Emurgo, an evangelist of Cardano blockchain adding values to ADA holders, has just passed on an insightful message to users of the blockchain network, revealing the two types of data that is most crucial to them as they use Cardano blockchain.
In a report titled “What Kind of Data Can Be Stored on the Cardano Blockchain?” Emurgo explicitly analyzed the role of data in Cardano and the two types of data necessary for users to take cognizance of.
Dubbed important data to everyone using Cardano, Emurgo listed the two data thus: Ownership of Value and Transfer of Value.
Ownership of Value data on Cardano
The ownership of value is the type of data that determines who owns what, and it is stored on the public Cardano blockchain ledger, Emurgo reveals. It is the first type of data crucial to users of the network.
This type of data ensures that correct balances are recorded on users’ wallet (e.g. Emurgo developed Yoroi ADA Wallet), as well as verify if a person has enough ADA to perform transaction.
The data is very essential to users and Cardano in the sense that it helps solve the problem of double spending on the network. Without Ownership of Value data, Cardano cannot execute transaction successfully.
Transfers of Value data on Cardano
Transfer of Value data is the second type of data critical to users of Cardano. It best described who transfers what when a transaction takes place between users on the network.
With the release of Shelley, transaction is preferably validated by broadcasting it to stake pools on Cardano, rather than the archaic trusted third party means used by traditional financial systems like banks.
Staking of pool ensures more legitimacy while performing transaction. Emurgo related that while such data is preserved in a block on Cardano blockchain like a fly in amber, it is very important because without the stored data, there is no prove the transaction took place.
“It would be similar to making a cash transaction with no witnesses,” Emurgo related.
As stated by Emurgo, information stored on blockchain should be essential to one and all using the system “with a primary need for security.”
Emurgo further emphasized the necessity of full security and transparency while data is stored, adding that Seiza offers such service with simple interface and improved user experience.
Developed by Emurgo, Seiza helps track users’ ADA transactions and other important data on Cardano blockchain.