Artificial Intelligence, behub, Blockchains, Uncategorized, Yogi Nelson

beHub: Revolutionizing Healthcare with Cardano Blockchain

Uncategorized

WHAT IS THE FUTURE OF BLOCKCHAIN?

Namaste Yogis. Welcome to the Blockchain & AI Forum, where your questions are answered, mostly correct! Here no question is too mundane. As a bonus, a proverb is also included. Today’s question comes from Ashley in Texas, who wants to know, what is the future of blockchain?

Ashley, you came to the right place. Blockchain technology has enormous potential; however, it must conquer immediate challenges. Let’s begin with five challenges facing blockchain technology today: 1) scalability; 2) initial set-up costs; 3) smooth transition; 4) consensus mechanisms; and 5) privacy and security. I’ll focus on a few solutions, commencing with “sharding”

Sharding is a process for handling large data sets. Sharding accelerates processing by dividing the computational workload and storage space issues. It ensures no single mode (computer) is responsible for processing the network’s transactional load. Sharding increases security through transparent processing on a decentralized network. Sharding is not alone; it has a friend known as sidechains; not to be confused with 2Chainz the rapper! Lol.

Sidechains are separate blockchains attached to the mainchain. Often, sidechains are deployed to test new software before joining the mainchain. Sidechains offer more security when moving digital assets from one blockchain to another and reduce the mainchain’s workload; hence, making the blockchain faster and more reliable. What else is under construction? Answer—state channels.

Despite their Orwellian name, state channels are not spooky. State channels basically “lock” the blockchain while participants agree amongst themselves off-chain. Once participants reach consensus the transaction is uploaded onto the mainchain for processing. Let’s keep rolling with “Roll-Ups”.

Rollups are scaling solutions. Roll-ups move computation off-chain while keeping transaction data on-chain. Keeping the data on-chain allows anyone to locally process all computation in the roll-up and detect fraud. There are two types of roll-ups: Optimistic and ZK. Optimistic roll-ups assume the data/transactions are correct. However, to ensure accuracy, transactions are not final for one week. During the data verification week anyone may submit fraud proof. If no honest individual spots an error, transactions are final. If errors are spotted the transactions can be reversed. What about ZK-Rollups? ZK-Rollups stands for zero knowledge. No, it does not mean the protocol is a know nothing, lol! It means every rollup batch contains a cryptographic hash, thus making transaction more secure. In other words, possession of the private key opens the file and nothing else is required. However, with the increase in security also comes computationally intensive processes. Time, money, and energy consumption.

Charles Hoskinson, Cardano founder, is fond of saying blockchains need their “wi-fi” moment. Said differently, blockchains must achieve interoperability. Imagine having to switch providers every moment to access wi-fi. What a mess! Blockchain interoperability equals users having a seamless integration of capabilities, communication with and between intermediaries, and greater decentralization. Get it done!

Let’s wrap it up with Ricardian contracts. A Ricardian contract is a mechanism to record a document as law and link it to other sectors, i.e., accounting. A Ricardian contract is responsible for executing contracts between two parties and recording the details in forms that are readable by humans and machines. Moreover, the dual abilities of Ricardian contracts equal superior user experiences when compared to smart contracts. Holy dual use!

Yogi Nelson

Uncategorized

WHAT ARE THE 10 TERMS IN ARTIFICIAL INTELLIGENCE YOU SHOULD KNOW?

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WHAT IS A DECENTRALIZED AUTONOMOUS ORGANIZATION?

Namaste Yogis. Welcome to the Blockchain & AI Forum, where your blockchain and artificial intelligence technology questions are answered, mostly correct! Here no question is too mundane. As a bonus, a proverb is also included. Today’s question, comes from Michael in Washington, and he wants to know, what the heck is a decentralized autonomous organization (DAO)?

Michael, you came to the right place. When I heard the term DAO, I too had no idea what it meant. Was it tasty Chinese cuisine? Or maybe the latest fashion from Milan? Perhaps a government document? Let me briefly explain DAOs and summarize what proponents and opponents say.

According to Consensys, a major blockchain player, DAOs are community-led organization with no central authority constructed by rules encoded on a computer program. Proponents say DAOs are transparent and controlled by the organization’s members, not by a central figure. A libertarian utopia? Maybe. Proponents point to smart contracts in setting foundational rules and to execute the agreed upon decisions.

The Emurgo Academy, Cardano’s teaching arm, explains that under a DAO community members create proposals concerning operations and vote on each proposal. Proposals that achieve predefined levels of agreement are accepted and enforced by smart contract rules. Moreover, the very code itself can be publicly audited. Further, DAOs are responsible for tracking the ownership of tokens from point-to-point. Intriguing?

DAO backers say their system produces community collaboration. Their theory is DAOs align incentives; therefore, the best interest of every member is congruent with the best interest of the protocol itself. A healthy, robust protocol will garner more usage, and in turn, increase the value of the DAOs tokens. As the protocol succeeds, so do members. That’s the theory. Opponents say?

DAO supporters are correct, DAOs are built on code that can’t be changed, or not easily changed. Is that a strength or liability? When an Ethereum based DAO was hacked due to programming errors, over $50M was stolen due to there being no central authority to stop the theft. Hence, strength or liability?

Second, to make a major correction or change a programming hard fork is required. Essentially a hard fork means a fundamental modification to the protocol. Think of it as a constitutional amendment in the U.S.A. Difficult under ideal circumstances.

DAOs make extensive use of smart contracts. The problem is “smart contracts” are neither smart nor contracts. The term smart contract is a clever marketing phrase, say opponents. Smart contracts are not enforceable in court and only as smart as the computer engineers who programmed the code. Oh my!

Fourth, DAOs rely on oracles to deliver the information needed to execute. For instance, if the smart contract says pay Yogi Nelson $1,000,000 when the Lakers win, the smart contract is incapable of knowing if the Lakers won. The smart contract relies on oracles to supply the information. What if the oracle is wrong or if the oracle is hacked? What would happen to my $1,000,000!

DAO opponents reject the notion that DAOs improve society by decentralizing power. They note a significant number of crypto projects are highly centralized by founders. DAOs backers are fond of saying code is law! Okay, but who wrote the code? Answer. Small groups of humans with all their faults, flaws, prejudices, bias, shortcoming, etc. Hence, perhaps DAOs hide centralization making the problem worse by projecting a false impression, say DAO opponents.

I conclude by sharing the famous French proverb: “All flatterers live at the expense of those who listen to them.”

Until next time.

Yogi Nelson

Photo by Markus Winkler on Pexels.com
Photo by Markus Winkler on Pexels.com
Uncategorized

ADA Coins from Cardano as Payments for Yoga Services

From October 2017 to May 2018, I traveled southeast Asia. During those eight months, I enrolled in advanced yoga courses in India, Indonesia, Thailand, Philippines, Malaysia, Vietnam and Singapore. Sounds great right? Well, it was except for one aspect–payments. No, I don’t mean paying for what I received. I’m referring to the nightmare of our current international payment systems. Put simply, its horrible, expensive and actually a bit dangerous. Cardano is a superior alternative.

As I made my yoga courses reservations I often thought there must be a better way. Now I know there is–paying with ADA coins from Cardano. And, what’s more soon we pay with Cardano ADA and enter into smart contracts for the services. I’ll tell you about smart contracts in an upcoming blog for now I don’t want to get ahead of myself. I’ll start with the dangers of carrying cash.

Tourist, regardless of the country, are often targeted by street criminals. Why? Because street criminals are astute and know tourist often carry cash. In every country, except for Singapore, I was obligated to pay the yoga schools in cash. No choice. That meant, going to a bank and walking out with a wad of cash into unknown streets. I often did not feel safe. Imagine the security I would have enjoyed if I could have paid in Cardano ADA. What peace of mind!

Preferring Cardano for security would probably be enough but actually there’s more; a lot more. For example, when conducting international transaction the user experience Cardano offers can’t be compared to traditional banks. With Cardano ADA there is no waiting in line, tellers, numerous forms, handing over your passport for the bank to make a photocopy, etc. With Cardano ADA there is no withdraw limit; at the time Rishikesh India had a $60 a day exchange limit meaning I had to go to the bank everyday for two weeks!

Okay, security and user experience are superior. But let’s get to the bottom line. Is Cardano more expensive? No it’s not. Using your favorite crypto-currency exchange your transactions fees will be considerably less compared to your banks and credit card companies with their commissions, international money exchange rates and service fees. Cardano sweeps it three to zero.

I teach yoga at the University of Puerto Rico and unfortunately they won’t pay me in Cardano ADA; at least, not yet. But I’ll keep asking and the next time I undertake a yoga adventure I’ll be sure to ask if the studio accepts Cardano ADA. I know it would be long. Hopefully, I’ll see you on the path using ADA from Cardano.