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Charles Hoskinson Defends Cardano Amid Growing Criticism

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6 hours ago

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Charles Hoskinson, the founder of the Cardano blockchain, has recently addressed the growing criticisms surrounding Cardano. In a detailed explanation, Hoskinson discussed the transition into the Voltaire era of the blockchain, which he believes is a significant phase meant to address long-standing issues and enhance governance.

Cardano Rising: Charles Hoskinson Challenges Critics in Bold Response

Charles Hoskinson has defended the Cardano blockchain amid growing negative sentiment within the cryptocurrency community. His defense comes at a pivotal moment as Cardano transitions into its Voltaire era, a development that will address many of the grievances that have built up over the years. 

This era is a critical step towards realizing the full potential of the Cardano ecosystem, marking a shift towards community-driven governance mechanisms.

Moreover, Hoskinson asserts that this transition is not an indication of failure but rather a strategic move to strengthen Cardano foundation. He emphasized that the negative perceptions are primarily due to misunderstandings about the blockchain’s developmental trajectory and the shifts required for growth. 

Hoskinson believes that Cardano can effectively address and resolve the issues that have hindered its progress. He emphasized,

“Now that Voltaire is here, the new governance is capable of listening and adapting to meet these needs and also executing a new roadmap to grow the ecosystem dramatically.”

Governance and Innovation on the Cardano Blockchain

With the arrival of the Voltaire era, Charles Hoskinson points out that the Cardano blockchain can implement changes and improvements directly influenced by community feedback. The founder of IOG cites these developments crucial for an adaptable and blockchain ecosystem. 

Additionally, the introduction of the Midnight network, a new development focused on privacy and secure smart contracts, highlights Cardano’s commitment to innovation and security. This move, according to Hoskinson, ensures that the blockchain remains a leading technology in the space. Concurrently, stresses that the advancements are essential for Cardano to maintain its competitive edge and address user needs.

Market Reactions and Future Prospects

Despite the optimistic outlook from Hoskinson, market analysts have expressed concerns about ADA price. Most recently, analyst Max Keiser warned that ADA price risks a 90% crash. These speculations arise amidst a broader market uncertainty affecting many cryptocurrencies. However, Hoskinson remains unfazed, reinforcing that the fundamental value of Cardano lies in its long-term potential.

Charles Hoskinson concludes that the true measure of Cardano’s success will be its ability sustain growth through innovation. The founder expressed optimism stating, “Cardano isn’t dying. It’s thriving and growing.”

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US IRS Faces New Lawsuit Over Crypto Staking Tax Policy

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2 hours ago

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October 10, 2024

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The US Internal Revenue Service (IRS) is again under legal pressure in relation to taxation of cryptocurrency staking rewards. On October 10, 2024, Josh Jarrett filed a new lawsuit with support of Coin Center and against the agency’s approach of taxing block rewards as income at the time of receipt.

US IRS Faces New Lawsuit Over Crypto Staking Tax

In a filing on Thursday, the IRS is in the spotlight over its position on block rewards, which are newly minted tokens of a cryptocurrency given to validators who add blocks to a blockchain. The agency currently considers these rewards taxable income at the moment they are received, a policy that Jarrett and Coin Center argue is unjust. 

The lawsuit states that the block rewards should be considered new property and should not be taxed as income, and such income should only be taxed when sold or exchanged for cash.

According to Jarrett, the same should apply to other forms of newly created property, for example crops or minerals, which are taxed only when sold. The lawsuit alleges that taxing staking rewards before they are sold leads to overtaxation and places additional and unnecessary regulatory burdens on cryptocurrency node operators.

Previous Attempts to Challenge Policy

This lawsuit is Jarrett’s second shot at trying to sue the IRS for its position on the taxation of staking rewards. He filed another similar case in 2021 when the IRS failed to explain how staking rewards are taxed. The US IRS issued a refund to Jarrett for the previous year’s tax payment but offered no instruction for subsequent tax years.

Instead, in 2023, the agency came out with new guidelines stating that staking rewards would be considered as income when received, in contrast to the refund decision.

Jarrett relies on the Tezos network where validators receive new tokens for the purpose of validating transaction. By the end of the year 2020, he got around 13,000 Tezos tokens through staking. He points out that such tokens must not be considered as income at the moment they are received, as they are new property that cannot be considered as earnings until they are sold.

The current Internal Revenue Service stance on taxing staking rewards affects many bitcoin users and those using other cryptocurrencies that use the proof-of-stake system such as Tezos. The lawsuit points out that the policy is cumbersome to the taxpayers, who are forced to value every reward they acquire for the purpose of the policy regardless of their plans to sell it.

Legislative Efforts and IRS Policy Changes

Concerns have been raised that this treatment is anti-competitive and hinders the deployment of the decentralized networks and innovation. In the networks where a large number of users are engaged in staking, the revenue from staking is split among many stakeholders, thus it is less reasonable to tax the entire value of the newly created tokens as an income.

This move has been made at a time when there is still a debate on the correct legal framework that should govern taxation of digital currencies. In the first half of 2024, a bill that was proposed before the House of Representatives stated that taxes on staking rewards would only be applied when the tokens are sold. 

The lawsuit will seek to make the US IRS change its policy before the legislative process to make it more reasonable.

Moreover, from 2025, the Internal Revenue Service will impose new information reporting obligations on crypto brokers, including exchanges, and other providers of wallets to report customer transactions and gains. These rules will encompass high-value non-fungible tokens (NFTs) and specific stablecoins transactions, which will extend the taxation of digital asset transactions.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Everything You Should Know About Binance Traders League

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10 hours ago

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October 10, 2024

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One of the popular cryptocurrency service providers in the world has launched the ‘Binance Traders League.’ This is believed to be the most interesting crypto trading event of 2024 and is focused on enhancing investors’ trading experience through challenges and adequate rewards. Binance is one the largest & popular crypto exchanges with over 230 million users and has begun this trading league to appreciate and reward the same crypto community.

Talking of rewards, a crypto trader made $3.37M in profits after his Popcat holding grew twice within a month.

Binance Traders League Launched With $10M Price Pool

Over the years, Binance has introduced many things to make crypto trading more accessible for investors. In one such step, they have launched the Binance Traders League with a $10M prize pool. More importantly, they have designed this league in a way that people of different experiences can come together and enjoy it.

This Binance Traders League is divided into two regions. One has already gone live and will run for 20 days, whereas the second part will start later. As per the Binance news, traders with all skill levels can join and complete solo or team-based challenges.

Even the Binance CMO, Rachel Conlan, has expressed her views on this Binance Traders League, saying that it is their mission to provide more accessibility and exciting opportunities for crypto investors. More importantly, the people will get to learn, grow, and even earn significant rewards from this $10 Million prize pool.

Interested participants can join these league challenges by achieving a minimum TV (trading volume) of $500. More importantly, it is available for all crypto traders, including the regular and VIP (levels 1-6). All these users can join and earn rewards with various eligibility criteria, including Return on Investment (ROI), Profit and Loss (PnL), and Trading Volume.

Two Main Competitions of Binance Traders League

As per the official Binance announcement, this crypto trading league will facilitate two main competitions, the Spot Traders League and the Futures Traders League. The $10M prize pool is between these two, where each has different challenges and rewards.

The Spot Traders League is live with a prize pool of $3 million BNB vouchers. Additionally, the best performers can access another $1.5 Million worth of BNB. This also has a bonus task that can make another $200,000 USDC, where the players will have to explore Spot Copy Trading and crypto Trading Bots.

Finally, this league has already begun and will run from October 8 to 28. Here, the participants will be ranked on their total ROI percentage and trading volume percentage.

Binance Traders LeagueBinance Traders League

The second is the Future Traders League, with a prize pool of USDT vouchers worth $7 million. The players can choose to play either Solo or in teams in this category. However, it is important to note that the schedule varies for each category. The Solo trading challenge has already begun since October 8 and will be live till October 28. However, the team crypto trading will begin on October 17 and run until November 6, 2024.

Here, one more important element is that the user can share an additional $700,000 prize pool if they are first-time futures trading.

Final Thoughts

With the Binance Traders League, the exchange has offered a unique trading opportunity. Basically, the traders of all levels can come together, participate in various challenges, and earn up to $10 Million in vouchers and other additional rewards. As per the Binance news, there are two main events in this Short and Futures trading league, each with different timelines, rewards, and ranking criteria, making it much more interesting. Besides, the market is also approaching the Uptober and Crypto market rally. So, this is another opportunity to take advantage of before turning entirely bullish. However, there are certain risks, so an crypto trader should participate in trading and such challenges wisely.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance Expands Support For BNSOL After Listing, Here’s How To Stake

Published

13 hours ago

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October 10, 2024

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Crypto exchange Binance on Thursday again issued an important announcement surrounding the staked SOL token on the exchange, BNSOL. The crypto exchange revealed that it is now adding the staked token on ‘Earn, Convert & Margin,’ enhancing trade offerings for users. These enhancements follow the token’s recent listing on the same exchange, echoing optimism for the crypto’s long-term perspectives.

Binance Enhances Offerings For Staked SOL

As per an official Binance announcement dated October 10, BNSOL is all set to be added on Earn, Convert, and Margin platforms today. Simple earn and flexible products for the token will be listed on ‘Simple Earn’ today at 08:00 UTC and will thereafter be available for subscription. Simultaneously, users will be able to trade the asset against BTC, USDT, and other tokens on ‘Convert’ at zero trading fees within one hour of the asset’s listing on the spot trading platform.

Additionally, the staking crypto will also be added to Cross and Isolated Margin along with SOL pegged pairs on October 14 at 08:00 UTC. These enhanced offerings, after the exchange recently revealed listing for the token, have reverberated optimism among market participants globally. CoinGape Media reported earlier that with Binance’s backing, BNSOL secured listing, sparking considerable optimism across the broader market.

How To Stake SOL?

Meanwhile, the crypto exchange also rolled out three ways for users to stake their SOL on the platform. One can easily go to the ‘SOL pledge’ section on the ‘financial management’ page and achieve staking. Further, users can also get the staked token by pledging SOL in the Binance Web3 wallet. Lastly, users can directly recharge the staked Solana token into their accounts, the announcement added. All new and old token holders are eligible to enjoy up to 10% APR during the promotion period.

Simultaneously, BNSOL price rested at $139.5 at press time, down nearly 3% in the past 24 hours. Similarly, SOL price traded at $139, noting a 2.5% decline at press time. Nevertheless, the listing plans have garnered significant attention to the staking token. It’s also worth noting that the token represents staked SOL and income collectively in a tradeable and transferable form on the exchange.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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