The Cardano blockchain is the first peer-reviewed third-generation decentralized public blockchain and cryptocurrency project, which is fully open source. Cardano is developing a third-generation smart contract platform which seeks to deliver more advanced features than any protocol previously developed. While IOHK is focused on the technical development of the Cardano platform, EMURGO drives the adoption of Cardano and adds value to ADA holders by building, investing in and advising projects and organizations seeking to implement the Cardano blockchain into their ecosystem. With the highly anticipated Shelley arrival right around the corner, Cardano will be more fully decentralized and comparable to Bitcoin!
Shelley, the next stage of Cardano’s development, represents the dawn of full decentralization. Specifically, this means the evolution from a centralized ledger to a fully decentralized, distributed ledger. Ledgers have existed in various centralized formats for hundreds of years, from paper ledgers recording the tradings of merchant ships to digital ledgers used to record business transactions on a daily basis. Ledgers are essential to recording transactions of value. The core advantage of a decentralized ledger such as Cardano is that no central authority is needed to verify a transaction of value between two parties. Cardano as a decentralized blockchain brings with it a permissionless and distributed way of exchanging value.
Cardano’s decentralization introduces the very first provably secure Proof of Stake blockchain protocol. This is known as Ouroboros, and it is the cornerstone of Cardano’s decentralization. It is key for maintaining and updating the decentralized ledger. A blockchain represents an accumulation of transactions. Ouroboros ensures that each transaction is perfectly captured on Cardano’s blockchain, much like how amber preserves an insect in a perfectly preserved, immutable state. Both Proof of Work (which Bitcoin is based on) and Proof of Stake both successfully maintain and update the decentralized ledger, with Proof of Stake having the distinct advantage of consuming less resources to do so.
What Decentralization Means for Users and Businesses on a Daily Basis
The arrival of decentralization means the arrival of staking for both users and businesses. Within a Proof of Stake system, people who own coins are chosen at random to add a block of transactions to the blockchain. These people are picked randomly. However, the person chosen may not be online at the time, which would cause them to forfeit their opportunity to participate. Delegation allows stakeholders to transfer their participation to a third party, which could be a business or an individual. This means that if a person is chosen to verify a block of transactions, the right to generate a new block can be given to someone else. Shelley will offer all users the chance to contribute to updating the ledger.
Shelley brings new opportunities to businesses. Specifically, the business opportunity to create and operate a stake pool. There is a financial incentive to do so, as a business or individual who runs a profitable stake pool will be rewarded for incurring the costs of setting up servers and processing transactions. A business or individual who becomes a stake pool manager will also be providing the valuable service of updating the Cardano ledger and ensuring it is maintained. A pool creation certificate posted on Cardano’s ledger will declare the profit margin the manager of the pool will receive for managing pool, once operational costs have been deduced from pool rewards. Operating a stake pool allows both stake pool managers and those who delegate to a stake pool an opportunity to be rewarded for adding blocks to the blockchain.
How EMURGO Will Help Your Business: Transition to Decentralization
As we move closer to Shelley, EMURGO will provide advice and support to any business who has questions about the transition to a decentralized Cardano. If there are any questions about the opportunities that come with decentralization, be sure to contact us on any of our channels listed below. Similarly, get in contact if your business has any concerns about the road to decentralization. If you are considering building a project on Cardano, feel free to reach out to us to get started.
Wrap Up:
If you are developing a project, EMURGO offers advice and consulting to projects looking to develop blockchain business opportunities. Earlier this month, EMURGO announced a partnership with Y2X, the leading digital merchant bank for the decentralized economy, whereby Cardano will become the protocol of choice for Y2X and its portfolio firms especially in the field of regulated STOs. In addition to the investments into promising startups and Y2X, EMURGO has also recently launched a blockchain education academy in India to educate blockchain developers. These are ways in which EMURGO is helping to not only identify and add value to blockchain-based businesses but also to the blockchain ecosystem. We also offer investment to exceptional teams that have a proven concept and an ability to execute well. Be sure to reach out to us to get started. In the meantime, connect with our social channels below to stay up-to-date on all of our updates and announcements.
About EMURGO
EMURGO drives the adoption of Cardano and adds value to ADA holders by building, investing in, and advising projects or organizations that adopt Cardano’s decentralized blockchain ecosystem. EMURGO leverages its expertise in blockchain R&D as well as its global network of related blockchain and industry partners to support ventures globally.
EMURGO is the official commercial and venture arm of the Cardano project, registered in Tokyo, Japan since June 2017 and in Singapore since May 2018. EMURGO is uniquely affiliated and works closely with IOHK to grow Cardano’s ecosystem globally and promote the adoption of the Cardano blockchain. To learn more about the project, visit the EMURGO website.
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About Yoroi Wallet
・Yoroi Twitter: @YoroiWallet
・Yoroi Homepage: https://yoroi-wallet.com/
About Cardano
・Cardano Forum: https://forum.cardano.org/
・Cardano Telegram: https://t.me/CardanoGeneral
・Cardano Reddit: https://i.reddit.com/r/cardano
