18.1.18 - IOHK | Cardano whiteboard; Sidechains, Dionysis Zindros

cardanowhiteboard

#1

The idea behind sidechains is that they will allow multiple blockchains to work with one another, as opposed to traditional cryptocurrencies where each blockchain is independent. As such, sidechains are a key component of third generation blockchains in that they enable interoperability. An asset on one blockchain would be able to be moved to another and back without going through a counterparty.

Sidechains are being developed for use in Cardano, a third generation blockchain being designed and built by IOHK.

Watch the whiteboard below:


19.1.2018 - 今週のカルダノ財団ニュースレター
19.01.2018 - The first CF webcast a success and IOHK’s 2018 summit in Lisbon
#2

Sounds fuc… great.

Thanks a lot! :yum:


#3

Wow this is amazing. It could potentially make life so much simpler. And if Cardano will be the first to present a usable version of this, it could be the game changer.


#4

Great explanation, the popow, mipopow, etc, its incredible how the video have only 5000 views on youtube


#5

PoPoS for Cardano side chains does not need to be this complicated.

I’m toying around with a research proposal / whitepaper on it. It’s slow going as I am full time employed in an unrelated industry, with kids running amok.

Essentially, you’re positing a chaotic ecosystem with problems like potential reorgs and lack of synchronization, like what the original sidechain authors addressed, but that is not really the use case for Cardano.

Edit: let me amend this by saying, I recognize there are different use cases that will require different solutions, even within Cardano.


#6

I have two questions:

1.) I imagine such sidechains (or the parallel epochs generally?) are also a challenge for explorer-portals like www.cardanoexplorer.com, because if there is no single blockchain, they have to query multiple ones or all of them for a certain transaction id. A sidechain - to become traceable - would have to ask the explorer portal to become a node of the sidechain.

2.) NIPoPoWs are strongly compressed proofs of the right to own and not having spend. The goal is to have a strong proof without any unnecessary amount of data. And the into a sidechain transferred amount of coin X sometime later can be transferred back to the original chain.
This looks like an almost perfect mechanism for money laundering. I can set up my own sidechain, having a couple of nodes. Of course, they are not only confirming and trusting, but they all are under my full control. After having received amount x from main chain I can return this amount (eventually also split to parts) to the main chain without having ANY trace from the initial transaction.
Then I destroy the entire sidechain. Better than every mixing service.
Do I miss something or is this a side-effect of scalability and interoperability or is this something wanted on top of anonymity and privacy?


#7

Will there be a way for direct fiat to ADA Conversion via ACH transfer?

Are there legal hurdles that many are trying to avoid?


#8

Yes there are legal hurdles, primarily KYC I think, which is why a few exchanges such as Coinbase specialise in fiat/crypto and others concentrate on crypto/crypto.

By the way if you want to pursue this you should do it elsewhere, this is very off-topic here.


#9

My apologies . . .

I was informed that Cardano would eventually have a debit card linked to
Dadelus Wallet

How is this off topic or different from my initial question?


#10

One of the best whiteboards of IOHK :wink:


#11

btw, I spend some time to “normalize” the auto-generated subtitles. English is not my native language But from the spokesman’s name to all the “cardinals” and “ADDAS”, I think I’ve improved and clarified a lot, to have a base for the German translation.

As youtube subtitles are handled in a community manner, they require some confirmation or even further improvements by other members.
Simply click on the HD-settings icon > subtitles > add subtitle >

There you can simply confirm or elaborate my work.

(If your chrome browser becomes slow showing the timedtext-editor I recommend using Firefox)


#12

No problem.

I was talking about fiat->ADA, ADA->fiat is different regarding legalities, though for other reasons exchanges will tend to offer both or neither. I’d expect the debit card to be quite a long way off yet, given other priorities.

This thread is about the whiteboard video.