- Charles Hoskinson Talks About An Upcoming Microchip That Will Give Cryptocurrencies a Cash-like Feel
- Cardano ADA Will Become an Infinitely Scalable Cryptocurrency
Cryptocurrency News Today – IOHK, Cardano’s parent company, is working on a native cryptocurrency chip in the University of Wyoming. According to Charles Hoskinson, this chip will expand the use of cases of blockchain technology. One of the most incredible changes that the microchip will bring relates to the financial use case of cryptocurrencies. When the first cryptocurrency was created by Satoshi Nakamoto over a decade ago, his primary goal was to give power back to the people through a decentralized medium of exchange. Over the years, Bitcoin has been unable to scale as a globally recognized currency. Many altcoins have been created to fix Bitcoin’s problems and make cryptocurrencies more cash-like. Cardano claims that the microchip they are developing is going to solve this problem and make tokens Infinitely scalable.
Cardano News Today – A Microchip To Benefit the Entire Cryptocurrency Community
The microchip is going to be based on the Cardano blockchain but it will be beneficial to the entire blockchain community since it will be an open-source program. Part of the statement was as follows;
“Really what we noticed is that there’s, unfortunately, no market standard right now for open-source trusted hardware that’s sufficiently powerful that it could be used with cryptocurrency, but also could be used in the supply chain.”
IOHK started working on the microchip to fix the problems it encountered when trying to apply blockchain technology in the supply chain industry. It can be used for the management and authentication of premium goods. Using the microchip, customers will be able to determine if their purchases are verified by the manufacturers.
Cardano (ADA) Price Today – ADA / USD
“And the only people who are allowed to buy those [limited edition models] are verified Lamborghini customers. And so you see a lot of these things. And so what ends up happening is people who are a verified customer, there’s a lottery system and if they win, they have the right to buy it. But almost always they sell that right to somebody else and they make a profit. So it’s like free money that Lamborghini gives their customers.”
Hoskinson said that this microchip is going to be most beneficial to unbanked people in developing nations since it will make cryptocurrencies more cash-like.
“You know, the whole point of Bitcoin was to go from cash to something that’s like cash online. But what if you want to go in the opposite direction? What if you wanted to go from a native cryptocurrency to something that has a cache like a user experience? It’s very difficult to do without a hardware component.”