IOKH, the company in charge of the development of digital asset Cardano (ADA) is currently attempting to explore the use cases of the supply chain. It was then discovered that there are currently no chips that could meet its needs which have the capability to store private keys, low cost, and embeddability.
Due to this, IOHK has to develop its own chip. According to Charles Hoskinson, the founder of Cardano, the chip will be made open source so it could benefit the whole crypto space.
So how would the chip work?
IOKH believes that for crypto to succeed globally, adoption in developing countries a major key. Take the agriculture sector as an instance, of the 6 million farmers in Africa, only 2% have smartphones. So, it’ll be a totally bad idea to develop an online digital asset for farmers.
In this situation, the best solution is to have an offline system that wouldn’t need private keys to be transferred via the internet.
Herein comes the chip which would transfer the key from the sender’s phone to the receiver’s chip without needing the internet. The chips would be inserted into the phone case.
The best part of this solution is its unlimited scalability since the transactions do not actually take place on the blockchain. It’s like nothing occurred!
This project would take many years to complete. Hoskinson is concerned with the trader wars between the United States and China affecting the production supply line for the chip.
Source: Cointelegraph
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