BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Charles Hoskinson Says He Will Run A $1,000,000 ADA Experiment With A New Cardano Wallet To Test Security

by BlockNews Team
December 29, 2022
in CRYPTO, DEFI, MEDIA, TECHNOLOGY
Reading Time: 4 mins read
A A
2
SHARES
29
VIEWS
Share on XShare in TelegramShare on Reddit
  • Cardano is still surviving despite the harsh bear market.
  • The network plans to experiment with a new cardano wallet to test its security. 
  • Charles Hoskinson, the co-founder, says he will run a sum of $1,000,000 to support the experiment. 

Charles Hoskinson, a co-founder of Cardano (ADA), says he’s willing to wager on a future security feature for the brand-new Lace wallet.

JUST IN: Charles Hoskinson says he’ll run $1,000,000 ADA experiment with new Cardano wallet to test security

— WhaleFUD (@WhaleFUD) December 28, 2022
VIa @WhaleChart – Twitter

The lightweight multi-chain crypto wallet Lace, created by Cardano creator Input Output Hong Kong (IOHK), promises to link everything in Web2 and Web3 to a single interface.

Hoskinson describes the recent hack on the password management company LastPass as “amazing” in a new YouTube video.

An unauthorized person acquired access to a third-party cloud storage provider that LastPass employs to hold archived backups of its production data. The business said in an update last week.

According to Karim Toubba, CEO of LastPass, the hacker acquired “basic customer account information and related metadata including company names, end-user names, billing addresses, email addresses, telephone numbers, and the IP addresses from which customers were accessing the LastPass service.”

Hoskinson describes it as a “screw-up” on the part of LastPass and believes what transpired is “very filthy.”

According to Cardano’s co-creator, it is unfortunate that the encryption tool Pretty Good Privacy (PGP) isn’t a standard.

According to Hoskinson,

“When… Lace wallet starts supporting PGP encryption of paper wallets. I’m going to take some ADA – probably a million dollars worth of it – put it into a paper wallet encrypted with PGP, and publicly post it on my Twitter so you guys can try to break it. I’m very confident in those standards. Master passwords, even if they’re quite long, it’s just a dead standard, and it shouldn’t be done anymore.”

Charles Hoskinson addressed a list of potential use cases for NFTs as the industry grows in a new Twitter space he hosted.

“NFTs are useful for anything you have a collection of or are connected to something beyond a standardization. So, for example, a deed of land. Mineral rights. Water rights. Any notion of property rights. 

Looking Into Cardano Wallets

Daedalus

The official Cardano full-node wallet, Daedalus Wallet, is a desktop GUI (Graphical User Interface) program (Linux, macOS, Windows). Users can interact with the Cardano blockchain using a good UI (User Interface), buttons, and layout.

A full-node wallet means that before users can send transactions and interact with the wallet, it must first sync and download the blockchain.

It is primarily being developed as open-source by InputOutputGlobal, one of the three businesses responsible for the Cardano protocol.

Yoroi

The official Cardano light wallet is called Yoroi, and it is accessible as a browser extension and a mobile application.

Users will not be required to download the complete blockchain with a light wallet. Yoroi, for example, has a backend server that downloads the blockchain data on the user’s behalf without the user disclosing important information (Private Keys) to the server, hence keeping security. Because the user won’t have to wait for hours before using the wallet, this results in a quicker experience.

Emurgo, a Japanese firm focusing on business and enterprise adoption of the Cardano blockchain, is primarily developing it as open-source software. It is one of the three primary organizations that make up the Cardano project.

Closing Thoughts 

Cardano is making positive moves. It’s been a tough year for the cryptocurrency community. Most companies have gone bankrupt, and other companies have laid off staff. Launching a new wallet is quite inspiring. 

Tags: ADACharles HoskinsonCrypto WalletLace Wallet
Tweet1ShareShare
Previous Post

Microstrategy Adds an Extra 2,500 Bitcoins, Worth $41M and Plans to Launch Lightning Network in 2023

Next Post

SBF’s Case Assigned To A New Judge

DON'T MISS THESE! HOT OFF THE PRESS

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
Load More

Related News

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.