“The first draft of the audit report is with me. I’ve asked for more clarity and context in several parts, but progress is being made swiftly,” stated Hoskinson in a recent X post.

Provided there are no unanticipated delays and the work maintains its current momentum, Hoskinson is optimistic about a mid-August release.

Back in May, Hoskinson had promised to release an audit report of IOG’s treasury holdings after refuting claims that $600 million in Cardano (ADA) had been misappropriated. He expressed his disappointment with the community’s mistrust following these allegations.

“IOG never took 350 million unclaimed ADA for itself. This is a falsehood. The majority was claimed, and the remaining that was forfeited after a seven-year waiting period was given to Intersect,” Hoskinson clarified in a May 6 X post.

The allegations came under the spotlight from several community members, including NFT artist Masato Alexander, who accused Hoskinson of manipulating the Cardano ledger with a “genesis key to rewrite it and gain control” of $619 million in Cardano during the 2021 Allegra hard fork.

Hoskinson confirmed that he would offer a detailed explanation of the audit via a livestream when the report is released. “I will walk through the entire report on a livestream once it’s out,” he said, adding that a special website will host the report along with “other historical artifacts from the sale.”

He also hinted at possible legal action against those who made the allegations, saying, “I’m meeting with a defamation law firm next week to discuss our strategy and potential actions.”

The post Hoskinson’s Audit Report Preps for August Reveal Amid Allegations appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Ripple submitted its redacted reply to the objection that the SEC had made to the defendant’s request for summary judgment on December 2. It was the organization’s closing argument in the highly publicized lawsuit. In its response, the plaintiff also requested that the court rule against the defendant, Ripple.

Gene Hoffman, chief operating officer at blockchain company Chia Network, noted that another blockchain company, LBRY, had just been unsuccessful in a similar action against the SEC. Given that the CEO of Ripple, Brad Garlinghouse, forecasted that the issue would be resolved in the first half of 2023, the current comment that Hoskinson made about the matter needs to be treated with a grain of salt. As a result of the remarks that Hoskinson made on the matter, he has found himself on the unfavorable side of the Ripple community.

The legal fight began in December 2020. It is anticipated to have significant repercussions for the bitcoin industry. The case brought by the SEC dealt a huge blow to the price of the XRP cryptocurrency. And as a result, several exchanges in the United States moved quickly to halt trade. It is important to note that various opinions have been expressed by legal professionals on the possible outcomes of the case.

The post Cardano CEO Thinks Ripple v. SEC Lawsuit Might Be Concluded by December 15 appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

What Is Ofelimous?

The goal of the Ofelimous protocol is to limit the energy that is used by proof-of-work chains to the absolute minimum. Proof-of-useful-work, as opposed to proof-of-work, assures that the computational capacity of miners is being directed toward the resolution of issues originating from the real world.

However, this makes the blockchain that has embraced it less secure since an adversary may utilize the system to solve simple issues, resulting in the creation of more blocks than miners could with the same resources. However, Cardano is certain that Ofelimous will readily find a solution to this problem. Hoskinson suggests that miners of Bitcoin should transition to this PoUW protocol so that they may reduce their carbon footprint, which is already on par with that left by smaller nations.

The White House has proposed that cryptocurrency mining be outlawed until it can become more environmentally friendly. A study on the excessive use of energy by a variety of businesses, including bitcoin mining, was recently issued by a group of parliamentarians working for the White House. The research was compiled in response to an order given by President Joe Biden in March of this year.

In a word, the research suggests that certain businesses need to be outlawed if there is no feasible way for them to considerably reduce the amount of energy that they use. BTC skeptics have often brought up the problem of the huge carbon footprint that is left behind by the Bitcoin blockchain. According to recent studies, the amount of energy that Bitcoin miners utilize is comparable to the amount of energy that is spent by small nations all over the globe.

The present situation, in which costs for energy supplies are increasing at an alarmingly high rate, makes this problem even more important. However, the paper suggests that proof-of-stake, rather than proof-of-work, should be used for PoW blockchains since doing so would drastically cut the amount of energy such blockchains use.

Switching to alternative crypto-asset technologies such as Proof of Stake might drastically cut total power use to levels that are less than one percent of what they are now. This Ofelimous protocol is used by Cardano, and Ethereum is set to transition to PoW as well. The long-awaited update to Merge is scheduled to happen in about one week, between September 15 and 20.

The post Hoskinson Is Sure that Bitcoin Needs Ofelimous Protocol  appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.