Cardstack, an open-source software foundation that is building the experience layer of the decentralized internet, today announced the creation of the Tally Protocol, a layer 2 protocol that will enable large and powerful apps to run on the Ethereum blockchain.
The 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 graphics processing unit (GPU) hardware, to enable thousands of more transactions to occur per second.
By using existing GPU supply to power its unique consensus algorithm, Cardstack-powered dApps are able 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 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.
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.”
Token Sale Coming
The Cardstack Token (CST) will be the fuel and catalyst for the Cardstack software ecosystem. Developers can monetize their Cardstack- based apps via the smart contracts powered by the Cardstack Token, an Ethereum-based ERC20 token designed to fairly reward Cardstack- powered communities.
Details about the Cardstack Token is under final compliance review and will be announced by the company shortly.
Discussion about this post