In a recent interview with Cointelegraph, Charles Hoskinson talked about the crypt coin microchip that IOHK is making in its blockchain lab at the University of Wyoming, which could have many innovative uses, including a similar experience to cash but with crypt coin.
The crypto microchip
It all started when IOHK, the company in charge of the development of the Cardano cryptomon (ADA), began to explore the uses that the supply chain has and realized that there were no chips on the market that could satisfy its requirements: integrability, capacity to store cryptographic keys and be cheap to produce.
„What we really noticed is that unfortunately, there is no market standard at this time for reliable open source hardware that is powerful enough to be used with cryptosystems, but that can also be used in the supply chain.
Hoskinson stressed that the chip will remain open source and will not only benefit Cardano, but the entire crypto community.
IOHK Donates $500,000 to University of Wyoming Blockchain Lab
What does Lamborghini have to do with it?
The chip could be used in a variety of cases in the supply chain, including authentication and management of luxury goods. For example, it could be used to determine the authenticity of Louis Vuitton handbags or to manage access to Lamborghini limited edition purchases:
„For example, the only people allowed to buy these
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[limited edition models] are verified Lamborghini customers. And that’s what a lot of these things look like. Even though they have verified customers, what ends up happening is that a lottery system is running and if they win, they have the right to buy it. But almost always they sell that right to somebody else and they get a profit. So it’s like free money that Lamborghini gives to their customers.“
The Cardano development company will join the Hyperledger Project and W3C
From cryptomonies to physical money
However, not all uses of the chip involve extremely expensive items. Many involve agriculture and developing countries. One of the most far-reaching projects would involve, at first glance, a counter-intuitive transformation from virtual to physical currency:
„Bitcoin’s goal was to move from cash to something that was like virtual money. But what if you want to go in the opposite direction? What if you want to move from a native cryptomoney to something that records a user experience? It’s very difficult to do that without a hardware component.
Cardano believes that developing countries are one of the key markets for the future success of cryptomonics. For example, it was found that in Africa only two percent of the six million farmers own smart phones:
„So when you look at that, you say, well, OK, 98% are not connected to the world and their business is not banked or digital. So if you were building a monetary system for them, it would probably be a bad idea to say, ‚Look, you have to use a purely digital currency. You need something else. And how can I replicate the cash experience and still have a blockchain backup? Well, what you do is you create a hierarchy in which those two percent basically become micro-banks and then they can handle issuing these tokens to people and then their local phones or infrastructure can verify.