Life, ETH & CARDANO wrap-up

cardano

  • Life & Blockchain
  • Cardano (The final set to wrap it up)
  • Ethereum and the big reparation debate
  • The story of all these losses.

 

Cardano is striving to change the way crypto currencies are made and also design a system that will integrate with legacy systems, or simply work in their stead in places without enough money to make them work.  This project is a collaboration of the brightest minds and best ideas, the leading one for me at the moment is the ability to rate interactions.  After a friend taking me to an art exhibit and activist rally in support of Black Hawaiians establishing a unique identity, I REALLY want to leave a rating for the money we gave them. Ethereum is debating heavily to make reparations for lost and stolen crypto, but how dangerous are the impacts of that decision?  If you think we’re seeing massive losses in the market now, wait and see what happens if they make the ETH blockchain changeable.

Life & Blockchain

If wasn’t a lot, but that $20 donation would make me feel much better if it came w/ some easily viewable comments.  Something along the lines of don’t be such a racist dick in the establishment of your identity.  I don’t thin they realize that they’re making their identity dependent on me, a white guy being an oppressor.  Sure, I may be a little salty, but not as much as my friend who lost an opportunity for bringing a white devil in.  Yes, I may be making it out to be a little more, but that is what it really boiled down to.  All that being said, my friend had NO IDEA that some people who were so intelligent and open minded could possibly be so equally racist.  I’ve seen very few people to have lacked that experience and understanding since leaving the somewhat sheltered enclave I came from in PA.

Cardano wrap-up

Daedalus, the Electron fork creates a world of possibility with Cardano.  This will begin with an HD (hierarchical deterministic) wallet and software maintained on the web like the Chrome Plugin store.  This method will allow programmers to code in JavaScript, HTML5, and CSS, which makes that beautiful web interface we all love and know.  It is adequately clear that government is incompetent, ineffective and generally inefficient at applying policy to protect citizen’s right.  For this reason, Cardano has decided to leave privacy with the user.  This leads regulation rather than allowing policy makers to create another broken system that only benefits the super wealthy and powerful.  The information these regulators are looking for is being put into the hands of the user to decide what they want to share.  Regulators will certainly make it beneficial for users to share, but Cardano is ensuring they have the option.  All of the data will be posted, but won’t be shared in any attributable manner without user consent.  Taking it one step further, all this data will be structured and labeled, allowing users to share only certain pieces.  To top it all off, this data will be encrypted.  Smart contracts are being actively integrated to this system, allowing regulators in as the contract writer permits, but also allows consumer protections and significantly more robust support for user applications that we have yet seen in 2017 or early 2018.  With all that being said, nothing will happen without agreement and it could all go sideways if the wrong people are able to centralize power in miners, as we’ve seen with Bitcoin in China.  Cardano is making strides to mitigate this centralization, but only time will tell how their plan works out.

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CARDANO

cardano

Cardano is striving to change the way crypto currencies are made and also design a system that will integrate with legacy systems, or simply work in their stead in places without enough money to make them work.  This project is a collaboration of the brightest minds from across the world, not claiming to be the best or the answer, but a best effort to provide a single, good answer.  This second part of the Cardano review will go deeper into the core components as identified by the Cardano team.

Cardano Science & Engineering

Focus on continuous change, Cardano has made it clear that a rigid plan is the road to failure.  They refuse to be bound by a white paper, but also see the clear need for documentation, peer review and the ability to constantly improve and upgrade the system toward betterment.  Their first step in building a foundation was to utilize Ourboros Proof of Stake algorithm as it has been tested rigorously and designed with security as the primary objective.  This is vita moving forward as most protocols are designed for speed first, then see security added later, in a far less effective manner.  The energy consumption has also been a huge elephant in the room when it comes to Bitcoin.  It is estimated that nearly 4 US households can be powered for an entire day just by the energy used to verify a single BTC transaction.  That is hugely unsustainable and generally inefficient, which is not something we want for a financial system.  Efficiency reduces friction and cost, which is vital for making this system available to developing nations and the world as a whole in our preparation for the impacts of automation.  With Ourboros and generally Proof of Stake (PoS) algorithms, you must hold a considerable amount of the token to gain trust.  Your stake is equivalent to how much of the currency you own AND stake.  That is to say, you have promised to have and to hold, in sickness and in health, this crypto.  You’re not spending it or trading the currency, but you’re staking it in a safety deposit box and are risking your stake by doing anything illegitimate as a master node or Slot Leader in the case of Ourboros.  This creates the trust relationship for the protocol to successfully run.  This does present a major concern for the future as cryptos become bigger, at what point will we see governments or powerful organizations spend the money to run a couple master nodes just for the purpose of crashing the system in favor of a competitor?  That being said, this is still the best system we have to date.  New Slot Leaders or Master Nodes are elected by stake holders for each time slot, with those having more stake having a higher chance of being elected.  This also helps mitigate a bad actor as mentioned in case of a rogue nation seeking to destroy the system.

Haskell was chosen as the core language, a fork of Electron, Daedalus, was chosen for the interface.  Web architecture was chosen as much as possible and a key-value paradigm with RocksDB was used for the database.  All of these decisions were great for there history and robust infrastructure and community support.  We’re seeing the greatness made possible through Open-source projects.  The modularity, robust fault tolerance and recent shift toward web app development support, Haskell became a front runner.  This language was also chosen because of the dev pool consisting of a great deal of people within academia.  Academia is usually not the best place to find experience for a decentralized project, in my experience however, Cardano seems to be proving me wrong.  They may have gone so far as to focus too much on the methodology and details of their implementation.  A majority of the documentation is discussion of what not to do and why they made their choices.  Get down to brass tacks folks.

 

 

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CARDANO

cardano

Cardano is one of the most complex, well thought out, and usable cryptos to enter the space.  It was started in 2015 with the stated objective of changing how crypto was developed.  There was no white paper because the team was focused on being agile instead of sticking to a rigid plan.

Their plan involved:

Creating a new stack (best compared to TCP/IP)
Separate accounting and computation from transactions
Make everything modular – good coding practice
Apply security practices at start – like BTC and several other cryptos
Plan for upgrades
Decentralized funding for future dev – FINALLY
Planning for phones – About time!
Multi-chain accounting
Cross chain comparability
Build standard protocol from Internet engineering task force
Allow for regulators to oversee, but maintain some anonymity like BTC

Some highlights of the team

This is an important one; they seem actually to understand economics.  They also recognize that every crypto can’t be in the fast lane or it stops being fast, just like the highways where people aren’t ticketed for cruising in the passing lane(s).  Use efficiency instead of novelty, enough doing crap just because you can.  Don’t build it unless there is an apparent and rational reason.  Updates shouldn’t require a hard fork, allow room for patches instead of chain splits, they devalue the currency.  Improve the process for social consensus to avoid future BTCs splitting 1K times.  Regulators want in and need in if we’re going to integrate old systems like ACH and SWIFT.  Include optional fields for things like name and reason for tx, metadata, etc.

New Cardano Protocol Stack

They are developing a two-layer protocol stack to include:
CSL – Cardano Settlement Layer
CCL – Cardano Computation Layer

We’ll see Delegated Proof of Stake from Ourboros, which allows additional protocols due to modularity.  It’s the most secure as of yet.  They’ve got the foresight to engage the community in development, and allow voting for priority development tasks.  This will mitigate the politics and antagonistic parties, like bCash and BTCGold where new chains were created for no apparent reason except politics.  (Yes I realize that block size was hotly debated, but it was only a band-aid on a gushing wound.)

 

Cardano Settlement Layer (CSL)

User layer (application) to be built on top of CSL
– will contain the values of transactions
– 2 scripting languages / 1 to move value / 1 to support applications
– support side-chains to integrate with other ledgers
– support for more signatures, including quantum resistant
– support user issued assets
– separated tx data from computational data

Funding the future

A decentralized trust to fund development from Monotonically decreasing inflationary tx fees.  This is their fancy way of saying that they’ll control inflation to ensure they keep enough money to pay for future development.  This creates a decentralized system where anyone can request funding, but all stakeholders get a vote in whether or not to pay the person.  This requires you bring some legitimate value to the table, or you ain’t gett’n paid.

 

 

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