Microchip could bring cryptocurrencies closer to a fiat experience

The IOHK CEO and main developer of the Cardano project, Charles Hoskinson, has reported that he is developing, together with IOHK and the University of Wyoming, a chip that will allow the expansion of the ADA token and blockchain cases in multiple market industries.

At the beginning of the year, the company in charge of developing the closed circuit donated US $ 500,000 to the university’s blockchain laboratory, with the aim of contributing to the progress of the project.

The initiative arose as a result of an exploration carried out by IOHK in the use cases of the supply chain, where it was observed that there was no chip to cover said demand existing in the market, that is, cryptographic keys do not have a space of storage with insertion capacity.

Hoskinson claims that “unfortunately, there is no market standard at this time for reliable open source hardware that is powerful enough to be used with cryptocurrencies,” so Cardano could prove to be a great innovation for the industry.

In addition, the developer ensures that the project would be a key future for the success of cryptocurrencies, projecting this technology to a fiat experience. The question is: how to replicate the experience without having a blockchain backend? Banking the unbanked, turning them into microbanks intended to administer the tokens to people.

K.Villarroel

Source: Diariobitcoin