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An Overview of Interledger Dealings of Cardano (ADA)

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Cardano
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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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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