Cardano develops microchip that seeks to emulate cash

 7. Juni 2020      

It was recently announced that Cardano is working on a crypto microchip that would allow cryptographic transactions without Internet access. This could offer a similar experience to that of handling cash to millions of people around the world.

The chip could be used in a variety of supply chain processes, including authentication and management of luxury goods. For example, Cardano has already worked towards initiatives like this in 2019 with the New Balance shoe company.

New Balance will use Cardano in its tesnet

How did this project come about? What did Cardano notice?
However, the idea is to go further and start making this chip the step towards the massive use of cryptomonies. For this, IOHK with Cardano, seeks to create this microchip and bring it to developing countries.

The company faithfully believes that these countries are one of the key markets for the future success of cryptomontages.

Thus, everything was born at the University of Wyoming, in the Blockchain laboratory that IOHK is using to investigate projects similar to this one. It should be noted that IOHK is the developer of Cardano.

The problem they realized, when they started working on the microchip, was that there were no chips on the market that could meet their requirements: insertion capacity, capacity to store cryptographic keys and be low cost to produce.

The idea was that this open source hardware would be secure enough for cryptomonies, and that it could be used in the supply chain. This was the opinion of Charles Hoskinson, CEO of IOHK.

Charles Hoskinson wants to be remembered by Cardano, not Ethereum

With the microchip that IOHK and Cardano are looking to develop, the possibilities are many. The challenge is to make the private index funds, a july post, radioactive waste material, debate about “block size”, tron’s justin sun, smart contract support, by a partnership, suffered a breach, derivatives clearing organization (dco), said in may crypto-currencies generate the experience of cash, even if you don’t have the Internet.
With the microchip that the IOHK and Cardano are seeking to develop, the possibilities are many. The challenge is to make the cryptom currencies generate the experience of cash, even if you do not have the Internet.
What they are looking for is to go beyond the purely digital
Cardano noted that in areas such as Africa there are deficiencies in access to the Internet, and with it the world of cryptomonies in most cases. Therefore, what they are looking for with this chip is to answer the question of „how to replicate the experience of cash but have a blockchain backend“.

The way this would work is that, the private key on one chip would be transferred to another. They also develop mechanisms so that the key only exists on the new device. The Cardano microchip could be integrated into the phone and would not require the internet to transfer cryptographic keys.

The good thing about the solution is that it is infinitely scalable, because these transactions do not actually occur in the Blockchain.

Although it may seem complex or paradoxical at first glance, what Cardano seeks is to replicate the cash experience. But, to do so, he would start from a created hardware that has in its DNA blockchain security elements and that does not require Internet access.

As to when this will see the light of day, we don’t know yet. Because of the ambitious proposal it represents, it will take a few years to be completely ready. One of Hoskinson’s concerns is the shadow of the U.S.-China trade war, which could affect chip production supply lines.

Then, the implications and regulations on this project could be another difficult obstacle to overcome. However, we can only wait and see how Cardano manages to continue with initiatives like this.