By Tobi Loba
Cardanians, the guardians of Cardano security and decentralization, have recently emphasized the extent to which the Cardano (ADA) proof of stake (PoS) will be secured.
This emphasis is based on the slim possibility of committing a 51% attack on Cardano (ADA) network. The Cardanians stressed on the closely impossible requirement needed to carry out such an attack.
This was shared via the official Twitter handle of Cardanians a few hours ago. In the tweet, the Cardano security guardians averred that 51% attack on Cardano (ADA) requires ownership of greater than ½ staked coins. “Committing a 51% attack on Cardano requires ownership of >1/2 staked coins…” the Cardanians stated.
They furthered that this implies that the attack could cost 15 Billion ADA when ADA is priced at $1, which will be a thousand times more money currently needed to initiate a 51% attack on Bitcoin (BTC).
“…This may be ~15B ADA so at the cost of ADA=$1, the attack costs ~$15B. For your imagination that’s ~1000x more money than the current possible 51% attack to Bitcoin. Cardano PoS will be very secure.”
Committing a 51% attack on #Cardano requires ownership of >1/2 staked coins. This may be ~15B $ADA so at the cost of ADA=$1, the attack costs ~$15B. For your imagination that's ~1000x more money than the current possible 51% attack to #Bitcoin.
Cardano #PoS will be very secure. pic.twitter.com/lBb0C2GIKd
— Cardanians.io (🥩 stake with us 👉 CRDNS 🏊) (@Cardanians_io) April 5, 2020
Smart Contracts on Cardano Platform will Allow Sending ADA-Backed Stablecoins
In another development, the Cardanians stated that the smart contracts on the Cardano platform will allow sending ADA-backed stablecoins.
In the tweet, the guardians of Cardano (ADA) security and decentralization stated that the application of stablecoins will enhance the price growth of Cardano (ADA) in the cryptocurrency market.
Conclusively, the Cardanians opined that the smart contracts will foster the utility of Cardano.
“Decentralized value transfer with a volatile token is not interesting for payment and business. Smart contracts on the Cardano platform will allow sending stable coins backed by ADA. The use of stable coins will push the price of ADA. The smart contracts will bring utility,” Cardanians shared.