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An Overview of Interledger Dealings of Cardano (ADA)

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IB Times, one of the leading media outlets of United Kingdom, recently interviewed Charles Hoskinson, who is the CEO and founder of Cardano. He revealed his vision of attaining peer-to-peer interledger transactions and scalability and in the operations of Cardano. The CEO aims at finding out superlative ways to isolate data and make its transmission at lightning speed. This will result in the entire data sets not needing to be downloaded to access or sync it. Cardano has basically set a target to segregate their network into sub-networks by the use of Recursive Internetwork Architecture [RINA].

Since the data is measured in petabytes and terabytes, it requires a storage space. Cardano has plans to store the data by bringing down the volume of data to a minimum level, using complex data segregation and trimming tools. The development team of Cardano has been committed to designing methods to segregate the network data so that all users do not end up accessing the same data sets. Cardano focuses its research on scalable networks and the strategy of using the concept of sidechains to enable the inter-communication between the networks. This is how Hoskinson has defined ‘interledger transactions’.

Understanding Cardano’s Block Explorer:

Block Explorer is a highly productive tool that can be used to check the previous track record of transactions that have taken place on the Cardano blockchain in the past. This tool is called Block Explorer which Cardano possesses. The Cardano block explorer plays the role of helping to explore transactions on the Cardano Testnet, which is currently up and running. Using the Block Explorer also helps you to check transactions on the real version of the Cardano network. The Cardano Testnet is a trial version of the network on which currently engineers are running tests to ensure its secure and smooth operation prior to the launch of the actual network. Developers are building the Cardano Block Explorer in a way such that it becomes a complete resource equipped with charts, statistics, and other useful features.

Proof of Stake Algorithm Ouroboros:

Cardano employs a new proof of stake algorithm called the Ouroboros, which defines how individual nodes arrive at a point of consensus about the network. Such algorithm is a vital component of the infrastructure supports the Cardano cryptocurrency and marks a major innovative step forward in the field of blockchain technology. The necessity of an energy-starving proof of work protocol prevents the blockchain from scaling up for a greater variety of uses. Ouroboros tackles this issue by eradicating the need for such a proof of work protocol. Designed by an expert team, Ouroboros is the first proof of stake algorithm that has proved to be secure as it has been approved through peer review at one of the premier cryptography conferences called crypto 2017. In fact, the level of security verified by Ouroboros has proved to be concrete just like that of Bitcoin.

Understanding the Concept of Proof Of Stake Algorithm:

In the case of proof of work algorithm, miners exploit the computing power in their bid to be chosen as the leader who creates the next block and gets rewarded in return. On the contrary, in the case of proof of stake algorithm, the stakeholder who will be creating the next block is chosen on a random basis in proportion to the stake that they possess and in accordance to the ledger of the blockchain. By the term “proof” it is meant evidence regarding the legitimacy of the transaction blocks. On the other hand, by the term “stake” it is meant the relative value held by the addresses on the node. The term “relative value” means the value assigned to particular nodes of wallets divided by the cumulative value in the system.

Conclusion:

Several other cryptocurrencies have made attempts in the past to design a proof of stake algorithm. However, all these past attempts have been jarred by different types of flaws and have also failed to prove as completely secure. A blockchain can be secure, only if the method of choosing a stakeholder assigned with the job of creating a blockchain, is completely random. Hence a multi-party, coin-flipping protocol is deployed to create Ouroboros. This assures the randomness of the stakeholder selection process. This has been a huge point of success for Cardano and has given it an edge over most other cryptocurrencies.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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