Cardano (ADA) To Finance GeoGnomo To Improve Interoperability Standards
Research-focused Cardano has financed a working group called GeoGnomo in its quest to achieve better interoperability standards.
What is GeoGnomo?
GeoGnomo is an open-source project founded to research methods of smart ledger geo-stamping. The project was created by Long Finance’s Distributed Futures research programme.
The project is focused on developing memorable systems that provide easy ways to aggregate areas together, as well as giving users some clues to location, distance and scale.
What does GeoGnomo do?
The GeoGnomo project has developed three systems for geo-stamping. The systems are:
- Quaternary Triangular System,
- Quaternary Rectangular System, and
- a Variable Rectangular System.
GeoGnomo says that these three systems can be used to record geographic areas into a blockchain by generating source code, and an online translation from latitude & longitude areas to geocodes.
Geo-stamping encodes location information pinned to a specific transaction and contract on a blockchain network.
Geostamping is basically seen as a mix of timestamping and geolocation information.
“We have provided the source code and an online translation from latitude & longitude areas to geocodes and back. Thus, blockchain applications have almost an instant ‘global post code’ or ‘global zip code’ system.”
GeoGnomo says that using consistent geocoding data retrieval is easier, which means that users can share information easily on any network it is implemented.
This tool will help blockchain networks (which are pursuing faster transaction speeds) to handle real-time transactions more efficiently via IoTs.
Cardano’s interest in GeoGnomo
Before this announcement was first made, GeoGnomo was in the shadows with its services, however, Cardano Founadtion has announced that it will be researching the sharing methods employed GeoGnomo’s smart ledger geostamping.
Cardano Foundation will be researching into the project which enjoys progress owing to the ways of recording areas that also aid efficient retrieval.
As blockchain projects see the need to go beyond storing transactions (timestamping), they would require geolocation information and the services that GeoGnomo offers.
According to Long Finance, the innovation makes it easier for users to communicate with devices, “tell the drone to come to F49PUR9B7-20”, a resolution of 7.6 metres,” and it does.
Long Finance has announced that the GeoGnomo idea is going to be added to Smart Contract platform, thereby enhancing interoperability and standards.
Long Finance also announced that it is planning a presentation on “Smart Ledger Geostamping – Steps Towards Interoperability & Standards” to explain more on how Geo-stamping works.
Cardano has found a name for itself as being research-driven, if these interesting technology works as expected (enhance the interoperability of a Smart Contract platform), we could see Cardano which is also a Smart Contract platform deploy it soon.