Since its invention in 2009, blockchain has evolved to become a major revolutionary technology of the digital world. Decentralized tech like Bitcoin, Ethereum and several other cryptocurrencies and ventures have established and utilized the proficiency of blockchain in making money. There is a new player in the market and it is called Cardstack, a likely solution for decentralized internet founded by Chris Tse.
Cardstack is a platform with a variety of decentralized software particularly designed for the creation of blockchain application networks. In essence, cardstack is a developing alternative app market with open web technologies supported by the open source framework. Cardstack is a blockchain consensus protocol and an open-source framework in that the source code is available to the public for use at no cost.
Being a decentralized blockchain network, Cardstack is neither regulated by the government nor any entity, additionally, the blockchain technology guarantees transparent and secured transactions. Cardstack allows end users to mix various features from different distributed applications (dApps) without having to worry about utility tokens or subscription. Some of the applicable apps of cardstack include;
- Chat applications
- Media and photos applications
- Personal finance applications
- Cryptocurrency wallet applications
- Transportation applications
- Social networking applications
With cardstack, users can combine several layers of the internet to create new workflow models as well as developing card based blockchain applications. The invention of cardstack has advanced the progress made in the blockchain technology, with reports stating that cardstack makes blockchain “usable and scalable”.
What is Cardstack Token?
The Cardstack ecosystem is powered by Cardstack Token more popularly referred to as CARD. CARD is an ECR20 token based on the cryptocurrency Ethereum. The CARD cryptocurrency is specially designed to create and improve the digital marketplace so that open source developers can receive a better pay out while also allowing users to mix and match the best software services that will meet their requirements. CARD can be traded in exchange for products and services like other cryptocurrencies. When CARD is used in a transaction, a ‘smart contract’ between the user and the involved apps is generated. A smart contract is a computer protocol designed to digitally facilitate and authenticate a transaction between two parties under certain conditions. Smart contracts also called cryptocontracts allow for credible transfer of assets and cryptocurrency without the involvement of a third party. Afterwards, all CARDs are turned into a ‘reward pool’ which is eventually distributed to the end users, analytical miners and developers of the Cardstack framework using a decentralized algorithmic method of payment.
Layers of Cardstack
There are three different layers in the cardstack framework
- The first layer – This is the secure ledger layer, it is basically focused on the mechanism of application of the blockchain technology in Ethereum, which is the cryptocurrency the token is based on.
- The second layer – this layer is called the scalable payment and governance layer. It involves the cardstack token – CARD and the aggregation protocol known as Tally. Tally uses cryptographic proof-of-usage protocol to verify and validate transactions to the smart contract. Consequently, Tally improves the experience by reducing the demands on the Ethereum blockchain.
- The third layer – the final layer, known as the orchestration and experience layer, this layer is all about the general framework of the cardstack hub and card based blockchain applications.
What is Initial Coin Offering of Cardstack Token Sale?
Sometimes, start-up tech companies do not have the required capital to kick-start a project or business. In cases like this, these companies/entrepreneurs may resort to crowd sourcing of funds. In recent times, one particularly innovative method of fundraising for tech companies is the Initial Coin Offering – ICO. In ICO, the companies cryptocurrency is sold in form of ‘tokens’ in exchange for fiat money and other digital money like Bitcoin and Ethereum. Consequently, these tokens become functional units of currency when the companies ICO’s funding goal is reached and the project is launched.
In the Cardstack framework, CARDS are offered as tokens in exchange for cryptocurrency, however, unlike most ICOs, Cardstack only accepts Ethereum cryptocurrency as a payment option. Developers behind the Cardstack framework are offering 10 billion CARDS at a rate of $0.0175 for every cardstack token purchased. Interested investors and contributors would have to register and sign in through the official website www.coinstack.com before they can proceed to make donations. ICO is somewhat similar to the regular Initial Public Offerings (IPO) only that in ICO, the issuers – being the start-up tech companies in this case, offer cryptocurrency tokens instead of shares in exchange for money.
What are the benefits of investing in the ICO of Cardstack?
Admittedly, as with any other cryptocurrency, investing in Cardstack token is a major risk and potential investors would only proceed if the pros of such an investment outweigh the cons. Outlined below are some of the benefits of investing in CARDS has to offer to users.
- Users can combine different applications to create new workflow models and application combinations using the Cardstack Hub.
- No expertise in handling cryptocurrency is required, the design is flexible and easy.
- Users can earn fees via the cardstack tokens which can be returned to the ecosystem where they are redeemable by consumers.
- In addition to access to a rich library of direct access features, users can also use the provided software development kit to create extensible and cohesive blockchain applications.
- Cardstack offers a card based user experience that guarantees total security of data.
- Cardstack offers an open source framework for analytic miners.
- The Cardstack hub uses a decentralized algorithm of reward functionality to ensure that users are fairly rewarded.
- Finally, ICO is based on the blockchain technology that targets transparency and security of transactions to ensure that investors are not scammed out of their money.
Cardstack is considered a revolutionary idea for blockchain at every layer of the software stack. It is a platform with tool sets that promise decentralized internet that may reform the digital world. Nevertheless, it is recommended that interested and potential investors remain well informed concerning the mechanism of operation of cardstack before putting down money. For a more in depth review and analysis of cardstack, here is the recent whitepaper published by the cardstack foundation in 2018. A whitepaper is essentially a published document that gives a detailed review of the cryptocurrency under consideration, the technology behind it and its potential usefulness. It is usually targeted at investors and is a primary component of Initial Coin Offerings.
Website : https://cardstack.com/