What is GeoGnomo? Cardano aims to improve Interoperability standards with it
Cardano Foundation is aiming to improve interoperability standards. To do so, Cardano has reportedly financed an open-source project known as GeoGnomo.
What is GeoGnomo?
It is an open-source project created by Long Finance’s Distributed Futures research programme. It is founded to research on various methods of smart ledger geo-stamping — a combination of geolocation and timestamping information. In a recent Long Finance publication, it was revealed that GeoGnomo is exploring different kinds of geocoding for use in smart contracts.
How does GeoGnomo work?
For geo-stamping, the GeoGnomo project has developed three systems which include: Quaternary Triangular System, Quaternary Rectangular System, and A Variable Rectangular System.
According to GeoGnomo, these systems can help in recording geographic areas into a blockchain. It can done by generating source code, and an online translation from the latitude & longitude areas to geocodes, Smartereum reported.
Using consistent geocoding data retrieval is easy, according to GeoGnomo. It means that the users can share information easily on any network that it is implemented. This tool will be helping the blockchain networks (pursuing faster transaction speeds) to handle the real-time transactions more efficiently via IoTs. According to Long Finance, it is easier for users to communicate with devices with this innovation, “tell the drone to come to F49PUR9B7-20”, a resolution of 7.6 metres,” and it does.
Currently, Cardano (ADA) is at $0.103, down by 2.80% in the past 24 hours and the market cap of Cardano (ADA) is $2.67 billion.
In other news, Bittrex, a real-time trading platform, announced that it will introduce two new USD trading pairs to its trading platform. The exchange tweeted that it will launch USD markets for Cardano along with ZCash. The cryptocurrency exchange supports both personal and corporate accounts for US Dollar (USD) trading, deposits, and withdrawals.
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