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Cardano News Today – Cardano (ADA) Is a Promising Blockchain Solution – Says Swiss Draft Law – September 10th, 2020

Cardano News Today – Cardano (ADA) Is a Promising Blockchain Solution – Says Swiss Draft Law – September 10th, 2020

  • Swiss Confederation’s draft law refers to Cardano as a promising blockchain solution
  • Cardano’s recognition and adoption is on the rise
  • Charles Hoskinson announces Gerolamo and how Cardano would compete with IBM directly 

Cardano News Today – Because of its open arms and kind gestures towards cryptocurrency and blockchain technology, Switzerland is regarded as the blockchain hub and pioneer in the heart of Europe. The country has also been able to attract prominent figures in the digital currency space such as the Ethereum Foundation. However, according to the Swiss Confederation, there are still several legal loopholes that need to be closed to further expand and consolidate the leading role in the distributed ledger/blockchain sector.

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Cardano Is a Promising Distributed Ledger Technology – Swiss Confederation

Back in March last year, the consortium submitted a draft to the Federal Council to adapt federal law to developments in the technology of distributed electronic registers. The outcome of the initial proposal was as expected; it was received positively. The Federal Council wants to make some additional positive changes to the conditions so that Switzerland can leverage the opportunities offered by digitation effectively.

Nevertheless, the Swiss legislator does not intend to pass a new law in its own right, but instead to organize the bill as a jacket decree to make targeted adjustments in the following areas:

Civil law, to increase legal certainty in the transfer of rights by means of manipulation-resistant electronic registers and to clarify the interfaces with book-entry securities law,

in insolvency law to further clarify the segregation in the bankruptcy of crypto-based assets and to allow access to non-asset based data,

in financial market law, to provide a new and flexible permissionless infrastructure for blockchain-based financial market infrastructures, and

in banking law to align the bank insolvency law provisions with the adjustments in general insolvency law.

The report mentioned the blockchain of Bitcoin and Ethereum as already prominent projects to find consensus in the field of distributed electronic registers. Nevertheless, there are also new blockchain projects with higher potential and great performance, such as Cardano.

Protocols based on proof-of-stake should be mentioned here, where the influence of the participants in decentralized voting is weighted according to their shares in the tokens of the underlying DLT system. Promising examples are the Cardano-Blockchain or Algorand.

Cardano Plans to Develop a New Code with Gerolamo

Charles Hoskinson recently announced that Cardano would be developing new code with Gerolamo. Cardano wants to compete with IBM directly with this new project. Hoskinson believes that this development would make many firms switch to the permissionless infrastructure of Cardano in the future. Gerolamo could significantly boost the adaptation of Cardano in the future.

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