Cardano (ADA) Aims To Improve Its Standards And Interoperability With GeoGnomo 

GeoGnomo is an open source by the Distributed Futures research programme of Long Finance. The project is financed by the Cardano Foundation, and it is aimed at sharing and researching strategies used in smart contract geostamping.

It’s no doubt that apps need to go beyond the limit of storing transactions, they need geolocation information. This has resulted in the rise of “Geostamping.” Geostamping is seen as a combination of geolocation and timestamping information.

How GeoGnomo Works

GeoGnomo has three built-to-share strategies for keeping track of areal information. The three strategies include:

  • Quaternary triangular system
  • Quaternary rectangular system
  • Variable rectangular system
SEE ALSO:   JP Morgan internal Cryptocurrency prediction report: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Cardano, Dash, Litcoin etc are here to stay - Cryptocurrency News Today - Tue Oct 16

All of these approaches can be used to record geographic locations into a blockchain by generating source code and an online translation from longitude and latitude locations to geocodes. In the recent publication of Long Finance, it was revealed that GeoGnomo is an open source project that is exploring several kinds of geocoding for use in smart contracts – also known as blockchains with embedded computer code.

The project emphasizes on memorable systems that offer much easier ways of aggregating different locations together and also give users some clues to distance and location scale.

SEE ALSO:   Cardano (ADA) Price Analysis: Will The Value Of ADA Continue To Rise Or Fall, What Is It Used For And Why Should You Invest In It? (Cardano Price Analysis) -Tue Oct 16

This idea is going to be implemented on the blockchain of Cardano (ADA), hence improving the standards and operability of the blockchain. Interestingly, the Cardano (ADA) Foundation might deploy it any time soon to improve its smart contract platform.

To make the idea settle very well in the minds of those that are interested in smart contract geostamping, Long Finance intend to do a presentation on “Smart Contract Geostamping – Steps towards Standards and Interoperability.”

Cardano (ADA) Price Today – ADA / USD

Name Price24H (%)
Cardano (ADA)
$0.075065
0.3%

The value of Cardano (ADA) has increased by 0.11 percent over the past twenty-four hours and 14 percent over the past seven days, leaving the coin to trade at $0.1054 at the time of writing. The market cap of Cardano (ADA) is $2.73 billion and its trading volume over the past twenty-four hours is $75.19 million.


LEAVE A REPLY

Please enter your comment!
Please enter your name here

4 × 2 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.