Bitcoin Global News (BGN)
July 12, 2018 -- ADVFN Crypto NewsWire -- In April of this
year, Charles Hoskinson, the founder
of Cardano, made one of the boldest claims to ever
be made in the Blockchain industry and that’s saying something
given its reputation as the Wild West of the global business
world.
Overall, Hoskinson claimed that
Proof-of-Stake was “solved.”
According to a report by Coindesk
on the subject, Hoskinson did this to draw attention to
the original research paper that
seemed to prove that Cardano’s consensus protocol called Ouroboros
was viable.
Because of the nature of his
statement, certain competitors to Cardano apparently raised doubts
almost immediately.In response to these doubts, IOHK, which
effectively serves as one of several governing organizations for
the Cardano network, has continued to throw support behind
Hoskinson’s statements.
Judging by the same article about
the issue, the greater Cryptocurrency market has been responding by
throwing more funds behind the Cardano network. Related to this,
Coindesk suggested that the current valuation of Cardano is
justified based on the history of Proof-of-Stake
networks.
If you’re not already familiar with
said history, the road to Cardano began in 2012, with two
developers pitching the idea of a Proof-of-Stake, Blockchain
network.
At the time, the big draw was that
Proof-of-Stake would be better and more energy efficient than
Proof-of-Work because it involves voting with Crypto coins to
prove transactions, instead of expending computing power to do
so.
In addition to this, PoS has been
held up as the next step in the evolution of the Blockchain
industry because it eliminates the need for specialized computers
to claim the most block rewards.
Despite this, these networks have
not quite supplanted PoW industry giants like Bitcoin.
In Coindesk’s opinion, this is
because Blockchain professionals cannot agree on how to push PoS
networks forward as alternatives to PoW Networks.
Even so, the team behind the
continued development of Cardano seems to be quite clear on the
subject, especially due to their research efforts.
Aggelos Kiayias, who is effectively
the head of the Ouroboros protocol’s development, has recently
added something called “formal proofs” to his research, to show
that Ouroboros can, in fact, protect assets in a secure
way.
Overall, what we mean here by
formal proofs is that Kiayas made mathematical arguments, backed by
research, that support the claim that Ouroboros is a usable
protocol.
Connected with this is the
important fact that it is quite possibly the most peer-reviewed
project in the Blockchain industry.
As of now, the question of whether
Cardano, and also PoS networks at large, will become the new and
improved Blockchain networks, remains to be seen.
With this in mind, Hoskinson and
his team remain realistic, apparently stating that they expect
further research to be done before any such statements are proven.
Whatever the case, given the fact that all science is essentially
accepted due to adequate peer review, Cardano seems
a likely candidate to rise above the rest.
By: BGN Editorial Staff
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