Back in 2017 when new and exciting crypto projects were emerging on the scene a shill here or there could make all the difference. Some called it market manipulation and in a way it was; an artificial pump to inflate prices which subsequently dumped again. Today’s scene is very different so there needs to be a lot more meat behind any bold claims.
Weiss: Cardano Beats EOS
In a recent tweet, Weiss Crypto Ratings has pumped Cardano today causing a heated reaction as crypto tribalism bears its teeth. There was very little in the way of explanation for the shill in that particular tweet other than the promise of further details.
“Cardano is clearly superior to EOS. EOS was first to market, but it’s becoming increasingly clear that of the two, Cardano is vastly superior. More details on this in subsequent tweets.”
#Cardano is clearly superior to #EOS. EOS was first to market, but it’s becoming increasingly clear that of the two, Cardano is vastly superior. More details on this in subsequent tweets. #ADA #crypto #cryptocurrency
— Weiss Crypto (@WeissCrypto) November 13, 2019
Naturally the argument between supporters of rival blockchain projects heated up with the digital mud being slung back and forth. Some of the responses were discrediting Weiss for posting such a blatant shill without backing it up.
“This implies no more than proof of Weiss’ decreasing credibility” … “First and last point. They pay you more to get shilled” … “So this white paper vs live product you do this comparison ? No basis for these claims”
In terms of technology Cardano is a layered smart contract and dApp platform that calls itself third generation. The first layer is a settlement layer that is responsible for handling cryptocurrency transactions using the native ADA token while the second layer handles the computing of smart contracts. It uses a proprietary modular proof of stake consensus algorithm known as Ouroboros.
It is still very early days for Cardano which has yet to garner any of the dApp usage that rivals EOS, Ethereum or Tron enjoys. However, the reasoning for the endorsement became clear in a second tweet from the respected ratings agency which mentioned the recent Shelly testnest snapshot.
“Cardano completed the 1st snapshot and balance check for its incentivized Shelley testnet. This latest step toward staking will allow investors to earn rewards on their $ADA for the 1st time.”
#Cardano completed the 1st snapshot and balance check for its incentivized #Shelley testnet. This latest step toward staking will allow investors to earn rewards on their $ADA for the 1st time. Don’t forget to move your #ADA to Daedalus wallet if you want to participate.
— Weiss Crypto (@WeissCrypto) November 13, 2019
IOHK boss Charles Hoskinson detailed the update in a recent video which explains how Cardano development is coming along on the path to decentralization. According to the official portal, Shelly is a test environment where ADA users and developers can experiment with stake pools and help build up a collection of pools on Cardano.
Cardano is not the only platform to allow staking rewards. Last week Coinbase enabled seamless Tezos staking by offering rewards for XTZ stored on the exchange. Ethereum is also in the process of switching to proof of stake consensus but considering the size and complexity of the network the transition is likely to take a lot longer than one that is barely used.
At the time of writing there was no reaction for ADA prices which were still flat on the floor as the token slides further down the market cap chart.
Image from shutterstock