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Cardano [ADA] meets Google to discuss cryptos and advancements in technology

Priyamvada Singh

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Cardano [ADA] meets Google: A possible future collab?
Source: Pixabay

Cardano Foundation, on June 28th, announced the details of the meeting wherein IOHK’s Charles Hoskinson was invited by Google to discuss the future of Cardano and other cryptocurrencies, and advancements in technology through them.

Charles began by introducing the base layer of Cardano and IOHK to Googlers. He went into the consensus algorithm of Cardano called Ouroboros, and explained its proof-of-stake [PoS] criterion that incentivizes more and more people to join and assist the network.

The IOHK leader also spoke about several milestone developments that are being focused on, with one of them expected to take place in July. A test network is likely to be launched for developers in order to enable experiments and demos with smart contracts on the IELE virtual machine. Full decentralization of the network is expected, latest by the end of this year.

IELE virtual machine is simply a computation tool to assist in the advanced working of smart contracts. It is known to possess superior mathematical standards with the prime objective to verify the smart contracts.

The questions during the meeting were particularly on how developers could contribute to Cardano. The teams also had elaborate discussions on the K framework and the cryptocurrency-backed privacy matters.



A member from Google posed an initial question on Ouroboros and PoS, and asked if the tokens being offered will suffice in encouraging people to join the protocol and assist Cardano’s network. Charles explained that according to a preliminary monetary policy, there are about 26 billion tokens in circulation with the maximum of 45 billion tokens. This provides for a little flexibility in terms of inflation. He added that transaction fee will help subsidize transaction validation.

According to Charles, Proof of Stake, specially Ouroboros, is extremely cost-effective when compared to mining. This will only lower the costs of operation. The only challenge is to design a system that will actually be capable of executing the desired result that involves a collective management of the fees, incentives, stake pools, and delegation.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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