Categories: Market

Will US digital currency make crypto obsolete? Update on Cardano

Will cryptocurrencies be obsolete when the US has its own crypto?

There was much unclear and misleading information in a recent statement from Federal Reserve Chairman Jerome Powell. He said that when the US has its national cryptocurrency, it will be out of date.

During the last meeting, Senator Cynthia Lummis asked to clarify Mr. Powell’s statement. He replied that stablecoins would be unnecessary and obsolete if a national cryptocurrency were introduced. At the same time, he still believes that BTC is an asset that can replace gold.

For now, the Fed is still learning about the country’s own digital currency. The Fed believes that the US doesn’t have to be the first country to have its own cryptocurrency. They will give priority to careful research and rationalization of the cryptocurrency.

In addition, three congressmen Tom Emmer (R-Minn.), Darren Soto (D-Fla.) And Ro Khanna (D-Calif) have again tabled a bill to define how federal regulators should handle cryptocurrencies.

This bill treats digital assets as commodities rather than securities, which means startups can freely sell and trade cryptocurrencies without having to register with the Securities and Exchange Commission (SEC).

The reasons cited by these congressmen because crypto legislation in the United States is unclear is causing many crypto companies to panic and leave the country. This leads to economic losses and has a negative impact on the US crypto industry.

Update on the Cardano Smart Contract implementation

The development roadmap expects the Alonzo update during the GOGUEN phase to be an important step forward for Cardano. The Alonzo test will allow users with technical and non-technical backgrounds, upon completion, to create and execute functional smart contracts on the Cardano network.

The Alonzo update includes several color-coded Testnet phases, namely Alonzo Blue (launch May 27), Alonzo White and Alonzo Purple. The Cardano team announced that the Alonzo Blue phase has now ended and the transition to Alonzo White is now open and new users have joined the test. The smart contract is expected to be officially deployed this October.

However, Cardano has repeatedly postponed the updates in the development roadmap, so that many people are skeptical of the deadline given by the Cardano team. Some bets that predict Cardano will succeed as expected don’t show that the majority of people believe this update will come later than the time mentioned above.

Cardano wants to implement smart contracts that can compete with Ethereum’s network. In the meantime, Ethereum will also have a much-anticipated London update. This update will help resolve the problem of high network charges in the past.

Ethereum is the first decentralized application platform for smart contracts and has a large network. To this day, the Ethereum network is still the first choice for decentralized applications such as Defi, dApp etc. and ETH is the second largest coin in the crypto market after BTC.

Over the years, similar platforms such as EOS, TRX by Cardano have been far surpassed in terms of price and development. The prices of EOS and TRX are still well below their highs from 2017. Or we also see the Binance Smart Chain network with the BNB token, which has grown enormously over time. BNB quickly entered the defibrillator market.

In general, BTC has always held the leading position in the crypto market over the years. There have been many changes to other coins in the Bull Run 2017 and this year. There are coins that don’t seem to be there. While there are others rising to the top of the crypto market. Hence, BTC is still the first safe choice for large investors when investing in the crypto market.

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