Cardano

Satoshi

Foundry

Bitcoin

Foundation

<figure><img src="https://u.today//sites/default/files/styles/1200x900/public/2023-06/35937_0.jpg" alt="Cover Image" width="800"
                     height="500">
            <figcaption>Cover image via <a href="https://u.today/">U.Today</a></figcaption>
        </figure><p>The crackdowns on the duo of Coinbase and Binance exchanges by the United States Securities and Exchange Commission (SEC) and the <a href="https://u.today/cardano-ada-alleged-as-security-again-as-sec-now-sues-coinbase">indictment</a> of top cryptocurrencies like Cardano (ADA) has drawn different commentaries from across the industry. One of these is whether or not Cardano is a security and key protocol validator. Cardanians have <a href="https://twitter.com/Cardanians_io/status/1666705520835678209">shared</a> key numbers that depict the decentralized status of the ADA and thus invalidate the SEC's stance that the coin is a security.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en" >If the SEC examines whether Cardano or Bitcoin is more decentralized, I'm sure Cardano will win.Decentralization has two levels: block production and team (governance).Decentralization is based on holding a scarce resource. In the case of Cardano, it is the ADA coin, in the… <a href="https://t.co/K34y1rFT4c">pic.twitter.com/K34y1rFT4c</a></p>— Cardanians | stake with CRDN3 (@Cardanians_io) <a href="https://twitter.com/Cardanians_io/status/1666705520835678209?ref_src=twsrc%5Etfw">June 8, 2023</a></blockquote><h2 id="cardanians-argument">Cardanians' argument</h2><p>The Cardanians long-form tweet compares key protocol figures with those of Bitcoin and, per the numbers, Cardano is shown to be more decentralized than BTC. The Cardano protocol has a total of 3,200 pools, with the five largest owning a fraction of the shares in amounts of 8%, 4%, 3% and 2%, respectively.</p><p>These low shares imply that it will take hundreds of actors to form a coalition that can lead to a 51% attack on the protocol. On the contrary, Cardanians noted that Bitcoin's largest miners include the Foundry USA pool, which produces around 32% of the blocks, and AntPool, which produces 21%. The other three pools have shares of 18%, 8% and 6%. With these figures, it is possible for just a few of the pool operators to join forces and launch an attack on the Bitcoin network.</p><p><a href="https://u.today/breaking-sec-alleges-cardano-ada-solana-sol-and-polygon-matic-are-securities">card</a></p><p>One of the arguments used by the SEC to designate Cardano and other crypto as securities is that they have a central management team that works to ensure others benefit. In its submission, Cardanians said Satoshi Nakamoto handed over the governance of the Bitcoin protocol to Gavin Andersen, who went on to launch the Bitcoin Foundation.</p><p>Cardanians pointed out that unlike Input Output Global (IOG), the management process of Bitcoin Foundation is not as transparent.</p><h2 id="iog-debunks-sec-s-claims">IOG debunks SEC's claims</h2><p>Prior to Cardanians and community stakeholders speaking up for Cardano, IOG and Charles Hoskinson have <a href="https://u.today/cardano-developer-rejects-secs-claims-of-ada-being-a-security">rejected</a> the SEC's claims that ADA is a security. While the SEC has not laid a formal complaint against Cardano directly, support from key entities like stakers and validators will be essential as support for the protocol in the regulatory storms ahead.</p>

Is Cardano a Security? ADA's Decentralization Stats Compared to Bitcoin's

Table of Contents

U_Today

Egyéb ezen a dátumon (2023. jún. 8.) megosztott cikkek

OMG! Crypto Whales Buying These 4 Altcoins – WHY???

Using technology to revolutionise agriculture and promote sustainable development.

OpenOcean expands to Celo as its most efficient Dex Aggregator!

Temporary suspension of Xangle Live Watch related to Applepie Hard Fork

While CZ gets summoned, Binance.US delists several BTC and BUSD advanced trading pairs

Coinbase Stands Firm: No Shutdown of Staking and No Token Delisting Amid SEC Lawsuit

Join our free newsletter for daily crypto updates!

Is Cardano a Security? ADA&#039;s Decentralization Stats Compared to Bitcoin&#039;s