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.
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.
We will be updating our subscribers as soon as we know more. For the latest on ADA, sign up below!
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.
Image courtesy of Pulpolox !!! via Flickr
How Can Foreigners Get Loans in Singapore
Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.
At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary.
What defines a foreigner in Singapore?
A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…