IOHK announced the release date for Cardano’s Voltaire era
Charles Hoskinson has raised high hopes for the Cardano virtual summit over the past few days. After yesterday’s first day, it was clear that these were not empty promises. IOHK has issued four announcements. The biggest news, of course, in yesterday’s announcement was the introduction of Atala PRISM, a decentralized identity system that will provide “self-sovereign” identity and financial and social services to millions of people without “bank accounts” to access blockchain markets. With the announcement of the Atala PRISM, Catalyst and Atlas projects, and the cFund projects, the first day of the Cardano Virtual Summit had four major announcements. IOHK also made a surprise announcement about the release date of Cardano’s Time of Voltaire.
As Hoskinson explained, IOHK is also
seeking to add “selective disclosure capabilities” through zero-knowledge
proofs, which will allow consumers to verify everything from age to employment
status using a wallet, without having to reveal irrelevant data. The system
will be an alternative to closed systems from Silicon Valley companies,
PRISM could give almost 2 billion unbanked
people an economic identity, track global goods from source to sale, and
de-risk investment in emerging markets. In the wake of an increasing backlash
against Silicon Valley firms over data privacy, this decentralised identity
system gives people sovereignty over their data and reduces the risk of data
privacy breaches for service-providers.
Cardano‘s Atala PRISM is also designed to
address the growing risks to cybersecurity and privacy by enabling people to
securely exchange personal information using the blockchain. The decentralization
of consumer identity management will deter cyberattacks by expanding the
Another product in the Atala group will be
a traceability solution for supply chains and goods movements. Through an
innovative “batching” scheme at layer 2, which bundles transactions outside the
blockchain and then stores them in the
blockchain, Atala will have the ability to scale to handle large and continuous
traffic. It will also be able to implement patient records and blockchain-based
tracing of infections or “immunity passports”.
IOHK also announces Catalyst, Atlas and the
On the first day of the Virtual Summit,
IOHK also announced the launch of Project Catalyst, a tool set designed to
enable ADA owners to propose and vote on financing proposals for the development
of the Cardano ecosystem. The internal code name “Project Catalyst” is a pilot
program, the results of which will feed into the development of the final,
fully decentralized financial management system.
The system consists of four components: the
Node Jörmungandr, the Catalyst protocol, a mobile voting app for IOS and
Android and finally “Catalyst0, Catalyst1, Catalyst2”, a series of release
candidates that test the feasibility, usability and usefulness of a voting and
funding system. The rollout of Catalyst and thus of the next Cardano era,
Voltaire, is scheduled to take place at the end of the year.
The development of Catalyst is an important
step towards the launch of the Voltaire era, which focuses on the
implementation of a democratic governance system. The project will allow
Cardano users to “lock” a certain amount of ADA for a limited period of time,
which will entitle them to vote on submitted proposals.
Also announced on the first day of the
Virtual Summit was the Atlas project, which aims to create a seamless user
experience for Cardano users when interacting with the Blockchain. The first
version will be announced in the coming weeks. Hoskinson summarized the project
Our solution will not only tell users about
blocks and transactions but also aggregated statistics, rewards, stakepool
metrics and comparisons. With project Atlas, we are creating a platform where
anyone can go and trade funds, cast a vote or manage their digital identity.
This should seamlessly integrate with your desktop, mobile or browser.
Finally, IOHK also announced that it will
launch “cFund” in partnership with the Wave Financial Group. This is a venture
fund that supports the introduction of IOHK’s blockchain platforms, including
Cardano. IOHK is initially providing USD 10 million and Wave plans to raise a
further minimum of USD 10 million to create an initial size of USD 20 million.
The fund will make investments worldwide
with an investment volume of USD 250,000 to USD 500,000 and will support and
invest in start-ups and early-stage companies that base their products and
services on IOHK’s blockchain technologies.
Author : Jake Simmons