Cardano is a proof of stake(PoS) blockhain
Unlike bitcoin and many other coins that use proof-of-work (PoW), the solution of computational puzzles by miners to validate transactions and create new blocks in the chain,
the PoS system uses an algorithm to achieve a distributed consensus. The creator of a block is not chosen by mining and the solution of a computation problem but the creator of the next block is chosen by a combination of random selection combined with other factors (the stake). This system no doubt avoids the expense of mining that increases transactions costs and can slow down transaction times.
Cardano and the IOHK
Cardano was created by the technology company Input Output Hong Kong (IOHK) . The firm has
its own website where it describes its mission. The company specializes in blockchain and cryptocurrency development for academic institutions.
READ MORE: Bitcoin market turns bearish as China plans 'orderly exit'
The
firm has partnered with both the University of Edinburgh as well as the Tokyo Institute of Technology to bring together academics and students for cryptocurrency and distributed ledger studies.
The coin associated with Cardano is called Ada (ADA).
Cardano now fifth largest cryptocoin by market cap
Cardano is now the fifth largest cryptoin . As
I write this Cardano has a market cap of $23,435,867, 965. The price is approximately ninety cents. There are 25,927,070, 538 Ada coins. The price can change quickly so check the link to see what the price is as you read this.
Charles Hoskinson
Charles Hoskinson is an American technology entrepreneur and mathematician. However after industry exposure he became interested in cryptography. Hoskinson has ample experience in cryptocurrency related startups being involved with Ethereum as well as being co-founder of IOHK that launched Cardano. He was also founding chair of the Bitcoin Foundation's education committee. In September of 2013 he found the Cryptocurrency Research Group.
At present, he is concentrating on education on cryptocurrency topics as well as making cryptographic tools easier for the mainstream to use. The Greek employment of the Cardano platform is no doubt an example of this.
The Cardano project in Greece.
The Cardano blockchain launched in September last year although it had been developed over several years.
GRNET, the Greek national research and education network is working on a pilot project to verify student diplomas using the Cardano blockchain.
READ MORE: LG's robot for 'connected life' refuses to talk on-stage
This will be the first official use of Cardano which will also soon have a smart contract platform also being developed by IOHK.
Enterprise Cardano
The GRNET app is to be built on Enterprise Cardano. This is a private ledger version of Cardano. Only a restricted set of users can validate block transactions whereas in the public blockchain version anyone could join.
In the pilot project, there will be three Greek universities participating. IOHK will provide the database, while GRNET will provide the web front end and support. Part of the funding for the project comes from Horizon 2020, that is a European program for research and innovation.
Why put diplomas on a blockchain?
Putting the diplomas on a blockchain removes all the paperwork involved in authenticating degrees and simplifies the process of checking on someone's academic credentials.
When a student graduates he or she receives a copy of the diploma signed by the dean and co-signed by the registrar. The students' transcripts and records will be stored in the university database. An employer must check the official degree or call the university to check on the degree. The process is not just labor-intensive, it often results in some unqualified applicants not being detected.
The IOHK chief scientist
Aggelos Kiayas said that putting documents and records on the blocklchain eliminated opportunity for fraud and allowed graduates and universities to issue an undeniable proof that a qualification exists. He said:. “This is a point of reference that can be agreed [on] by everyone.”
Panos Louridas, a GRNET consultant and associate professor at the Athens University of Economics and Business said:“We cannot put any plaintext on the blockchain, as diplomas and transcripts are personal information. We only put hashes; we may put entire diplomas and transcripts, but they will always be encrypted."
Last October the Massachussets Institute of Technology also announced a pilot project to verify digital diplomas in the blockchain. However Louridas claims the GRNET project is different in that it stores the entire chain of verification steps on the blockchain. Each step would be its own unchangeable transaction on a separate block of the chain.
Louridas said: “You don’t really need a blockchain to store diplomas: a simple system with some digital signatures by the host institution would do. We want to be able to record that somebody has asked for proof of a degree, that the proof has been granted, that the proof has been forwarded to a verifier, and that the verifier can verify that the degree is valid, and nobody can dispute any of the above steps.”
The three Greek universities involved in the project are: Aristotle University of Thessaloniki, Democritus University of Thrace, and the Athens University of Economics and Business. No doubt if the pilot project is successful the system will be used more widely.
I have appended a long interview with Hoskinson as well as a shorter introduction to Cardona. The introduction has information about scaling and also of Cardona's relation to ethereum.
No comments:
Post a Comment