Cardano introduces the never used before ‘Formal Specifications’ for a wallet
Cardano has taken control over the crypto media spotlight this month, touring around the world and releasing various updates technically and in other aspects. After Sebastian’s weekly technical update, mentioning the various wallet upgrades, the team now announced a formal specification for a wallet. They believe this is the first time that a cryptocurrency has ever had such specifications.
Version 1.0, formal specification for a Cardano wallet (or any UTxO based cryptocurrency) helps to understand some of the subtleties and give a reasonable starting point for tests and implementations. Cryptocurrency wallets are almost a compulsion for any cryptocurrency system and demand careful designs as they observe and interact with blockchain ledger to maintain a track of the currency belonging to a specific user, also allowing the creation and submission of new transactions.
The art of formal specification is to simplify and focus on what is essential, i.e. focusing on the hardest parts and ignoring the less important ones. Hence, the best way to answer such balance queries and be precise is to take a formal mathematical approach. This new specification of the wallet from the team of Cardano covers the wallet backend and data model while ignoring the UI and takes a very abstract view of the cryptography and ledger syntax.
The team states:
“We focus on the state of wallet and transition states as the ledger grows and new transactions are created. And crucially, we focus on what the wallet balance is for all such states as we end up defining three notions of wallet balance, each appropriate for different purposes to answer the balance query.”
Josseh80, a Twitterati says:
“You guys are nailing it every time..”
TreeofLifeGuitars, a Cardano enthusiast tweeted:
“@IOHK_Charles awesome tech. #ada will take over.”
Input-Output HK [IOHK] of which Cardano is a product of also tweeted earlier today:
“Peer review is core to our philosophy at IOHK. If the worlds best can’t fault the research, it’s good enough to go into our software. Here are two more papers undergoing peer review.”
Details of the same will be published soon, mentioned the team. The founder of IOHK, Charles Hoskinson has had a very busy month until now, attending multiple conferences and talks like Eurocrypt in Israel, Africa Summit, etc. He will next visit London according to his schedule where he will introduce their blockchain projects along with other special speakers and guests from the blockchain space followed by a networking reception to end it.
“Charles Hoskinson, CEO of IOHK, will be in London on May 15 to introduce our Symphony of Blockchains data visualization… the blockchain as never seen before!”
Symphony of Blockchains stated: 7:30 pm Charles Hoskinson, CEO, IOHK: Building third generation blockchains and Cardano while also mentioning that, “there will also be the chance to preview some of the exciting new developments the team are working on in the next iteration of the project and have a chance to share ideas with the team.”
Chen, a crypto enthusiast said:
“Peer review is a living consensus and is the core of the new era spirit and technological progress brought by blockchain!”