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HomeNewsHow important is AML really to ADA? From Investing.com

How important is AML really to ADA? From Investing.com






Investing.com – The Cardano Foundation announced a partnership with the analysis company Coinfirm a few days ago. The most important reason for this cooperation was the implementation of the anti-money laundering (AML) guidelines. Without complying with AML standards, the ADA would probably have a hard time gaining greater acceptance in the financial world. An acceptance that is essential in the context of the development of Smart Contracts and DeFi.

But meanwhile there is also initial criticism of this very welcome development. Weiss Crypto, a subsidiary of the rating agency Weiss Ratings, has become involved in this word reported.

Weiss Crypto believes that excessive regulation has made the banking system breathless. And the collaboration with Coinfirm inevitably leads to Cardano digging his own grave.

Weiss Crypto continued to tweet:

“#Cardano is still a free and decentralized network. But it is already on the way to becoming a censorship-prone, politicized and manipulated network. In this case, there are far better options – Facebooks Diem, #CBDCs and the networks, that they will bring forth. “

“The goal is to build a new financial and economic order. Free from the control and oppression of those who have brought our world to the brink of the abyss. Currently, the world economy is only sustained by excessive and aggressive central bank intervention.”

The Ethereum co-founder and Cardano inventor Charles Hoskinson then stated in a brief Videowhy AML is important and why Weiss Crypto is exaggerated.

“It doesn’t matter to the Cardano basic structure whether you’re from the United States or China, Japan or anywhere else – it doesn’t matter. Still, you can add identity, metadata and all sorts of other information. to meet the requirements of the respective business areas, whether regulated or not, “he said.

The fulfillment of AML standards (money laundering) should by no means be the downfall of Cardano, as Weiss Crypto indicated at the beginning. Ultimately, the extent to which data can and must be collected depends on the respective application on the blockchain. Nobody will know this better than Charles Hoskinson – the Cardano Blockchain founder.

All eyes on Alonzo Upgrade

In the crypto market itself, all eyes are on the upcoming Alonzo upgrade on the Cardano blockchain in September, which is all about smart contract integration. As a result, the native cryptocurrency ADA has rushed from record to record in the past few days.




Justin Giudici, Head of Product of the Telos Foundation, spoke in an exclusive interview with Investing.com that Cardano could question the dominance of smart contracts with the Alonzo upgrade. Cardano is by no means the only competitor, as the expert believes.

“has recently been challenged by a number of scalable EVM-based platforms such as Smart Chain (50 TPS), (4500 TPS) and the upcoming Telos EVM (10,000 TPS). These platforms are fast and scalable alternatives to Ethereum. Still promote the Ethereum development scene with their code-compatible virtual machines. In many ways, they also increase interest in ETH as a currency (the grand daddy), along with their own currencies.

The new smart contract standard, based on Plutus (the smart contract language for Cardano), could take some of the luster from both Ethereum- and EVM-based development and currencies – but that’s still to come have to show.

The reality is that after the initial hype surrounding the market launch, it will be some time before it becomes clear how practical Plutus contracts are compared to the tried and tested standards like Solidity and eosio C ++ contracts, both of which are supported by Telos. These are the current standards used by the majority (probably 90%) of popular DApps on the DApp radar. “

To what extent the Cardano team will succeed in prevailing against the competition remains to be seen. The crux of the matter is the acceptance of the Plutus-based smart contracts. The development of ADA will largely depend on how quickly the developers migrate their smart contract projects to the Cardano blockchain and create completely new use cases.

From Marco Oehrl

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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