Thread by @danny_cryptofay

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🤓 There was a fantastic #cardano metadata workshop hosted by @JeremyFirsterCF, @benohanlon, Alan & Mel.

💡#Metadata is key part of the ongoing #Goguen release & is already running on the main net. 💪

Below is the recap of their conversations 👇 $ada #crypto #fintech #dev

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What exactly is transaction metadata? 🤔

1⃣ Details on "The Transaction Story"
2⃣ User-specified information that is added & stored on the Cardano blockchain.
3⃣ Secure record of immutable and authentic on-chain data.

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How is metadata generally used? 🤔

1⃣ Certification & validation of particular information
2⃣ "Tell the Story of a Transaction" - $ada transfers
3⃣ "Create a Story" that has a permanent record - standalone transaction for adding data

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Cardano as a utility platform. 🛠️

1⃣ Highly secure, public infrastructure:

a. globally accessible 🌍
b. open for contributors 👐
c. all transaction history is available to view 🔎
d. public source of truth 👨‍⚖️

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2⃣ Improved functionality:

a. large data size enables creativity & meaningful data to be stored 🚛
b. customisation without the need for smart contract implementation 💡
c. greater accessibility & transparency 🔍
d. expressible in various types of data. 👩‍🎨

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Fee Formula:

A+(B*size)=Fee

A 👉 this is a 'constant' - it prevents DDoS Attacks & 'spamming network' - set at 0.155381 ADA

B 👉 this is a 'minFeeA' - computer memory storing cost & is set at 0.000043946 ADA or 43.946 lovelaces

Size 👉 measured in bytes - up to 16,000

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⏬ Minimum tx fee example:

0.155381 ADA + 0.000043946 ADA/byte x 200 byte = 0.1641702 $ADA

⏫ Maximum tx fee example:

0.155381 ADA + 0.000043946 ADA/byte x 16,000 byte = 0.858517 $ADA

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💡👀 If you are curious about additional scenarios where and how tx costs can fluctuate more specifically - e.g. delegation to a stake pools - check out this article 👇

reddit.com/r/cardano/comm…

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Basically - metadata transaction is just like any other in terms of mechanics.

It gets added along any other transaction(s) into the block that gets added onto blockchain after stakepool validates it.

As time goes by - it stays there on blockchain as a permanent record.

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In reality, you wish to attest to large amounts of data.

BUT having large amounts of it distributed across all the nodes of public blockchain is NOT PRACTICAL - nor may be desirable to have it available/readable in public.

💡Solution: create a unique fingerprint of data.

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📃 For example - let's take any document.

You will create a hash of this document - uniquely represented by small number of bytes - its fingerprint.

Then this datapoint can be attached to metadata & to a transaction.

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Fast forward into the future - you can test its authenticity.

❔ In order to validate it - you'll take said document - create its hash.

And if you can find the hash on blockchain - then you can attest to its existence at that point in time. ✅

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More practically - often - you wish to endorse a document, too. 📝

Want to attest that two people signed the contract that you are presented with. For that - they'll need to sign it with their public keys representing their identity. 🖊️

PGP keys, dID (PRISM), etc.

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🆔 Such public key represents your identity.

You can then take hash of the document - sign with the private key & you can attach your signature to the metadata. Then - all posted onto blockchain for anyone to verify validity in the future - forever.

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E.g. this could be basis for distributed work flow.

💡Remember - transaction hash is the same as tx ID - when looking up this information on blockchain explorers.

👉 adaex.org
👉 adastat.net
👉 cardanoscan.io
👉 bi.stakepoolcentral.com/transactiondata

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Why even bother with transaction metadata? 🤷🤷‍♂️🤷‍♀️

👉 As you add tx metadata onto blockchain - adding useful information - it increases utility of the ecosystem.

👉 These transaction fees are then used to run Proof of Stake on Cardano & also fund its Treasury.

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Some uses for transaction metadata:

1⃣Data can be directly written by a user
2⃣JSON files - link of data to be included in the metadata - this virtually extends the limit of 16,000 bytes to whatever you can pack into JSON - think an inverted pyramid.

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3⃣Hash of the data - secure digital identifier - or fingerprint of a specific dataset

a. low data size representation
b. unique for the data input - cannot fake it.
c. hash of data can be included in the body of the transaction

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4⃣ digital signature used as an identity tool

a. data authentication and integrity = who is putting the data inside the transaction

5⃣JSON file + HASH = public verification that the data is authentic

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6⃣Public keys = digital identity when signing

7⃣Public key + digital signature = data integrity & attribution

a. maintains data integrity for digital communication

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Supply chain transparency - e.g. Wine on the blockchain:

🍷 proof of wine 👉 verification of the supply chain adds value to the wine.

🤔 How? Via accurate information, authentic product, reporting process - supply chain transparency.

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💡 Below - you can see what such wine tracking information could look like. And anyone can access it and verify authenticity.

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Thus - here are some of the most compelling uses for #cardano

Data authentication values

👉 greater consumer trust
👉 end to end visibility, transparency, interactions
👉 public data audit platform

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👉 credentials, badges, certificates
👉 verification, secure copy/authentication
👉 proof of training
👉 proof of membership
👉 proof of registration
👉 proof of donation
👉 proof of ownership
👉 copyrights

Now you get that it's more than just a 'proof of stake', eh? 😎

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What comes after?

1⃣ multisig
2⃣ multi asset support
3⃣ atala integration
4⃣ smart contracts
5⃣ hardware wallet integrations
6⃣ digital identity
6⃣ sky is the limit! 🚀

Full Crowdcast Video Replay 👇 crowdcast.io/e/metadata