Right now there are countless of cryptocurrencies that you can buy.
But recently, we've seen something called Cardano getting a lot of traction.But why
is cardano's so popular all of a sudden?
What makes it so special compared to other kryptos?
Well let's find out .... Cardno is a new cryptocurrency platform that
was launched in September 2017 after more than two years of development.
It is rather different than other cryptocurrency projects because it is built around peer reviewed
papers.
So instead of writing a white paper and implementing it straight to code, the Cardinal team actually
makes sure that experts from around the world read their papers, improve them and agree
with the outcome.
This is a very different way of working!
Cardno claims to be the third generation of cryptocurrencies.
The first generation was Bitcoin and is essentially digital gold.
It's used to transfer and store virtual money but it is plagued with scalability issues.
The second generation started with etherium and brought a smart contracts.
It improved scalability somewhat but not enough to become a global currency.
The third generation however wants to take the previous two generations and improve upon
them.
Right now Cardno and iota are both considered to be third generation blockchains.
Cardano wants to solve three big pain points of the current generation: scalability, interoperability
and sustainability.
Let's go over each one.
We Shall start with scalability which itself consists out of three problems that have to
be solved: transactions per second network bandwidth and storage.
Transactions per second as the most obvious one: in order for a cryptocurrency to become
a global payment system you need to be able to handle a lot of transactions per second.
Cardinals or a Borah system solves this by adopting proof of stake instead ofproof of
work.
You probably know that Bitcoin uses the proof-of-work algorithm and lets everyone mine new blocks.
This process is slow and not only wastes a lot of computing power, it also wastes huge
amounts of electricity.
Cardano is much more efficient.
It does not let everyone mine new blocks.
Instead the network elects a few notes to mine the next blocks.
These are called the slot leaders.
So to make this all work, Cardno defines the time into epochs.
An epoch is split into slots a short period of time in which exactly one block can be
created.
The network then elects a slot leader for each slot and this is the only person that
can mind a block for that particular slot.
Slot leaders listen for new transactions verify them and then put them inside a block.
If a slot leader does not complete his tasks in time or does not show up, he loses the
right to produce a block and has to wait until he is reelected by the network.
This technique makesCardno highly scalable because they can increase the amount of slots
per epoch and they can run multiple epochs in parallel.
The next scalability problem is network bandwidth.
VAR chains are stored in a peer-to-peer network.
Each node in this network receives a copy of all new transactions.But imagine what happens
if there are thousands of transactions per second.
The nodes would need a lot of bandwidth to continuously download them all and that is
not very scalable!
Instead, cardona wants to split up the network into sub networks by using a technique called.
Each node will be part of a specific sub network and can communicate with other networks if
needed.
Much like the TPC/IP protocol for the Internet.
The final aspect of scalability is data storage.
Blockchain store all transactions that have ever happened.
But how do we handle this ever-growing set of data?
The Carano team is thinking about implementing techniques like pruning, compression and partitioning.
However they do not consider this a top priority at the moment because storage space right
now is still fairly cheap.
They will tackle this problem later in 2018 or beginning 2019.
Big problem number two is interoperability.
This again consists out of two problems.
First of all: there are many crypto currencies out there, but they do not work together.
And secondly: banks and governments shy away from cryptocurrencies.
So the Cardano team assumes that in the future we will not have one point to rule them all.
Instead multiple different currencies will exist side by side, each with it is own protocol
and rules.
Right now these do not talk to each other.
You can for example transform your Bitcoin into ether without an intermediate.
The Cardano project aims to be the internet of blockchains or in other words: a blockchain
that can understand what happens in other blockchains.
This would mean seamlessly moving assets across multiple chains.
Then there is also the problem with governments and banks.
They shy away cryptocurrencies because they do not adhere to regular banking laws.
It is hard for them to trust a transaction in the crypto world because they do not have
any metadata about that transaction.
You see they did like to know who made the transaction and for what reason.
However,this is also very sensitive information.
So the card owner project wants to allow people to attach metadata to a transaction if they
want to.
This would make the crypto world play nicely with the traditional banking world.
But again, it would be up to the user to decide if he wants that or not.
The final problem that the team intends to solve is sustainability.
Right now there are a lot of people who want to build a company around crypto currencies.
To raise money for their company, they launched an ICO or initial coin offering.
After an ICO the team ends up with a lot of capital that they can use to fully start their
company.
But what happens if - after couple of years - this money runs out?
How will they make sure that the development of their technology continues?
Should they create a new coin and hold another ICO just to get some cash?
This is still an unanswered question, but it is clear that raising money just once is
not very sustainable and does not promote continuous improvement.
Cardano intends to solve this problem by creating a treasury.
The idea is that the treasury will receive a small percentage of every transaction that
happens on the network.
The treasury itself is a special wallet that is not controlled by anyone.
Instead it not a sort of smart contract that can release a part of the funds to developers
who wish to improve the cardado no protocol.
To do this, developers have to submit a proposal to the community saying what they want to
change and how much money they need for it.
The community can then vote on the idea that they think is the most important.
After a certain amount of time the treasury takes the most popular proposals and gives
them enough money so they can develop their improvements.
Over time, the treasury model will keep Cardano sustainable by providing a continuous stream
of money that can be used to continue to do research and to improve the system.
So far we talked about all the things that the Cardona project wants to achieve.
And as you can see it's quite ambitious and maybe a little bit risky.
They are trying to tackle many challenging problems.
Take the treasury model for instance: it depends on a very folding system to prevent people
from seizing control.
The Cardano project is very young and has still a long way to go.
But their way of working is very different from other cryptocurrencies.
So Cardano might be the projectthat finally solves some long-standing and fundamental
issues.
But time will tell!
So that concludes this video.
I hope you learned a lot and if you did, make sure to subscribe to my channel and like this
video.
Thank you very much for watching and I will see you in the next video you.
For more infomation >> The Dos and Don'ts of Wedding Ceremonies - HGTV - Duration: 3:03. 
For more infomation >> Vuelvo a Youtube (Catalán) Sub Spanish by EMB - Duration: 4:54. 
For more infomation >> VASTO - EL MELONERO [VIDEOCLIP] - Duration: 2:28. 
For more infomation >> HonCon- Jared/Jensen-Momentos divertidos (sub.español) - Duration: 5:17. 
For more infomation >> Uzaktan Seviyorum Seni (Geceye Bir Şiir Bırak)-1 - Duration: 2:01. 
For more infomation >> Dhanu Rashi Vara Bhavishya (February 5 to February 11) in Kannada - Duration: 1:07. 
For more infomation >> أحسن ضحكة في العالم - Duration: 1:00. 
For more infomation >> Farming Simulator 17- odc.1 ,,Moja Mapa" - Duration: 2:10. 
Không có nhận xét nào:
Đăng nhận xét