting policy (monetary script) and sign a specially created mint transaction. The rules might specify who (what private key owner) has control over the asset supply through minting and burning. The owner of the private key (issuer) can only burn tokens that he has at his address.
It is not possible to affect the existence of tokens at other users' addresses in any way. In other words, the issuer is not able to burn coins remotely or restrict the token owner from signing the transaction and sending the tokens.
Once the tokens are minted, Cardano does not need any smart contract to interact with the tokens. All the logic for transmission, transaction fee calculation, etc. happens at the protocol level, similar to sending ADA coins. Owners are always in full control of their tokens and the issuer cannot change that.
Cardano stablecoins like DJED, USDA, iUSD are native assets i.e. you have full custody and they can't be frozen.
SOURCE: https://cexplorer.io/article/cardano-will-have-stablecoins-without-censorship
Sorry not FUD just seen this posted in r/CryptoCurrency thought I'd post here for some clarification as I don't know shit about fuck when it comes to this stuff but I know I will get an answer here.
Can somebody explain what happened and is this a reason to worry or how can it be fixed ? Is this common ?
Any insight is greatly apricated and sorry if this scares some of our community like my self it basically comes from being uneducated with the issue at hand if its an issue at all.
Thanks in advance
What goes down must come up!
Hi everyone!Iam in this sub for quite a time now and since 2019 iam watching Charts for 3-5hours/day.FYI watching Charts doesn't make you rich.
But when I learned something: If something went strong into one direction it bounces back into the other direction. It's only a matter of time. (Your financial advisor probably might tell you something different "It goes up during the next 30years, just invest" ..whatever)
Let's focus on Cardano. Even though iam strongly into technical Analysis I don't want to convince you on a basis of TA that Cardano is about to go up again. Because TA-guys can only reduce the % that they are wrong, but they still can be wrong!I try to convince you with simple thinking that Cardano will go up again. So lets break the Cardano Chart.
1) 1100days of Accumulation.
https://i.redd.it/3szxpmxrmt9a1.png2) Beloved bull-run
https://i.redd.it/svflftrtmt9a1.png3) The drop
https://i.redd.it/13ez2bpsmt9a1.pngConclusionSo basically two things could happen now.We see an immediately bounce and Cardano starts to recover to 1$ first. Or we see another accumulation-zone. This would mean we have some month/years to go until we might see another high.So overall you're wondering why even post this, because you can see stuff like this yourself.Right, but iam to give you a reminder: What you guys think is better to invest?When we pumped 2000% or when we drop 93%.
I know this feels like catching a falling knife. It definitely is! It can surely drop more and take some time until it goes up. But everything that goes down must come back up :)
Have a great day!
edit.
- obviously not a trading advice, just my point of view.
- "everything that goes down must come up" - dont take that to serious. It was a controversial statement that doesn't fit into ever coin. Of course it can drop more and never recover.