PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Cardstack’s New Tally Protocol To Address Blockchain Blindspot

By PaymentsJournal
January 25, 2018
in Press Releases
0
3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
cardstack logo

cardstack logo

Breakthrough consensus protocol harnesses untapped hardware resources to orchestrate large decentralized networks

Zug, Switzerland – January 25, 2018 – Cardstack, the open-source software foundation that is building the experience layer of the decentralized Internet, has today announced the creation of the Tally Protocol, a layer 2 protocol that will let large, powerful apps run on the Ethereum blockchain. The innovative protocol combines on-chain stake pools and off-chain calculations to allocate mass payments, while also incorporating a consensus mechanism to enforce community rules in a decentralized manner. In doing so, the Tally Protocol increases the capacity of Ethereum-based applications, using existing graphic processing unit (GPU) hardware, to enable thousands more transactions to occur per second.

Chris Tse, Founding Director at Cardstack, said: “Blockchain will never change the world if we don’t improve its user experience. If we want blockchain to live up to its biggest promises, we need a decentralized solution that can coordinate complex ecosystems where huge numbers of actions are happening at once. The Tally Protocol harnesses the incredible mining power we already have to perform number crunching and deep learning for dApps, which means we can now build the kind of decentralized software that can be used and enjoyed by everyone.”

“Simple apps continue to clog up the Ethereum network. But the few existing solutions to scale the blockchain are only quick fixes that cannot support the governance and payment models that dApps need to become truly powerful. Tally is our breakthrough approach to scale the power of smart contracts by minimizing on-chain work while optimizing the blockchain’s ability to coordinate results from off-chain complete computations,” said Tse.

The Tally Protocol uses the existing GPU supply to power its unique consensus algorithm. This enables Cardstack-powered dApps to perform complex computations such as batching payments, counting votes, and rewarding miners for good work. In turn, GPUs will be rewarded with a fair cut of the dApp’s ecosystem’s value for performing the labor-intensive processes behind the scenes. From an end user’s perspective, every click, transaction, and confirmation would use these number crunching capabilities, reducing only what’s absolutely necessary onto the blockchain for finality.

“The Tally Protocol aligns with Cardstack’s mission to build a sustainable software ecosystem that fights back against the lock-in mechanisms of centralized digital superpowers. Tally and our wider Cardstack project aim to demonstrate how a crypto-driven economy, backed by existing and proven blockchain protocols, can enrich the world in an equitable manner. Our goal is to utilize the Tally Protocol to attract expertise from the machine learning and data science industries, creating a collaborative coalition focused on making the blockchain usable and scalable for the mass market,” said Chris Tse.

The Cardstack Framework is a comprehensive software development kit for building powerful, cohesive blockchain apps. At the core is Cardstack Hub, which orchestrates interactions across multiple blockchains and the cloud.

For more information on Cardstack and the Tally Protocol, visit Cardstack.com.

About Cardstack:

Cardstack is the experience layer of the decentralized Internet, creating a blockchain-based software ecosystem that can challenge today’s digital superpowers. Cardstack believes that orchestrating cohesive user experiences across the blockchain and the cloud is essential to bringing decentralization to the mass market. For more information, visit cardstack.com.

3
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: BlockchainCardstack

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    supply chain payments

    The Payment Process: The Supply Chain’s Most Overlooked Cyber Risk

    July 17, 2025
    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    July 16, 2025
    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result