3/31 Cardano Blockchain Chicago Virtual Meetup Recap

3/31 Meetup Monthly recap

D= 0 Day Today

• 100% of the network is decentralized and controlled by stake pool operators. Meaning 100% of the blocks in the blockchain created are from the stake pool. Before there was a portion of blocks Ends the era of the centralized federated node that was controlled by founding organizations of Cardano.
• If you don’t have the technical skills or desire to set up a pool and want to participate in-network, you can stake.
• ADA holders who don’t have the technical skills or desire can participate in the network by staking.
• ADA holders can delegate ADA to a stake pool. No Minimum to stake and you remain in control and have access to your ADA at all times.

Staking Stats

• 71% of all ADA is being staked
• 384K Delegators
• K9K Stake Pool

Allonzo roadmap Released – phase 3 of Goguen. Which will allow Cardano to support smart contracts.

• The Final Phase of Goguen… In the last monthly update, Cardano released their roadmap for Allonzo, the 3rd and final phase of Goguen. In June Cardano will have smart contract capabilities. This will make Cardano a direct competitor to Ethereum.

• April… Cardano is going to hire 5 professional development companies to stress test the platform.

May… Plutus pioneer developer test net. Already there are 1,300 applications from NFT marketplaces to DeFi.

End of June… Then feature frozen end of June. Working with partners for about 4 weeks minimum for partners such as stake pool Binance and Yoroi to add the updated codebase before Hard fork combinator.

July - August… is the estimated release for the hard fork to launch the final phase of Goguen on Cardano main net.

Project Catalyst Update

• Funding for Fund 3 proposals announced April 1.
• Fund 4 voting to begin April 15th with over 230 proposals searching funding.
• Launched Fund 5 with $2M-worth of ADA to fund Cardano development!

Coinbase Lists Cardano

• Cardano (ADA) can now be bought, sell, convert, send, receive, or store ADA on Coinbase, one of the most popular exchanges. You will still need to send ADA off of Coinbase to Yoroi or Daedalus to earn staking rewards.

1st set of NFT listed on Cardano.

• Artists have already started creating NFT’s for Cardano such as Cardano Kidz and SpaceBudz. A recent SpaceBudz sold for around 35,000 ADA ($42,000)! Also, NFT marketplaces are requesting funding through Project Catalyst. Cardano has the capabilities to create NFT’s but transacting will require a trusted third party until smart contracts are available – expected to launch in August 2021.

Topics of Discussion

51% attacks and how does Cardano avoid them?

The resource to gain control of the network is the native token ADA instead of mining equipment like Bitcoin. So in order to take control of the network, you would need 51% of the ADA supply which current will be 11.4 Billion ADA – $13.8 Billion dollars at the current price. And if the price increases will require more financial resources. So, it’s a significant financial requirement and also not in the best interest financially because by destroying the network the price with going down sacrificing billions. Also, there are network parameters to incentivize delegators to delegated to small pools (K perimeter). Bitcoin on the other hand incentives pools to get bigger (more mining equipment) to increase the probability of mint blocks.

Ethereum transitioning to Eth 2.0

Ethereum currently is focused on getting the Ethereum mining fee cheaper by eliminating some of the gas fees that miners charge. Miners are not happy and fighting back. Eth 2.0 is projected to be completed by the end of the year (maybe longer).

PoS vs. PoW Energy Consumption

• PoS more energy efficient. 99% of bitcoin energy consumption is spent on selecting who created the block. PoS uses significantly less energy by making it a lottery. And pools aggregate stake from ADA holders to increase the probability to create blocks.

Small pools vs. Large pools

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