Investing.com – did it – the long-awaited Vasil hardfork went live as planned and there were no complications. The difficulties encountered upstream had left some doubts on this subject, because even in the ranks of the developers, we heard that the new protocols had not been tested from all angles as claimed.
The fact that the blockchain continues to function after the update and has not collapsed as the worst predictions predicted is, however, proof that the Cardano team knows what they are doing. The course has increased. climbed four percent immediately after the event, which could be something of a relief rally.
Co-founder Charles Hoskinson took the opportunity to explain why Cardano’s approach to technology is much better than . Originally, Hoskinson was part of the Ethereum team, but he quickly realized that the blockchain was not scalable. He therefore left Ethereum at the time to develop a blockchain capable of meeting future requirements.
With the merger, the has certainly taken a decisive step, but according to him, the PoS model of Ethereum inevitably leads to centralization, while the stacking ecosystem is marked by weakness:
“On the other hand, we invented a whole new type of proof-of-stake, which is perfect because it is self-sustaining and the tokens are not blocked or something like that. So you can move your money at all times and no one should be trusted”.
Hoskinson makes yet another argument as to why Ethereum is clearly the wrong concept. While Cardano has over 3,000 stake pools and decentralization is actively encouraged, in the Ether network, 46 percent of blocks are created by just two entities after the merger. So too much power is concentrated in the hands of a few people.
Cardano technical price benchmarks
Today, Cardano briefly broke above the resistance of the 61.8% Fibo retracement of $0.4771. But at this level, the resistance has become so important that the price has returned to the starting level of the rally.
We should therefore expect an extension of the negative momentum towards the next support. This is at the 78.6% Fibo retracement at $0.4451. As long as this level holds on the day’s close, a recovery towards the 61.8% Fibo retracement remains possible.
If the bulls permanently abandon this support, they may lose ground towards $0.4044 and the psychological threshold of $0.4000.
By Marco Oehrl