Crypto of the year Is Cardano destined to change the world

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
    Get a Sign-Up Bonus Now!

  • Binomo
    Binomo

    2nd in our ranking!

Crypto of the year: Is Cardano destined to change the world?

Unlike many other blockchains, Cardano does not rely on technical foundations taken from Bitcoin or other cryptocurrency systems. Instead, IOHK works with world-leading academics on fundamental research, most of which is subject to academic peer review, with papers presented at top-tier international conferences. The work on all major components and functional areas begins with such research to determine what is possible and what is the best way to accomplish it.

Prototyping

In collaboration with the research team, a technical prototyping team experiments with implementations of the functions and approach described in the research. The objective is to make what is theoretically possible actually possible while learning lessons about real-world technical and functional implementation issues, enabling the creation of technical specifications for building the actual product.

Technical Specifications

In collaboration with prototyping, technical specifications are created and published based on research and prototyping results, setting out expected functionality and behavior. These specifications ensure that the final code implementation is true to the original vision of the research, accomplishes the required functionality, and is technically feasible.

Formal Development Methods

IOHK engineers make great use of formal development methods: rigorous, mathematical techniques for testing that software works exactly as intended. Typically only employed in high-stakes applications such as avionics software, systems for space flight, or high-volume banking software, IOHK is applying this level of rigor to Cardano development in a blockchain industry first.

Functional Programming

IOHK embraces functional programming languages, most notably Haskell. Not only are functional programming languages less prone to ambiguity and human error than other languages, they are easier to test and verify from a mathematical standpoint, strengthening IOHK’s commitment to high-assurance formal development.

Stay up to date

Keep an eye on our social channels for the latest updates and subscribe here for the Cardano Foundation’s newsletter.

Charles Hoskinson says this will be the decade of Cardano

Charles Hoskinson, the CEO of IOHK, believes that this will be the decade of Cardano. With a successful incentivized testnet launch and over 500 stake pools already launched, Hoskinson said that Cardano was ramping up its efforts to commercialize the tech they’ve been developing for the past three years.

2020 will be the most important year for Cardano yet

After successfully deploying the incentivized testnet for the Shelley era of Cardano, IOHK seems to have gone into overdrive when it comes to developing its ambitious blockchain project. With over 500 staking pools already deployed on the incentivized testnet , Charles Hoskinson, the CEO of IOHK, believes major success is just around the corner for Cardano.

In a YouTube AMA on Jan. 3, 2020, Hoskinson gave one of his lengthy updates about the current state of Cardano and future plans for IOHK, Cardano Foundation, and Emurgo. Hoskinson said the date of the AMA had a special significance—it coincided with Bitcoin‘s 11th birthday. He noted that the world’s first cryptocurrency was very important both for him and for Cardano, as it gave birth to a whole new industry that’s already changing the world:

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
    Get a Sign-Up Bonus Now!

  • Binomo
    Binomo

    2nd in our ranking!

He said later in the AMA:

“Bitcoin is a gateway drug to our industry. We have to remember where we came from—we came from Bitcoin.”

According to Hoskinson, the past decade brought so much fundamental change that it’s quite possible the next one will end with things like commercial quantum computers and private space travel becoming the norm.

However, the biggest change will be brought on by cryptocurrencies, he said, as it will bring about changes not only in industries such as journalism and funding but also be a driving force that will boost the economies of developing countries and bring their people out of poverty.

Fundamental changes to the world won’t bypass Cardano, either. Hoskinson said that the Cardano team plans on reaching unprecedented success in the next ten years.

“This is the decade of Cardano,” he said in the AMA, adding that serious work is being done to make Cardano the most predominant force in the cryptocurrency space by the end of the 2020s.

Hoskinson believes that IOHK’s obsession with getting the technology right is the right approach to ensure future development. From there, he said, they only have to make sure that the technology they developed has the right commercial utilization. With a platform that’s built to handle billions of transactions each day, Hoskinson believes that achieving over a billion users isn’t all that far-fetched.

“Cardano is a platform for solutions”

One of IOHK’s main focuses will be to make sure that the tech they have developed so far and continue developing in the next decade has the right commercial utilization. Without a useful product, the blockchain itself and all the research that has gone into it would have been for nothing, he explained.

Luckily, IOHK has a very good understanding of what needs to be done to build a functioning, global, interconnected system. The reason why both Hoskinson and IOHK seem so optimistic about the future of their product is the fact that they have intentionally made it slow and simple.

He explained, adding that Cardano employed incentives in its testnet in order to facilitate the growth of the network:

“The reason why Bitcoin was so successful is that Satoshi created a simple system with great incentives.”

However, he noted that despite the continuous research that has gone into incentives, Cardano is not an academic project.

All of the efforts that have gone into perfecting staking and incentives were part of IOHK’s “aggressive” commercialization of Cardano. It’s a commercial project first and foremost, Hoskinson noted, explaining that Cardano was a platform for solutions.

Hoskinson also took the time to comment on the rivalry between blockchain projects. He said that the division in the crypto industry benefits nobody, as he believes there can be no single solution to the problems cryptocurrencies went on to solve. There won’t be a single global cryptocurrency or one blockchain to rule them all, Hoskinson said. Instead, he believes the future will be an internet of interconnected blockchains and value where everyone will have to work with each other.

“We either succeed together or fail together,” he said.

Major releases and important projects coming in 2020 for Cardano

When it comes to concrete announcements about upcoming releases, Hoskinson was reluctant to give any specific dates or information. However, he shared some of the plans IOHK and the Cardano Foundation have for the first half of 2020, revealing that the company has only ramped up its efforts since the deployment of the incentivized testnet for Shelley.

January alone will bring a lot of updates to Cardano. Hoskinson said that apart from the Haskell wallet backend, the Haskell Shelley testnet will also be released in the following weeks. The mainnet for Shelley, while scheduled to be released “soon,” will most likely go live sometime in February.

The first quarter of 2020 will also be a busy one of the Plutus team at IOHK—Hoskinson said that they would be “dialing up” the Plutus team and ramping up their work on Goguen. The goal of this operation will be to make it easier for people to write and deploy dapps on Cardano in the following months.

The most important thing that will happen this year will be the development and deployment of succinct non-interactive zero-knowledge proofs SNARKs. Sonic, Cardano’s own SNARK deloped in 2020, will be one of the main topics discussed in the upcoming Cardano summit in Edinborough at the end of the month. With an entire team dedicated only to implementing SNARKs and Sonic, there will definitely be a lot to discuss.

There are new papers being written within IOHK, Hoskinson said, revealing that most of them will focus on interoperability. More information about these papers and the research that has gone into them will be announced soon, he added.

Another topic that will be important for Cardano development in the following year will be private computation. Hoskinson said that private smart contracts could have a wide variety of uses, especially in things like medical records, which is why Cardano wants to have a working product as soon as possible.

To keep the Cardano community in touch with what’s going on behind the scenes, product managers will publish regular, monthly updates where they’ll go into detail about what’s been going on both in IOHK and the Cardano Foundation. The first product manager update most likely won’t be published this month, he said but will be regular starting in February.

With the first draft of the rebranding report from McCann Dublin expected by the end of the month, Cardano seems to have taken its commercialization promises seriously. The ambitious blockchain project is gearing up for what could become its best year yet.

Hoskinson: Cryptocurrencies like Cardano will replace USD as world leading currency

Founders of cryptocurrency projects often pursue similar goals and want to achieve financial justice and freedom for all actors involved in the system. The founder of Cardano, Charles Hoskinson, sees the world in upheaval and predicts that a new international digital currency will replace the USD in the long term:

Who do you trust, huw much do you trust them and why do you trust them? This is the century where the USD is going to be receed and no longer will be the worlds reserve currency. Do we desire to replace it with another or perhaps we should create an international standard. And again how is this going to be controlled in a way that it is just good as for Kirgistan or Liechtenstein like fort he united states?

Cryptocurrencies are decentralized financial systems based on open source code, in which anyone can participate free of charge without having to meet important requirements. Furthermore, they bring the same benefits to all participants and do not reward an elitist circle of people or companies who are then the only ones in the system to benefit. Hoskinson says:

This is what our industry is talking about today: kill the middleman of necessatiy, push the power to the edges and build systems that are equally fair for the least amongs us, not the greatest amongs us. Thats what we desire.

Hoskinson describes that Bitcoin did not consume much electricity at the beginning, in 2009, but already uses more electricity than Switzerland as a whole now. If the adaptation of Bitcoin continues, Bitcoin could consume more electricity than the whole of Germany, because there is no upgrade in the protocol that could solve this problem.

Cardano and other competitors relying on the proof-of-stake consensus do not need more than 10 kilowatts of electricity per year, which is equivalent to the consumption of a larger house, to operate a globally comprehensive financial system. This decisive advantage, as well as the processing of cross-border transactions in almost real time at low fees, make cryptocurrencies clearly superior to traditional remittance systems. Hoskinson states:

Much better performance, global scale it needs less power and ist get less power intensive over time. Thats innovation. You have to make a decision if you want to be a participant in the worlds future financial system or just a cashual observer.

Blockchain technology is currently finding its way into many sectors of the economy worldwide and is considered a major technical innovation of the 21st century. However, the actual impact on governments, the financial system and the population will only become apparent in the coming months and years.

IOHK wants to bring Cardano into the mainstream

Recently Hoskinson announced that Cardano has planned a major marketing campaign for this year to bring the cryptocurrency into the mainstream. Cardano will work with PricewaterhouseCoopers to further commercialize the project.

At the World Economic Forum, Cardano was able to win numerous new partners with Finka Advisors, GenTwo AG or the Uzbek and Georgian governments to research and further develop use cases of the Blockchain based on Cardano.

The price of Cardano (ADA) has dropped by 3.29% within the last 24 hours and stands at USD 0.0546 at the time of writing.

Follow us on Facebook and Twitter and don’t miss any hot news anymore! Do you like our price indices?

Last Updated on 30 January, 2020

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He’s fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
    Get a Sign-Up Bonus Now!

  • Binomo
    Binomo

    2nd in our ranking!

Like this post? Please share to your friends:
How To Start Binary Options Trading 2020
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: