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Cardano (ADA) Blockchain Infrastructure Grows More Creating Promising Atmosphere for Investors

The first born out of philosophic research – Cardano (ADA) protocol. Very similar to Ethereum’s PoS mechanism but with improved speed and efficiency the platform delivers more advanced features without stepping down the original idea of crypto – decentralization.

While maintaining the balance of the three big ones: Decentralization, Security and Speed, Cardano attempts to improve proportionally forward with each release or published paper. This is the real vision of its founder – Charles Hoskinson, who is at the same time one of the individuals that commenced the Ethereum project.

“What we’ve done with Cardano is start with asking ourselves what a blockchain is. Does proof of work actually make a blockchain secure? Is there a way to build PoS with the exact same outcome? […] Can we do things in a way where we can achieve classical performance with decentralization so that we’re moving the tradeoff profile in a certain way? […] Every time Cardano publishes a paper we are taking a step forward.”

Bittrex, one of the leading cryptocurrency exchanges by trade volume around the world, announced a few hours ago its decision to enable crypto/fiat trading pairs for Cardano and Zcash. Its official account tweeted this and later confirmed via an email sent to its subscribers.

Bittrex is excited to open two new US Dollar (USD) markets, Cardano (ADA) and Zcash (ZEC), on September 5, 2018! …

The approval process is fast and once approved you can trade all USD markets Bittrex offers today and in the future. When approved for USD deposits and withdrawals we will reply with wire transfer instructions and you will enjoy industry-leading same or next-US-business-day deposits and withdrawals. Follow us on Twitter for new USD market announcements and the latest updates.

Its architecture and project infrastructure as a whole widespreads even more. Cardano Wallet specification will most likely produce the highest quality cryptocurrency wallet that meets certain standards. These specifications can vary  from what is expected as for example the user interface but more concentrate on the communication blockchain-software. IOHK CEO Charles Hoskinson added:

“The release of the formal specification of the Cardano Wallet Backend is a major milestone for us and for all crypto. You should demand this standard for all protocols”

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Ripple’s XRP and Tech best Choice for Amazon to Go

The Crypto – Market – Ripple’s XRP

Despite many believing that the same 2017-gold rush will return very speedy this year, it seems like we have to wait a bit longer. In these times of violent sell-offs, it is of positive nature to return to the words of Bill Barhydt – CEO of Abra, who said:

“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose. He added: “Once the floodgates are opened, they’re opened.”

Parallel to that, just yesterday the CEO of IOHK and Cardano co-founder Charles Hoskinson on an announcement video regarding his platform added that this unsettling market volatility happened even before and we were there so everything is fine.

Keeping the above in mind, it is a good moment to look out for the best choice in the market. The prices have dipped majorly and there is a high chance it will be very rare they are this low again. So, whichever your choice is, this time around is a golden windows opportunity to step in.

Ripple’s Tech Able to Support Giants

Ripple’s XRP has established itself as one of the primary cryptocurrencies to shape the future of digital commerce. As the existing financial infrastructure does need a good rework, one of best to go [many cooperation, financial entities and firms have returned with positive test results] could be turning Ripple‘s XRP, xCurrent and xRapid.

For a company like Amazon, the best yet to do after witnessing many commencing digital currency support is to go for the one that is most user friendly.

Ripple’s high coin supply and subsequent lower price-per-coin will come in handy for creating a user-friendly market. Cryptocurrency will never find a place on Amazon’s market if it can’t prove to be beneficial to the customer experience. Price volatility and slow transaction times are antithetical to this mantra. But Ripple offers an alternative.

Let us say that the coin is implemented and it is targeting users. What would be simpler for the online store user to handle with .0001 BTC or lets say 1 XRP. For a trader or someone that works in the finance it is the same as the pricing has no difference. However, for a consumer it is much easier to go with 5 XRP instead of 50,000 satoshis.

Speed

Speculation of an Amazon partnership were first seen in the Crypto-verse late last year. The idea behind the speculation hinged on the reliability of XRP during transactions. The coin is known for 3.3 second transaction speeds and $0.0004 charges per transactions. These are performances that a leading online retailer like Amazon needs for the process of moving into the future and improving the online payment settlement.

The event would not be that shocking because we have to keep in mind that Ripple’s tech is being tested and promoted by various firms, baking institutions or financial companies like MasterCard American Express, Santander.

XRP Best of Exchanges

The Binance cryptocurrency exchange is one of the most active ones in the crypto-verse. There have been many and popular tweets circulating the crypto-verse by enthusiasts that XRP should be a base coin for Binance. Some of the reasons XRP fans outlined in the comments of the tweet as to why Binance should start pairing the digital asset as a base for trading are as follows:

  • It would help Binance for it is faster and cheaper
  • A base currency of XRP would bring in more users to the exchange
  • XRP is the fastest digital asset to transfer funds between exchanges

Accordingly, Weiss Ratings has also agreed and supported the request to add XRP as a base currency on the exchange.

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Cardano (ADA) Improved Version Announced by CEO Charles Hoskinson

New Protocol Cardano

Via his twitter handle, the founder of Cardano project and ex-part of Ethereum – Charles Hoskinson, declared the newest version of Cardano’s protocol.

The specific details on the release have yet to be made public concerning the updates of the 1.3 protocol version. The bettering mostly as it seems target the Daedalus wallet and the protocol itself. Mr. Hoskinson commented on how the main issues to deal with were memory improvement and speed, and the 1.3 version has cleared the QA period. The stated update is set to come true in the next days, while the 1.4 according to the roadmap is set to go into the QA period after Sep 4.

Cardano ADA

Cardano was seen as a project potentially displacing Ethereum with a better consensus approach. However, at the moment, the Cardano network does not even line up among the most active ones. Numerous ADA owners hold their assets in the Binance wallet, which is the richest one with around 10% of ADA holdings.

The daily active unit in terms of daily trx is far lower at Cardano’s blockchain compared to platforms like TRON (TRX).  The network’s explorer showcases that the blocks mostly hold one or two transactions.

Continuing, Mr. Hoskinson believes and hopes to see Cardano be the first trillion dollar cryptocurrency. With the event it would clearly prove that it is a self-maintainable financial structure. Parallel with that, with ADA he wants shift while shaping differently how we think of the coins and use them. While many see ADA tokens just as a way to profit financially by selling, buying [trading], Charles Hoskinson mentioned that he has high hopes that users will find the opportunity to use the coins in real life.

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Cardano (ADA) Founder Sheds Light on Ethereum Classic

Cardano (ADA)–Cardano and IOHK Founder and Ethereum co-founder Charles Hoskinson has had a substantial impact on the direction of cryptocurrency. From his position in getting the second-ranked cryptocurrency by market capitalization up and running, to his creation of the Input-Output Hong Kong organization, which created Cardano ADA, Hoskinson has had has finger on the developmental pulse of the industry.

Speaking on the YouTube Channel Learn Crypto in an interview published Friday, Hoskinson gave his opinion on the Ethereum Classic (ETC) currency, a hard fork from Ethereum (ETH) which in part led to the creation of Cardano. Following his departure from the group of original Ethereum founders, a relationship that did not end 100% amicably, Hoskinson joined the Ethereum Classic team in 2016 to help guide the coin following its hard fork from ETH. The primary difference between ETH and ETC is that the latter promotes the idea of unrevisable, immutable blockchains. Following the The DAO hack, which essentially split the community of Ethereum, ETH Classic miners continued to trawl the original ETH blockchain–as opposed to participating in the new blockchain that returned ether to impacted investors. At the time, the move was hailed by equal parts admiration and derision. ETH supporters saw the move as a way to counteract the illegal theft of a hacker. ETC proponents felt that, while the hack was not to be celebrated, it was constitutionally wrong to the currency to revise the blockchain under any circumstance.

Hoskinson joined with the latter of the two, telling Learn Crypto,

“So…  I put my name brand and reputation on Ethereum and you know I went my own way but I still believed in this whole philosophy of the system.”

He goes on to expound upon his support for Ethereum Classic over ETH,

“I felt that you can’t go raise 18 million dollars and market something one way, and then when it’s inconvenient to you, you go change the terms of sale without the consent of the customer, and not a lot of customers participated. I think the vote was less than 10% participation and there wasn’t lot of time and it was just a knee-jerk decision.”

Hoskinson tells more about the conception of Ethereum Classic, speaking on the ease of which a developer can create a fork of a currency. However, he also relates how his experience with ETH and ETC set him up for the creation of IOHK and the Cardano ADA currency that followed. In particular, he highlighted the importance of currencies focusing on scalability, a feature that Cardano has been pushing for some time, in addition to higher TPS and a growing user base,

“Cardano’s trying to cover all three areas. So we started 2015 it was basically just a collection of concepts. We get about three years of research and development and now we’re in a position where we think we have a pretty good shot at being able to pull it off.”

In May, Hoskinson made somewhat controversial headlines when he called into question the massive market cap ascribed to Bitcoin and Ethereum. While not outright calling the currency worthless (as some outlets have run with), the IOHK CEO did find fault with what Bitcoin and Ethereum have done, or are in the process of doing, to deserve their spot at the top of the industry’s market capitalization,

“Why is anybody worthy of their positions in the market cap? Bitcoin is advertised as a payment system and a means of exchange, and then everybody who’s ever tried to use it for that, it’s been a miserable failure. They usually stop taking it, or they find ways to take cash, and through a creative structure like what Bitpay has done. Ethereum claims to be a world computer, but then CryptoKitties breaks it.”

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A $3.3 Billion Claim: Has Cardano's Blockchain 'Solved' Proof-of-Stake?

“Proof-of-stake is solved.”

Even in an industry that’s seen no shortage of grand proclamations, those words, issued by entrepreneur Charles Hoskinson in April, grabbed attention.

The CEO of blockchain firm IOHK (and one-time CEO of Ethereum), Hoskinson was seeking to send a message about a new research paper, one he believes proved that the company’s novel twist on how blockchains come to consensus, called Ouroboros, had addressed long-standing concerns about whether the model can sufficiently secure investor funds.

Given the size of the claim (and its impact), it’s an assertion that sparked doubt from cardano’s more prominent competitors. However, months later the team at IOHK maintain Ouroboros may be the answer to one of crypto’s most divisive questions – whether so-called proof-of-stake systems offer solutions to some of the industry’s pressing problems.

So far, the market appears to be interested in the opportunity to support the thesis.

Soon to power the public blockchain cardano, Ouroboros may one day support the world’s eighth-largest cryptocurrency, with its 25 billion ADA tokens worth $3.3 billion. And a look at the history of proof-of-stake systems perhaps showcases why so much money is on the line.

First pitched by developers Scott Nadal and Sunny King in 2012, proof-of-stake offers what is claimed to be a more sustainable alternative to proof-of-work, the consensus method underlying the world’s biggest blockchain by market cap, bitcoin.

Allowing users to vote or “stake” their coins on a transaction history in exchange for rewards (instead of burning computational energy), it’s relatively untested, having so far only been adopted in hybrid, small-scale or delegated formats.

So, while bitcoin’s security is comparatively proven (its blockchain is currently sustaining $114 billion and has held up for years), many crypto coders believe proof-of-stake is necessary to transition the industry into the next phase, in which users no longer have to own hardware in order to claim a blockchain’s rewards.

The trouble is, no one can agree on how this should be done.

“Different consensus algorithms do well in different environments,” Nate Rush, a proof-of-stake researcher for ethereum, told CoinDesk, “If the assumptions that some protocol is ‘solved’ under turn out to break or be unrealistic, then this protocol can fail.”

Still, the team behind cardano, IOHK, have worked to secure academic partnerships, as well as relationships with researchers in the field distributed computation in an effort to prove the proof-of-stake model can be achieved.

Taking the security of bitcoin as its starting point, the chief scientist behind the protocol, Aggelos Kiayias, has created formal proofs for each step of the protocol’s design, used to dispel doubt as to the algorithm’s ability to protect assets.

Kiayias told CoinDesk:

“Contrary to [other proof-of-stake protocols], we developed Ouroboros together with a formal proof of security that the protocol indeed captures the security properties of a robust transaction ledger like bitcoin.”

Peer-reviewed protocol

But it’s not just proof-of-stake researchers that disagree – in the broader landscape of consensus design, there’s some who believe proof-of-stake is doomed from the start.

For example, Dahlia Malkhi, a distributed system researcher, claimed earlier this year that ethereum’s proof of stake model, Casper, is “fundamentally vulnerable”- leading to a system where consensus is powered by the wealthy.

Yet, in this atmosphere of skepticism, cardano has amassed a high degree of academic support, building strategic university relationships through IOHK- a for-profit company with centers in several universities, including the Toyko Institute of technology in Japan, University of Athens, and University of Edinburgh.

“We basically have a kind of a university-company relationship, so what we generally do is we set up research centers, we embed some IOHK personnel within those research centers, and we subsidize the lab, and then we have some sort of control or influence over the research agenda,” Hoskinson said.

Responsible for ethereum classic, zencash, as well as cardano itself, according to Hoskinson, these academic partnerships feedback into the IOHK’s cryptocurrency solutions.

“Generally, the output of this relationship are peer-reviewed papers and we have a team within IOHK that take those papers, extract specifications from them and then put them in the pipeline for implementation into products,” Hoskinson continued.

Alongside further relationships at Lancaster, Kent university, Oxford, and Illinois, the advantage is that the relatively small pool of researchers equipped in the topic have had their eyes on Ouroborus, which has been toured around at various academic conferences as well.

“We’ve brought in the total set of people who are actually looking at trying to break, trying to enhance, our core protocols, and there’s a lot of hard work that has been achieved as a result of that,” Hoskinson told CoinDesk.

Gearing up to become a fully fledged smart contract and cryptocurrency platform, cardano currently has limited functionality, but it is introducing the necessary features to transition to proof-of-stake throughout this year.

Currently tweaking the final details under simulations, Hodskinson urged that Ouroborus comes with advantages over other protocols. For example, he says the system is the only one that will allow users to stake from cold storage, and use multiple addresses to manage their finances.

Hoskinson told CoinDesk:

“The long-term goal is to try to completely replicate all of the security capabilities and functional capabilities that the proof-of-work system has without actually having to expend any of the electricity or effort that proof-of-work does, and it looks like, now that we’ve put about two-and-a-half years of research into this thread, Ouroboros is now converging to that stage.”

Theoretical unknowns

Still, at the time of writing, it’s unclear how the protocol will behave in the wild, and there’s ways in which the wider proof-of-stake research community hasn’t been entirely receptive of cardano’s claims.

For example, no one has been as critical as EOS’s creator Dan Larimer, a former colleague of Hoskinson, who wrote that not only is “Ouroboros is a 400-pound bulletproof vest that doesn’t actually stop the real bullets,” but claimed it was a badly conceived variant of an algorithm he had designed in 2014.

(EOS uses a form of proof-of-stake that relies on delegated nodes that have been nominated the task of reaching consensus.)

Ethereum, of which Hoskinson was a co-founder, has also signalled skepticism.

For example, speaking on reddit, ethereum founder Vitalik Buterin warned one security assumption of the blockchain could allow hacker to create false histories on the blockchain.

There’s also different approaches to design. While the protocol itself is in place, IOHK are still working on building the underlying incentive scheme, something that Casper researcher Vlad Zamfir believes should be designed in tandem with the tech.

Attempts by CoinDesk to engage researchers with published work on proof-of-stake also returned mixed results, with several offering no comment or suggesting they hadn’t yet looked into the technology and its specific claims.

Theory meets reality

But according to Emin Gün Sirer, a Cornell University professor and researcher in consensus protocols, this is typical of the field.

“Ouroboros has the advantage that it is peer reviewed and a well-credentialed research group stands behind the effort,” Gün Sirer told CoinDesk, “But it also suffers from a downside that plague many early proof-of-stake protocols, namely: the papers are long, dense and full of subtle proofs.”

As a result, Gün Sirer said, “No two researchers in this area seem to agree on which papers have valid proofs and which have redefined the properties so as to make proofs meaningless. The academic community vets papers for academic rigor, not real world application.”

That said, Hoskinson believes this interaction with academia is essential for cryptocurrencies to migrate onto the next phase. He warned that while many blockchains make wide claims for the scalability and security of their product, there’s not many laymen with the skillset to properly evaluate those claims.

As such, Hoskinson said he anticipates more research on Ouroboros and cardano to emerge going forward.

“We all talk about the Tendermints and the Decreds and the Caspers because these are industry accepted ones and they have good marketing,” Hoskinson said.

However, he continued:

“If you look under the current there’s an increasing professionalization of the cryptocurrency space… serious scientists who have great credentials and are utilizing the peer review process and bringing decades of knowledge with them.”

Rubix cube via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Charles Hoskinson’s Video Update Shows Promising Advances On The Cardano (ADA) Project

The Team behind Cardano (ADA) remains committed to building its network. The constant research and communication with the public have made this project one of the most followed and promising of the crypto sphere.

IOHK Logo

Charles Hoskinson, CEO of IOHK, and leader of the Cardano development team (ADA) never disappoints his followers and keeps them regularly updated with every new development the research team makes, no matter how small it is.

Yesterday, in a stream posted on the twitter account of the Cardano Foundation, Mr. Hoskinson revealed some of the new achievements made by the research team. The progress has been satisfactory, allowing the team to remain quite optimistic and enthusiastic about the development of this third generation blockchain.

An extensive article at the official Cardano (ADA) Forum, further elaborate these ideas. Below are some of the highlights:

Cardano 1.3

Cardano (ADA) Logo. ADA is the cryptocurrency running on the Cardano Blockchain

This version passed the first QA cycle. After a testing phase, the team thinks an early Daedalus and Cardano by August is quite possible.

Numerous improvements have been achieved in this version of Cardano regarding performance, memory utilization, and stability.

Cardano (ADA) Wallet News

The IOHK team is working with an unidentified Third Party Partner on a project related to a complimentary wallet to Daedalus. There is no further explanation. However, they mentioned that the announcements in mid-August would be exciting and very interesting.

IELE Test Net

The Testnet is expected to be launched later this month. This development would allow the design of Smart Contracts outside the EVM using both solidity and IELE’s own code.

Quality Assurance

The IOHK team is working hand in hand with Allied Testing and QuiviQ to achieve ever higher quality standards. So far the results have been positive

Cardano 1.4

The team plans to release of this new version on late October. It will include the Cardano Wallet Backend, as well as improvements aimed at mass implementation. This version will deliver positive and visible results for exchanges and users with a massive number of portfolios and transactions; however, for individual users, the feeling will remain relatively similar.

Ouroboros

The research and development work continues, however, the Ouroboros project is still at a very early stage. For the IOHK research team, this is one of the most important projects to date.

The development of Cardano (ADA) is in a very promising phase, the results have been satisfactory enough to predict a favorable 2019 for the events foreseen in the Roadmap of this blockchain.

Cardano is now much closer to becoming a reality than it was just months ago when it was merely a project with some advances.

There is still a little time left to see the project 100% completed; however, for many, the trip has been extremely enjoyable.

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How Cardano (ADA) Plans to Compete with Ethereum

CARDANO (ADA)–Speaking in a recent, published visit with Google’s London Office, the team behind Cardano’s ADA project stirred up a fair bit of speculation over whether the currency was in talks for a potential partnership with the search engine giant. Lost in most of the conversation over Google teaming up with Cardano was Charles Hoskinson’s response to a question posed during the visit:

Q. How will Cardano overcome the first-mover advantage of Ethereum?

The IOHK and Cardano founder has had an interesting past with the current #2 cryptocurrency by market capitalization. Charles Hoskinson was one of the original co-founders of Ethereum, alongside now leading figure Vitalik Buterin, before a series of disputes led Hoskinson to leave the project. The move was not all doom and gloom for the world of cryptocurrency or Ethereum’s former co-founder: Hoskinson went on to found IOHK (Inside Outside Hong Kong), the parent company behind the Cardano Project and currency ADA. Given his long history in the industry of cryptocurrency (Hoskinson created a digital school for Bitcoin in 2013 where he first met Vitalik Buterin), the move of having co-founded two top ten currencies has been worth about 500-600 million USD as estimated by Forbes.

It is becoming more evident that Cardano’s ultimate competitor in the cryptospace, at least given the current landscape, will be Ethereum and it’s predilection for Dapps, smart contracts and network driven growth.

Proponents of Bitcoin have long used the first-mover advantage of BTC as justification for the cryptocurrency offering the most long term potential over competition. Given the length of time that Bitcoin has existed in the market, as the genesis coin in the modern landscape of cryptocurrencies, it holds widespread recognition, near-household name branding, and a large degree of interest that draws developers, investors and merchant adopters. However, as the space of cryptocurrency grows beyond sole transacting currencies into the realm of complexity introduced by smart contracts, Dapps, and crypto-fueled networks, it becomes a more murky landscape over which currency offers the most advantage.

However, Hoskinson gives several reasons for why Cardano is in prime position to compete and overcome Ethereum, despite being later to the market. The first is Ethereum’s accessibility through written code, a feature that Cardano is attempting to capitalize on through its use of Ethereum’s Virtual Machine (EVM) and partnership with the University of Illinois,

So how many Java, C++ or Go developers are writing code on Ethereum? You can’t, Ethereum doesn’t support any of these languages. They can’t even run a single viral app on the platform. If you look at the top 10 languages, none of them works on the system, so, by definition, all those developers aren’t developing for the system, they have to go and learn new tools and new stuff. With Cardano, first off, we’re backward-compatible, 100%, we’re running an EVM. So you can take your Solidity code and your Web 3 stuff and all the things you’ve come to know and love about Ethereum, and you can run it on my system, and it’s faster, cheaper and safer to run it on my system because we have a better consensus model.

Hoskinson also expands on the nature of adoption, particularly from a developer’s standpoint, that supersedes specific loyalty to technology in an effort to find the cheapest, most efficient option,

it’s silly to say, ‘Oh well, only one platform and one token’s won’, it’s akin to saying Internet Explorer’s won and we all have to be Active X developers, god help us. I’m not loyal to IE, or Amazon Web Services. Rather, I have to ask, what’s the cheapest, best, most secure environment for me to run my computation in for my users? Our strategy is be backwards compatible, support more languages, especially mainstream languages in a better way, have a better user and developer experience, and be smarter about the ecosystem in which these contracts live. So we make it easier for the server to come into play, to use multiple ledgers and have a good app platform to deploy these types of things on, and we’ll definitely get a lot of growth there.

In addition, Hoskinson finds fault with the nature of the initial question, and argues that, while Ethereum has managed to capture a fairly large amount of the investor share in cryptocurrency, the actual adoption of smart contracts is a field yet to be tapped into,

The other thing is that very few people today write smart contracts. They play with these things, but very few people are smart contract developers. If 99% of developers aren’t in the ecosystem, how can you say a person has first-mover advantage? It’s nuts.

As some community members have pointed out, the idea of one currency gaining “advantage” over another is trivial in the open-source, decentralized atmosphere of cryptocurrency. Sure, a currency can implement superior technology or advantage over a rival currency, but then that antagonizing coin is free to take and do the same. While that’s not to downplay the difficulty of implementing new technology and protocol into an existing framework, it does show the power of decentralization in bringing out the best in organizations–by allowing them to freely compete and build off the back of other breakthroughs.

Branding will hold as much weight for cryptocurrencies in the growing landscape as the underlying technology. But anyone in the cryptospace, from Buterin to Hoskinson, likely realizes that, although the industry is littered with dead and dying projects, there is enough room for multiple currencies to exist. You can have a Mac and a PC, with investors and developers gravitating towards what fits their needs. The race for adoption, particularly by household name companies, will likely be one that takes into consideration brand-power. But all it takes is the innovation and excitement driven by one revolutionary product to flip the conception of ‘which currency is best’ on its head.

Think of the ongoing war between smart phone manufacturers. Some iterations provide greater advantage over the competition, with the constant tug-of-war ultimately to the benefit of users looking for the best phone–assuming they don’t blindly get lost in brand loyalty. When the appreciation of cryptocurrency and significant profit to be made is squeezed out of the industry, the real focus will turn to which currencies offer the most advantage. This should allow for enough diversity that intention and effort provide the greatest reward, as opposed to encouraging speculation.

You can read the entire interview between the Cardano and Google teams on IOHK’s blog.

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Cardano (ADA) Expansion is not Relaxing: Africa and Asia

Input Output HK or mostly known as IOHK which we all know for creating and developing the 8th largest coin Cardano [ADA], is reaching very widely in a globe-range.

Right now, IOHK is delivering the blockchain platform in various countries in Africa and Asia. It is not long ago, when our team covered the signed partnership between the Ethiopian gov and Cardano. It was announced that Cardano’s blockchain technology will be studied and explored out for use cases in the nation’s Agritech industry.

The announcement has come to public via Charles Hoskinson twitter profile as he let know that a formalized contract has been made with the Ethiopian Ministry of Science and Technology.

The Ethiopian coffee supply chain may soon be using the Cardano blockchain. IOHK will help the government of Ethiopia to hire and train junior software developers to learn about using Cardano blockchain solutions and implement them in the coffee supply chain. It is planned to initiate this September with 30 female developers making the group.

Director of African Operations – John O’Connor added:

“We did not arrive with solutions, but with a commitment to find them. Seeing the ideas that emerged from the dialogue between IOHK and the ministry validated our launch in Ethiopia, and our belief in a productive and mutually beneficial relationship. This belief is enshrined in the MoU Charles signed with the Minister of Science and Technology, Dr. Getahun.”

The tech solutions that the firm is offering could find use in land registry too in Rwanda, in which case advantage will be taken of high-mobile penetration.

Cardano in Asia

Similar in the food industry, the Cardano team is looking to implement its blockchain technology in Vietnam and Cambodia for tracing beef supply. On the other side, Emurgo Hong Kong – Cardano platform development company, will be attempting to publish university level digital certificates using Cardano’s blockchain network. This will be done with the target to lower falsification and theft.

CEO of IOHK and founder of Cardano – Charles Hoskinson on adoption and tech utilization:

“It creates a single global market enabling anyone to trade at a global scale, which is revolutionary. The blockchain platform can solve many varied issues and make the world a better place.”

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Cardano (ADA) and Google in the Talk for a Possible Partnership

There is no stopping and relaxation for Charles Hoskinson – the creator Cardano (ADA). After directly inviting Justin Sun – creator of TRON TRX to team up and help his team create the best blockchain tech they want, Mr. Hoskinson went to meet with Google for a possible collaboration.

Cardano – Google

Charles Hoskinson received and accepted an invitation by Google to put on table various technological advancements that would help both enterprises. Details of the meeting will be made soon enough public for the crypto-community, according to Mr. Hoskinson. The CEO of IOHK, presented a basic introduction and functionality of this virtual currency. He also mentioned about the algorithm followed by Cardano [ADA] known as Ouroboros.

.@IOHK_Charles was invited to talk about Cardano and the future of cryptocurrencies at Google’s London Headquarters last month. Read @InputOutputHK ‘s blog post on the visit here: https://t.co/BsouiOWGf5

— Cardano Community (@cardanocom) June 28, 2018

He also added that they are looking into all flaws that their current to-be launched test network for experiments is having and that they will be rightfully directed. The conference explicitly sends out the message to the world about the future collaboration between Google and Cardano [ADA].

In Google’s London office many crypto&tech enthusiasts listened to Charles Hoskinson who was talking about the future of crypto and Cardano. Many questions were dropped on this explaining meeting. A questioner, demanded to know how Cardano plans to outrun Ethereum, going by the latter’s deep-rooted advantage in the blockchain world. The CEO replied:

“So how many Java, C++ or Go developers are writing code on Ethereum? You can’t, Ethereum doesn’t support any of these languages. They can’t even run a single viral app on the platform. If you look at the top 10 languages, none of them works on the system, so, by definition, all those developers aren’t developing for the system, they have to go and learn new tools and new stuff. With Cardano, first off, we’re backward-compatible, 100%, we’re running an EVM.”

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The Downside of Tracking Bitcoin on the Blockchain

Marc Hochstein is the managing editor of CoinDesk. The views expressed here are his own, so don’t blame his co-workers.

The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers.


Picture two $1 bills. One is crisp and immaculate, newly arrived from the U.S. Mint. The other is crumpled and covered with crumbs and boogers.

Each is worth exactly the same as the other. It doesn’t matter if the crumply one previously belonged to a coke dealer or a Koch brother. It’s still good for bus fare.

That’s fungibility. It’s one of the essential properties of money that we take for granted. But in cryptocurrency, fungibility is at risk, thanks in part to the transparent nature of the blockchain, where wallet addresses are pseudonymous but the flows of funds between them are exposed for all to see.

Last week brought a reminder of that risk when Bitfury, a startup, introduced Crystal, a set of software tools to help track illicit activity on bitcoin’s public ledger.

As CoinDesk’s Michael del Castillo reported, the platform is Bitfury’s attempt “to help bitcoin once and for all move past its association with black market transactions.” Valery Vavilov, Bitfury’s CEO, said Crystal will enable users to “see if this bitcoin address that you’re getting money from is green or black.”

Stepping back, Bitfury, which started as a mining operation, is not the first company to offer this sort of snooping service – as CoinDesk’s article noted, Chainalysis, Elliptic, and Skry (now a part of Bloq) are already in the market.

And to be sure, catching criminals, all else equal, is a worthy goal. (For the sake of argument, let’s assume that all the “crimes” being solved here are actual crimes, the kind with victims.)

Further, the surveillance provided by these companies may produce another benefit by helping other startups get or keep accounts with traditional financial institutions. Banks have been reluctant to serve the sector because of its association with illegal activities. If they could demonstrate that their clients aren’t moving “dirty” money, they might get their regulators comfortable with the industry.

But the use of the blockchain in this manner could also have perverse effects.

Blacklisted balances

As Chris Burniske and Jack Tatar write in their book “Cryptoassets“:

“A danger for bitcoin, especially for balances known to have been used for illegal activity, is that if an exchange or other service blacklists that balance, then that balance becomes illiquid and arguably less valuable than other balances of bitcoin.”

Woe to the merchant who sells a pair of alpaca socks to a drug pusher and then can’t spend the tainted coins.

And that’s not the half of it. Burniske and Tatar go on:

“While subtle, losing fungibility could be the demise of a digital and distributed currency, hurting the value of all units, not just the ones used for illegal activities.”

Cryptocurrency developers are well aware of this danger and have been working for years to strengthen user privacy, which in turn would preserve (or restore) fungibility.

Some of these techniques, such as zk-snarks and ring signatures, have been pioneered on altcoins like zcash and monero, respectively. (Loss of fungibility, Burniske and Tatar write, “is one problem that monero does not have to deal with.”) Other privacy enhancements, such as TumbleBit, are being developed for bitcoin itself.

“Ultimately I think the challenge will be for any analytics tool to keep up with the variations on cryptocurrencies, with a particular emphasis on the challenges posed by those that appear designed for anonymity,” said Jason Weinstein, a strategic advisor to Bitfury and former 15-year veteran of the U.S. Department of Justice who now practices law at Steptoe & Johnson LLP

Yet these enhancements may compound the regulatory challenges.

“If you make the accounting layer as private as zcash, you might sacrifice an entire market,” said Charles Hoskinson, founder and chief executive of IOHK, a company developing several blockchain projects including Cardano.

For example, Japan’s Financial Services Agency, which must approve cryptocurrencies before they are listed on the country’s licensed exchanges, “may never whitelist a token that’s high-privacy,” he said.

On the other hand, “if you don’t build these types of features,” once de-anonymized, a user’s “entire financial history from the beginning of time” will be exposed.

“That’s worse than the conventional banking system,” Hoskinson said.

Double standard?

All told, it seems that cryptocurrency is being held to a higher standard for “clean money” than fiat, at least the physical version. Very few people are reading serial numbers on dollar bills. (To be fair, the comparison isn’t apples-to-apples, since you can’t zap a briefcase full of banknotes across the globe.)

Satoshi created bitcoin so people who don’t trust each other could transact over the internet. Exposing all transactions on the blockchain was the price paid for trust in the system, and he (or she, or they) thought pseudonymous addresses would mitigate the privacy leak.

Radical transparency is often touted as a feature of blockchain technology, which it may well be for enterprises and governments. And in bitcoin, it produces secondary benefits for ordinary users as well. For example, keeping an eye on withdrawals from an exchange’s wallet may help spot a run.

But in the use case of money, the blockchain’s openness could also turn out to be a bug. Even for law-abiding citizens.

Dirty money image via Shutterstock.

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