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Conclusion Motivation Cardano is a project that began in as an effort to change the way cryptocurrencies are designed and developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration.
In the spirit of many open source projects, Cardano did not begin with a comprehensive roadmap or even an authoritative white paper.
Rather it embraced a collection of design principles, engineering best practices and avenues for exploration. These include the following: There has been a desire to preserve a single notion of consensus around facts and events recorded in a single ledger, regardless of whether it makes An introduction to the rules and principals of commercial law.
Second, there is little appreciation for prior results in mainstream cryptographic research. Third, most altcoins with a few notable exceptions such as Tezos have not made any accommodation for future updates. The ability to successfully push a soft or hard fork is pivotal to the long-term success of any cryptocurrency.
As a corollary, enterprise users cannot commit millions of dollars worth of resources to protocols where the roadmap and actors behind them are ephemeral, petty or radicalized. There needs to be an efficient process through which social consensus can form around a vision for evolving the underlying protocol.
If this process is enormously burdensome, fragmentation could break the community apart. Finally, money is ultimately a social phenomenon. In the effort to anonymize and disintermediate central actors, Bitcoin and its contemporaries have also discarded the need for stable identities, metadata and reputation in commercial transactions.
Adding these data through centralized solutions removes the auditability, global availability and immutability — which is the entire point of using a blockchain.
It is not enough to know how much value moved between accounts, regulation often requires the attribution of actors involved, compliance information, reporting suspicious activity, and other records and actions.
In some cases, the metadata is more important than the transaction. Hence, it seems reasonable to infer that the manipulation of metadata could be as harmful as counterfeiting currency or rewriting transaction history.
Making no accommodation for actors who want to voluntarily include these fields seems counterproductive to mainstream adoption and consumer protection. Our design emphasis is to accommodate the social aspects of cryptocurrencies, build in layers by separating the accounting of value from complex computation and address the needs of regulators within the scope of several immutable principles 1.
Furthermore, where it is sensible, we attempt to vet proposed protocols through peer review and check code against formal specifications. Proof of Stake Using proof of stake for a cryptocurrency is a hotly debated design choicehowever because it adds a mechanism to introduce secure voting, has more capacity to scale, and permits more exotic incentive schemes, we decided to embrace it.
Our proof of stake protocol is called Ouroboros and it has been designed by an extremely talented team of cryptographers from five academic institutions 2 led by Professor Aggelos Kiayias of the University of Edinburgh.
The core innovation it brings beyond being proven secure using a rigorous cryptographic model is a modular and flexible design that allows for the composition of many protocols to enhance functionality. This modularity allows for features such as delegation, sidechains, subscribable checkpoints, better data structures for light clients, different forms of random number generation and even different synchronization assumptions.
As a network develops from having thousands to millions and even billions of users, the requirements of its consensus algorithm will also change. Thus, it is vital to have enough flexibility to accommodate these changes and thereby future-proof the heart of a cryptocurrency.
Social Elements of Money Cryptocurrencies are a prime example of the social component of money. When restricting analysis solely to technology, there is little difference between Bitcoin and Litecoin and even less so between Ethereum and Ethereum Classic.
Yet, both Litecoin and Ethereum Classic maintain large market capitalizations and robust, dynamic communities as well as their own social mandates. Furthering the thought, currencies such as Dash have even integrated systems directly into the protocol to engage their community in deciding what should be a priority to develop and fund.
The vast diversity of cryptocurrencies also provides evidence for their social elements. Disagreements about philosophy, monetary policy, or even just between the core developers lead to fragmentation and forks.
Yet unlike their cryptocurrency counterparts, fiat currencies of superpowers tend to survive political shifts and local disagreements without a currency crisis or mass exodus.
Therefore, it seems that there are elements of legacy systems that are missing from the cryptocurrency industry. We argue — and have inculcated into the Cardano roadmap — that users of a protocol need incentives to understand the social contract behind their protocol and have the freedom to propose changes in a productive way.
This freedom extends to every aspect of a value exchange system, from deciding how markets should be regulated to which projects should be funded. Yet it cannot be brokered through centralized actors nor require some special credential that could be co-opted by a well funded minority.
Cardano will implement a system of overlay protocols built on top of CSL to accommodate the needs of its users. First, regardless of the success of a crowdsale to bootstrap development, funds will eventually dissipate.
Hence, Cardano will include a decentralized trust 3 funded from monotonically decreasing inflation and transaction fees.Learn quiz chapter 1 introduction business law with free interactive flashcards.
Choose from different sets of quiz chapter 1 introduction business law flashcards on . COMMERCIAL LAW OUTLINE SECURED TRANSACTIONS Breach of the Peace (at least on commercial property) – if it does elevate the creditor can come back and try again.
o the rules governing security agreements are similar to contract law . This introduction to computer ethics by Rebecca Herold traces its history, covers regulatory requirements, discusses various topics in computer ethics, highlights common fallacies, codes of conduct, and resources. Commercial law is the body of law that governs business and commercial transactions.
It is considered to be a branch of civil law. It deals with both private law and public law. Our staff can't provide legal advice, interpret the law or conduct research. You may be able to obtain assistance from a lawyer or paralegal. General Principles of Business and Economic Law Business and Economic Law An Introduction to Contemporary Legal Principles Governing Private and Public Economic Activity at the National and Supranational Levels John W.
Head II.A. Contract Law and Commercial Law 47 II.B. Resolution of Commercial Disputes 63 II.C. Banking Law