Cardano Q&A: Paperless letters of credit, escrow and permissionless ledger – Charles Hoskinson

Do we need central Banks? Paperless letters of credit, escrow and permissionless ledger.
A letter of credit (LC), also known as a documentary credit, bankers commercial credit, is a payment mechanism used in international trade to perform the same economic function as a guarantee, by allocating risk undertaken by contracting parties. At law, a letter of credit is categorised within Financial law as a form of a Simple position, which alongside guarantees, derivatives, and insurance allocate risk as a form of a promise from one party to another.
(From Wikipedia, the free encyclopedia)
Written in Haskell, Cardano emphasizes peer review and formal methods as a way to produce high assurance software. Its core protocol is Ouroboros, a provably secure proof-of-stake algorithm for reaching consensus on the next block in the chain.
Eventually, Cardano will compete with platforms like Ethereum and Tezos.
This video is an excerpt from ‘IOHK | Charles Hoskinson: Third-Generation Blockchains’ published under a creative commons licence https://creativecommons.org/ on 11 Jan 2018 by the IOHK YouTube channel https://www.youtube.com/channel/UCBJ0p9aCW-W82TwNM-z3V2w

Music: TeknoAXE’s Royalty Free Music: Cavern Starting Area https://youtu.be/1DtfwcfXJss

Suggested: Cardano Q&A: Backwards compatibility – Charles Hoskinson https://youtu.be/dyD6baZnbq4
Cardano Q&A: Consensus & ideology https://youtu.be/CaULMJr-Qww

Charles is a well-known figure in the blockchain space. One of the original founders and the initial CEO at Ethereum, he eventually went on to establish IOHK with Jeremy Wood, another Ethereum veteran.
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more at: https://iohk.io
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Learn about iohk projects: https://iohk.io/projects/cardano/
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See more on Cardano: https://iohk.io/projects/cardano/

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Cardano Q&A: Paperless letters of credit, escrow and permissionless ledger – Charles Hoskinson

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