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Cardano’s [ADA] wallet stands out with IOHK’s formal specifications!

Sthuthie Murthy



IOHK is pretty unique in the industry with formal specifications for Cardano's wallet
Source: Pixabay

Philipp Kant, IOHK’s director of formal methods, explained the release of a semi-formal specification of the wallet.

Charles Hoskinson, the founder of IOHK had mentioned previously that they are trying to figure out the transition from research papers, laboratory experiments to actual machine-executable codes. This is a lengthy process but is very precise and has to be conducted with utmost care. IOHK is adopting formal methods for its development process to create software that is robust and completely reliable.

The formal method director hence explained how such research papers are transcribed and made executable and further refined with the formal specification. He spoke during a technical presentation on Cardano earlier this year. He has worked as a software developer using primarily Haskell for various projects.

He stated during his talk:

“In the blockchain industry, IOHK is pretty unique in applying formal methods something like it usually is done in aerospace, clinical or medical purpose, or in systems where there is high value or even harm to life at stake.”

He leads the group that works on formal methods into software development methodology. The idea of the group is to make sure that the results of the researchers who write to improve things about protocols at a very abstract level and in a language that is suitable for writing papers and conveying information between humans.

Cardano has been associated with Ethiopia, or Africa on the whole and during one of the blockchain meetup’s this statement about Cardano gained a lot of prominences:

“What differentiates blockchain from existing digital technologies is that it is trusted. It is not centralized. It is cheaper. No need for backup redundancy. It is resilient – Shem and John.”

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.


Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report




Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
Source: Unsplash

Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.

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