Cardano Byron Phase–Status
To Cardano, a coin is only as good as the team and the community behind it. And it’s easy to see why. Two years after launch, the team is still working and fine-tuning features at the Byron stage. Cardano is the first peer-reviewed platform that will take on Ethereum and similar platforms.
However, unlike Ethereum, Cardano is made up of two layers. Once for ADA exchange called the Cardano Settlement Layer where Ouroboros is core and the other for running smart contracts, the Cardano Control layer or CCL. Like ETH, ADA is the native coin in the platform and is what investors are interested in.
The Cardano Team
The Cardano team is made of experts from all over the world with IOHK leading the team. Others are Runtime Verification, Predictable Network Solutions, ATIK, Well Typed and Tweag I/O. Grimm, RPI Cryptography Group and FP Complete are the main external auditors who shall hold IOHK responsible for the product.
This is understandable and after all, Cardano slow but gradual progress is founded on peer reviewing every product for assurance and quality.
Behind this leaning are three main guiding principles: That of community development, upholding Satoshi’s objective of a completely decentralized and robust network and lastly, fronting research and development without allowing commercial interest to overshadow scientific thoroughness.
State of Smart Contracts
Behind Cardano and IOHK is this strong believe that existing smart contract systems lack the necessary rigor to protect user interests. Unfortunately, smart contract glitches have seen millions lost or stuck in the digital ether as in the case of Parity.
To this end, Cardano is taking a two-prong approach to address perennial smart contract faults: one team will audit and fix these smart contract faults and the other will look at the functional design of smart contracts. It’s likely that they shall overhaul the current design.
The Status of Cardano’s Byron Phase
Work at Byron is around decentralization of the Cardano’s Settlement Layer (CSL)—where ADA is used for moving value. And to do so, the development team is looking for ways to make Ouroboros robust with intentions of adding quantum resistant and multisig addresses, light wallets and other features making ADA similar functionalities of a standard cryptocurrency.
At the moment, this is what the team has accomplished:
Icarus is an open source, light version of Daedalus wallet that runs off a Google Chrome extension that is secure.
Release of Daedalus 0.11
Changes made were around allowing for easy implementation of Daedalus for Linux aside from improving user experience. Tweaks included better storage management—low memory– and the introduction of an API for users to access exchanges.
Log Submission Mechanism
Allowed for easily login and access to user Daedalus wallet.
Code improvement ensured that there was better performance to handles the increasing rates of exchange activity. These enhancements make it possible for exchanges to process more withdrawal requests and is availed with a support tracking system for request monitoring. Cardano is working closely with Bittrex and Binance.
What’s in Progress:
- Yoroi Desktop Wallet which is under review
- Cardano Rust Project or Prometheus
- This project complements the Cardano Settlement Layer and acts as an open source sandbox for developers to build their projects on-top of Cardano. The Rust programming language is lightweight, portable and can compile in third-party platforms used by developers. The aim is to build an open source community around Cardano platform.
- Cardano TestNet—Under Development
- Optimization of Storage Space.