Over the weekend, Charles Hoskinson, the brain behind Cardano (ADA-USD), floated a speculative idea on X: should Cardano and Bitcoin Cash (BCH-USD) join forces? The votes are in—at least for now. As of writing this article, 9,100 crypto enthusiasts have given a thumbs-up, while 4,400 seem less than thrilled.
Polling the Waters: Action on the Horizon?
Hoskinson dubbed the post a mere thought experiment. The poll quickly amassed over 12,000 votes on its first day, with a whopping 66.3% showing support for the potential partnership.
Ben Scherrey, the mind behind blockchain outfit Biggest Lab, chimed in, highlighting the synergies between the two platforms. He sees promise in their shared UTXO model, laying the groundwork for scalability and decentralization—a feature both ADA and BCH boast.
Navigating the Unknown
While excitement brews for this potential integration, the path forward remains murky. Hoskinson’s talk of a “partnerchain” suggests the need for bridging or cross-chaining Bitcoin Cash to accommodate proposed upgrades. However, it’s not just about the tech; achieving consensus among stakeholders and developers poses another challenge. And let’s face it – bridges are just a bad word in crypto because they attract hackers like light attracts moths.
Additionally, Cardano is already juggling quite a bit in 2024. With the “Chang” hard fork and the “Ouroboros Leios” proof-of-stake model on the horizon, any serious discussion about BCH integration will likely be shelved for now.”
From a technical analysis perspective, Cardano’s price action and performance can best be described as “meh.” Since roughly mid-April, ADA’s been trading within the $0.45 value area with no clear signs it’s ready to make any strong directional move soon. Cardano has been down by -21.72% over the past 30 days and -8.10% over the past three months. However, it has remained at +31.21% over the past six months and +16.71% YoY.
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