Cardano is working on a crypto microchip that would ease crypto transitions without access to internet, enabling fast experience for hundreds of millions of users around the world.
Cardano’s creator, Charles Hoskinson, reveals the new details and that the chip is built by IOHK with the University of Wyoming.
In addition the chip will be vitals in regions like Africa. There, 98% of farmers don’t have a smartphone or are internet-enabled to use cryptocurrencies. Cardano’s creator further outlines:
“So when you look at that, you say, well, OK, 98 percent are mostly offline and not banked or digital. So if I was building a money system for them, it would probably be a bad idea to say, ‘oh, you have to use an always online, purely digital currency.
’” You need some other thing. And so how do I replicate the cash money experience but still have a blockchain backend? Well, what you do is you create a hierarchy where those two percent basically become like micro banks and then they can manage the issuance of these tokens to people and then their local phones or infrastructure can verify”.
What you should know; Cardano is a type of blockchain that permits people to receiving and sending funds. ADA coin is the name is the cryptocurrency. It uses the Cardano blockchain. It also allows people to design smart contracts just like Ethereum.
(READ MORE: Demand for “Inflow dollars” drive exchange rate to as high as N420/$1 compared to “Cash dollars”)
As discussed earlier, the chip can store private keys and the system proposed by Cardano’s founder will allow them to be transferred from one chip to another.
Furthermore, with the proof of erasure it can be guaranteed that the keys only exist on one chip. That way, the use of the internet is not necessary for transfers:
“So if you can do that, you can basically just tap phones locally with no Internet connection to each other and move value. Like you would a twenty-dollar bill from one actor to another actor, and you’ve replicated the cash experience.
“Now, what’s nice about the solution is it’s infinitely scalable because these transactions actually don’t occur on the blockchain. So from the blockchain perspective, nothing has happened.”
Cardano’s chip can keep private keys and the system proposed by Cardano’s founder will allow them to be transferred from one chip to the other.