Why Cardano? Why am I so sure its this years rose?
- Separation of accounting and computation into different layers - Implementation of core components in highly modular functional code - Small groups of academics and developers competing with peer reviewed research - Heavy use of interdisciplinary teams including early use of InfoSec experts - Fast iteration between white papers, implementation and new research required to correct issues discovered during review - Building in the ability to upgrade post-deployed systems without destroying the network - Development of a decentralized funding mechanism for future work - A long-term view on improving the design of cryptocurrencies so they can work on mobile devices with a reasonable and secure user experience - Bringing stakeholders closer to the operations and maintenance of their cryptocurrency - Acknowledging the need to account for multiple assets in the same ledger - Abstracting transactions to include optional metadata in order to better conform to the needs of legacy systems - Learning from the nearly 1,000 altcoins by embracing features that make sense - Adopt a standards-driven process inspired by the Internet Engineering Task Force using a dedicated foundation to lock down the final protocol design - Explore the social elements of commerce - Find a healthy middle ground for regulators to interact with commerce without compromising some core principles inherited from Bitcoin
Moving from the legacy world to distributed digital ledgers, interoperability becomes far simpler. Each ledger has a network protocol, standards of communication and security assumptions about its respective consensus algorithm. These in turn can be easily quantified.
Movement of information is established by connecting to the foreign network and translating its messages. Movement of value can be done through a relay system, atomic cross chain trading or through a clever sidechains scheme. As there is not a centralized operator, one representation of entities restricts more to a metadiscussion of trust in developers, miners or some other powerbroker.
For Cardano, we are integrating a new sidechain protocol developed by Kiayias, Miller and Zindros. It provides a non-interactive way of safely moving value between two chains that support the protocol. This mechanism will be the primary way value will flow between CSL and a CCL layer.
For other cryptocurrencies, federated bridges should form as Cardano grows in value and user base. To help accelerate this growth, Cardano SL supports a restricted version of Plutus for interoperability scripts. New transactions will be added in the Shelley and later releases of CSL specifically to address these needs.
Proof of Stake
Using proof of stake for a cryptocurrency is a hotly debated design choice, however because it adds a mechanism to introduce secure voting, has more capacity to scale, and permits more exotic incentive schemes, we decided to embrace it.
Our proof of stake protocol is called Ouroboros and it has been designed by an extremely talented team of cryptographers from five academic institutions2 led by Professor Aggelos Kiayias of the University of Edinburgh. The core innovation it brings beyond being proven secure using a rigorous cryptographic model is a modular and flexible design that allows for the composition of many protocols to enhance functionality.
This modularity allows for features such as delegation, sidechains, subscribable checkpoints, better data structures for light clients, different forms of random number generation and even different synchronization assumptions. As a network develops from having thousands to millions and even billions of users, the requirements of its consensus algorithm will also change. Thus, it is vital to have enough flexibility to accommodate these changes and thereby future-proof the heart of a cryptocurrency.
User Issued Assets (UIAs)
In the case of Bitcoin overlays such as Colored Coins and Mastercoin (now called Omni), light clients are forced to rely on trusted servers. Also transaction fees still have to be paid in bitcoins. These properties combined with the single pipeline for transaction approval make Bitcoin suboptimal for multi-asset accounting.
In the Ethereum case using the ERC20 standard, there is more feature richness. However, transaction fees still require ether. Furthermore, the Ethereum network is having difficulty scaling to the needs of all the issued ERC20 tokens.
The fundamental problem can be broken into three parts: resources, incentives and concern. With respect to resources, adding an entirely new currency to the same ledger means one has two independent UTXO (unspent transaction inputs) sets sharing the bandwidth, mempool and block space. Consensus nodes responsible for embedding transactions of these currencies need an incentive for doing so. And not every user of a cryptocurrency will or should care about a particular entity’s currency.
Given these problems, the benefits are tremendous as the primary token of a multiasset ledger can effectively serve as a bridge currency allowing for decentralized market making. Special purpose assets could be issued to provide additional utility such as value stable assets like Tether or MakerDAO that are useful for lending and remittance applications.
Given the challenges, Cardano has adopted a pragmatic approach to multiasset accounting. Building in stages, the first challenge is designing the necessary infrastructure to support the demands of thousands of UIAs. Namely the following advancements are necessary:(cont.)
Special purpose authenticated data structures to permit the tracking of a very large UTXO state
The ability to have a distributed mempool to hold a huge set of pending transactions
Blockchain partitioning and checkpoints to permit a huge global blockchain
An incentive scheme that rewards consensus nodes for including different sets of transactions
A subscription mechanic that allows users to decide which currencies they want to track
Strong security guarantees that UIAs enjoy similar security as the native asset
Support for decentralized market making to improve liquidity between UIA and the primary token
Our preliminary efforts for finding the right authenticated data structure have resulted in a new type of AVL+ Tree jointly developed by Leo Reyzin, IOHK and Waves. More research is required, but it is a foundational advancement that will be included in a later version of Cardano.
A distributed mempool could be implemented using Stanford University’s RAMCloud protocol. Experiments will begin in Q3 of 2017 to study its integration into Cardano’s consensus layer.
The remaining topics are interconnected and covered by ongoing research. We expect — subject to research results — to include a protocol into Cardano for UIAs during the Basho of CSL release in 2018.
I'm literally holding nothing else but cardano right now and will probably do so for the next few years, but jesus christ op why would you put this much effort into a biz post??
all this effort and you can't even give me a (you)
Because we, together should be capable of becoming the new world order. Also I like biz
If you want to seriously spread the word about this great project, this cesspool is not the place. This is not a place of intellectual discussion, it is a place of pink wojacks, ponzi scamcoin shilling and low quality FUD. Don't waste your effort and passion on this place.
Cardano is the ONLY 3.0 platform coin that will succeed. It is way better than any chinkcoin and EOS. To me this is a nobrainer, I hold this coin, although it is a small amount of my portfolio at roughly 20%.
Thanks for the (you), I'm well aware this isn't reddit the reason I post this here is so I don't need to register on reddit or bct, steal my effort if you please. But this is my wall to throw shit at too, even if sometimes I post better things.
>network protocol and vm written in haskell The developers don't intend for this project to ever see the light of day and are just using it to pad their academic credentials. That's the only explanation for such a retarded decision.
As far as I can figure out, having 1000 ADA would grant you 100 ADA in dividends a year from staking, assuming current prices, that's 20 dollars simply for holding in a year, I can imagine this being better in the future.
Are you out of the loop? With the introduction of Cloud Haskell, Haskell gained many of Erlang’s advantages while not surrendering its own. Furthermore, Haskell’s modularity and composability has allowed us to use a lighter weight bespoke library called Time Warp for Cardano.
Second, Haskell’s libraries have evolved greatly over the last few years thanks to extensive work of commercial entities like Galois, FP Complete and Well-Typed. As a consequence, Haskell can be used to write production applications24.
Fourth, with respect to dependency resolution, Haskell in the last several years has enjoyed a significant social and technological effort led by technologists like Michael Snoyman through a platform called stackage that is both easy to use and well supported by FP Complete.
Fifth, beyond adequate dependency resolution, we aim for our software builds to be reproducible. In other words, with the same configuration values and dependency versions it should produce exactly the same build artifacts. Through stackage, we have been using NixOps to achieve reproducibility with great success.
Finally, the talent pool of developers specializing in Haskell is reasonably large — compared to its peers — and quite well-trained with the right mix of academic and industry credentials. It also acts as a competency filter as it is uncommon to find experienced Haskell developers without detailed knowledge of computer science.
10k bag holder here. Them using a shit language like Haskell is the only thing that worries me. Haskell isn't used in the real world ANYWHERE.
i like this coin right now because it got absolutely raped over the last month and is at almost absolute rock bottom and has nowhere to go but up
If you created ethereum, made millions, and are already one of the most highly respected people in your industry, you've already made it. At this point, you don't care about improving your cv. The only thing left to do is solve problems in the world you want to see solutions to. It's completely ridiculous to claim that this team of geniuses went to all this effort just to not want the project to succeed. This kind of illogical nonsesne FUD is exactly what I was talking about.
You wrote this like you're a Cardona dev, witih the excessive use of "we".
So are you the faggot tranny or the head dev who looks like he has aids?
These are notes, taking from numerous sources. You're so stupid you think I typed that whole thing out in a heartbeat like that.
They don't have a completed product yet because they are designing the system so intricately and are making sure everything is perfect with the peer review and starting from fundamentals. Hence this is a long term hold, but because it will be perfect it will yield the greatest return eventually
How much are they paying you for this shilling? You're not going to fool anyone with your buzzword salad. Haskell is a fun little hobby language that sees no real world usage for good reason.
see I cant imagine anyone writing in haskell as a hobby, there's better, faster choices when you don't need to take into account security and dependability.
Buzzwords have meaning when applied to a field of technology, thats how people communicate in the workplace. If you have disdain for any buzzwords, then you should stay out of tech investments.
Considering cardano doesn't do any marketing I think it's pretty unlikely they're paying bizlets to shill
I guarantee you don't even understand anything you wrote in your little copy paste job. You're precisely the sort of naive idiot who gets excited by big confusing white papers that "must have been written by a genius" even though you don't understand any of it.
I guess we can chalk it up to good ol fashioned autism in that case.
I'm taking distributed systems at university currently with the aim of working with IBM Blockchain out of passion, I think you don't understand any of it because you got annoyed by 'buzzwords'
I have been in since 10c its gonna be so good year 20c its still cheap get in while you can
Reminds me of minix. Never heard of it? That's because it's written by snooty academics who are obsessed with Peter reviews, mathematical proofs and security perfection to the point that they haven't been able to release anything usable in over two decades of development. It's lead dev is known as the guy who told linus torvalds that Linux was already obsolete in 1991.
Good for you son. Ive been writing secure distributed systems software for the past 5 years.
*peer reviews. Thanks autocorrect
Great coin 10/10
Thanks for the review peter
So a professional in the field is bothered by 'buzzwords' in ? Is PureScript a buzzword to you? I'm scratching my head figuring out what buzzwords that would bother a professional here.
It's the fact that you're just copy pasting a bunch of "cool sounding" stuff without understanding it yourself or explaining what any of it means. Who is your target audience with that buzzpost? You surely don't expect the average 4channer to understand any of it. You're just hoping that it sounds impressive and makes cardano seem like a smart and cutting edge project. And that's why you bought into the project in the first place. Appealing to pseuds is what cardano is all about.
I work for Cardano under one of the three entities (no larp)
IOHK has consistently missed deadlines and they are missing deadlines for the KEVM and IELE, public just doesn't know about it.
Good luck with your investment, but I pulled out. Things are a mess at IOHK.
>I work for Cardano under one of the three entities (no larp)
But user, you use minix as an example of a failure yet its used on more intel machines then windows currently.
I don't expect the average 4channer to understand my post, I expect you, mr. distributed systems 5 years, to understand without taking a aspie sperg because he hit a buzzword he didn't understand.
That post in particular gives clear reasons as to why the use of Haskell is a good choice in 2018 mainly how Cloud Haskell has absorbed Erlang's features making it ideal for any type of distributed protocol/software/system, even outside of blockchain applications.
I don't think I need to explain it more so to a plebiscite like you who lies thru his teeth about working in distributed systems, otherwise you would have had objection on Haskell > Erlang and not an objection to "Mah buzzwords"
It's obvious they are flailing and EOS is crushing it + they have a dev community.
Idk why anyone would bet on ADA at this point
I agree cardano is way better than gay ass stellar, neo, and eos but the market cap is so fucking high I dont see it doing more than 2-3x this year unless something catastrophic happens with ethereum
>But user, you use minix as an example of a failure yet its used on more intel machines then windows currently. The hell are you smoking? I said minix, not Linux.
haskell is a seriously shit-tier language dude. I'm not a dev personally but work for a tech company and have heard devs talking shit about how shitty haskell is on many occasions