Cardano hard forked to its proof-of-stake network, token platform tZERO cut staff and compensation, and a derivatives exchange is looking to list on Nasdaq.
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Cardano is now running a proof-of-stake consensus mechanism. Announced Wednesday, the open-source smart-contract platform designed to challenge Ethereum’s lead position, hard-forked from the centralized Byron network into the decentralized Shelley network. IOHK, the lead design firm, said “hundreds” of assets are expected to run on the blockchain in a year’s time. The PoS delegation process lets users holding Cardano’s native token (ADA) commit their tokens to a pool for a share of rewards. A number of additional upgrades and improvements are expected in the coming months, including a new governance model, Project Catalyst.
Chinese police have arrested all 27 primary suspects thought to be responsible for running the $5.7 billion Plus Token Ponzi scheme. Led by the Ministry of Public Security, China’s top police force agency, the investigators has also arrested another 82 core members of the scheme in what looks like the first crackdown on an international, crypto Ponzi. The scheme allegedly scammed two million people by using cryptocurrencies including bitcoin as a funding channel.
Newly launched derivatives platform EQUOS.io is set to become the first publicly traded crypto exchange in the U.S. through a “backdoor listing” on Nasdaq later this year. Its operator, Hong Kong-based Diginex, announced Thursday it is combining EQUOS.io with the Nasdaq-listed Singapore’s 8i Enterprises Acquisition Corp – a special-purpose acquisition company. SPACs are shell companies that use funds from their IPOs to acquire target companies, bringing them public through the “backdoor,” a process that is faster and cheaper than traditional listings, according to Diginex CEO Richard Byworth.
Cuts & Capital
Security token platform tZERO has cut staff and salaries as it eyes another capital raise. CEO Saum Noursalehi said tZERO had “significantly reduced” its cash burn rate 45% year on year by cutting legal costs and staff and trimming executive salaries in exchange for company equity. A majority-owned subsidiary of…