Category Archives: Cardano

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Possible Addition of 6 Cryptos, New Coinbase Blog Post Reveals

Coinbase recently published a new blog post stating the possible addition of several new cryptocurrencies to their platform.

The assets in consideration are Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).  The announcement was made at the same time within Coinbase and publicly to remain transparent, and perhaps to avoid a similar situation when Bitcoin Cash was added.

These assets were considered based on the criteria Coinbase has laid out in their Digital Asset Framework. The blog post goes into further details, discussing specific reasons why each asset stood out to the Coinbase team.

The platform says adding any or all of the above tokens will require “additional exploratory work” and places no promises on listing any of them for trading. This is unlike the Ethereum Classic support that is currently being worked on, due to its technical similarity to Ethereum.

Other caveats are discussed in the blog post as well, such as the possibility of some of the new assets only being available for purchase and sell, with no send/receive functionality enabled. This would give some coins purely investing characteristics, like what Circle is doing with their Circle Invest app.

The last two restrictions the post discusses is the way users maybe able to interact with certain assets: for example, Coinbase may only support deposits and withdrawals from transparent Zcash addresses. This is a likely scenario, in order to be in compliance with any financial regulations that may apply.

Coinbase may also stagnate the launch of these assets in certain regions, most likely testing them in other markets before they are available to the US customers.

No promises have been made on timeline for adding support to these tokens, as they have only discussed the possibility of them being on the platform. But if selected, Coinbase will be making their first expansion into smaller capitalization cryptocurrencies.

With many of Coinbase users being intuitional traders as well, this offers them an exposure to the segment of the crypto-market that was previously untapped.

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Ethereum Co-Founder Launches Blockchain Coffee Project in Ethiopia

Ethereum co-founder and Cardano chief Charles Hoskinson has launched a new project working with Ethiopia’s ministry of science and technology, according to CCN.

The project, according to the memorandum of understanding, is to study how blockchain technology can be applied to solving the problems attached to the coffee industry, such as land registry and supply chain fraud.

Coffee is important to the economy of Ethiopia; around 60% of foreign income comes from coffee, with an estimated 15 million of the population relying on some aspect of coffee production for their livelihood. In 2006, coffee exports brought in USD 350 million, equivalent to 34% of that year’s total exports. Ethiopia is currently responsible for about 3% of global production.

John O’Connor, director of African Operations, sees education as a major focus for the company as it moves into such projects commenting, “The arrangement tasks Cardano with exploring ways that the African nation can apply the startup’s blockchain technology to its agri-tech sector.”

Hoskinson plans not only to share his ideas but also teach developers how to use Cardano’s blockchain technology on their own. Recently at a speech to the London School of Economics, he spoke of more broader DLT development across Africa. Current problems such as landowners being cleared from their land due to supposed poor record keeping could be addressed by the new technology. Countries such as Kenya, Ghana, and Rwanda are all currently involved in programmes of their own.

Bitcoin Africa.io reports that companies Moyee and Bext360 have partnered with a washing station in the Jimma region of Oromia where farmers gather to sell their crop. Now as the coffee cherries go through the supply chain, farmers are assigned crypto tokens that show the complete value added, from bean to barista. The blockchain-based platform, FairChain, will record everything from payments to roasting to freighting to pricing. Moyee will pay farmers a 20% premium which is meant to be a good start towards giving them a better wage.

According to the Agricultural Growth Program, Ethiopia has announced the launch of a national traceability system known as eATTS, enabled by IBM. The system will start by piloting coffee in the current harvest season and will be expected to increase Ethiopian coffee sales worldwide

 

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