Cardano (ADA) into Interledger transactions
According to a leading news source from the United Kingdom, IB Times, that recently interviewed the CEO and founder of Cardano [ADA], Charles Hoskinson, revealed his future plans to achieve true scalability and interledger peer-to-peer transactions in Cardano’s operations.
Hoskinson aims at finding out superior ways to segregate data and transfer it at lightning speed so that the entire data set need not be downloaded to sync or access it.
It seems that Cardano is aiming to split their network into sub-networks using Recursive InterNetwork Architecture [RINA].
However, the data is in terabytes and petabytes, so ultimately it needs to be stored somewhere and Cardano intends to do so by using complex data pruning and partition to reduce the data volume to a minimum.
They also have been working to develop methods to chop up network data so not all users have access to the same data sets. Cardano’s research is about scalable sub-networks and how it can communicate with each other using the concept of sidechains.
This is what Hoskinson likes to call ‘interledger transactions’.
Cardano’s Block Explorer
Cardano has its own Block Explorer. This is a useful tool that can be used to check the history of transactions that have taken place on the Cardano blockchain.
The Cardano Block Explorer can help you check transactions on the Cardano testnet, which is running now, as well as on the real version of the network, which is to be launched soon. (The Cardano Testnet is a pilot version of the network on which engineers are running tests to make sure it is operating smoothly and securely before the launch of the real network.)
Developers are building the capabilities of the Cardano Block Explorer and it is planned to become a complete resource which will contain statistics, charts, and many more features.
Proof of stake mining
Cardano uses a new proof of stake algorithm called Ouroboros, which determines how individual nodes reach consensus about the network. The algorithm is a crucial part of the infrastructure that supports the Ada cryptocurrency and is a major innovation in blockchain technology. Ouroboros eliminates the need for an energy-hungry proof of work protocol, which stands as a barrier to blockchain scaling up for much wider use. Designed a team led by IOHK Chief Scientist, Professor Aggelos Kiayias, Ouroboros is the first proof of stake protocol that has mathematically been shown to be provably secure, and the first to have gone through peer review through its acceptance to Crypto 2017, the leading cryptography conference. The level of security demonstrated by Ouroboros compares to that of Bitcoin’s blockchain, which has never been compromised.
So, what is proof of stake?
In proof of work, miners invest computing power to compete to be chosen as the leader who gets to make the next block and win a reward for doing so. By contrast, in proof of stake, the stakeholder who will form the next block is randomly selected, proportionally to the size of the stake that they have, according to the blockchain ledger.
“Proof” means having evidence that blocks of transactions are legitimate. “Stake” means the relative value held by addresses on the node. “Relative value” is all the value held by wallets on a specific node divided by total value in the system.
There have been several attempts by other cryptocurrencies to develop a proof of stake algorithm, although these protocols have suffered from flaws and have not been shown to be provably secure.
For a blockchain to be secure, the means of selecting a stakeholder to make a block must be truly random. An innovation of Ouroboros to produce the randomness for the leader election process is to do this by way of a secure, multiparty implementation of a coin-flipping protocol.
Despite all the ups and downs in the past days, it seems that the seventh ranked coin in coinmartketcap its closer to a stabilization point but for now let’s wait and see what time will tell us.
Image 1 – Cardano’s Charts – Source: http://coinmarketcap.com