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An Overview of Interledger Dealings of Cardano (ADA)

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Cardano

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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