Cardano (ADA) Releases Whitepaper for Proof of Stake Algorithm
In preparation of making Cardano network a highly scalable decentralized environment, the team behind ADA have released the official whitepaper for Proof of Stake algorithm on the last day of 2018.
Alongside Ethereum teams, teams Emurgo and IOHK, on the head with the founder of Cardano Charles Hoskinson, are also working on implementing scalability solutions, also making some crucial changes with protocol im0plementations as Ethereum 2.0 should also embrace PoS protocol.
Cardano’s IOHK Publishes Proof of Stake Sidechains Paper
One of the leading development teams working on Cardano and ADA, IOHK, published the long-awaited papers on the new protocol, releasing the white paper under the name “Proof-of-Stake Sidechains” where the ultimate value of the upcoming update lies in interoperability and scalability.
Hoskinson, also the co-founder of Ethereum project, spoke about third generation cryptocurrencies numerous times, claiming that the main idea is to make ADA into one.
The main qualities of a third gen crypto would be interoperability, sustainability, and scalability, which is what IOHK is pursuing with the upcoming updates and development phases.
Cardano project is said to be created and developed, while also being maintained, by a team of scientists, which is why it makes no surprise that the recently published papers are written in rigorous cryptographic definitions.
The purpose of the released papers is to describe the architecture of sidechains compatible with Cardano’s Ouroboros and Proof of Stake systems on the network, also offering solutions for enhanced security.
As described in the whitepaper, the research team suggests that the previous construction of Proof of Stake is used before renditions, also indicating that sidechains will solve scalability and interoperability issues.
As sidechains represent a unique blockchain-built architecture that have a two-way communication property, sidechains are able to communicate with parent chains that way scaling the network and enabling interoperability.
Another perk of using sidechains on a blockchain network lies in the fact that sidechains can be used as environment for testing new updates before releasing them to parent chains.
Cardano Papers Introduce Ad Hoc Threshold Multi-Signatures (ATMS)
The papers also offered some technical advancements described as “foundational,” introducing security properties in form of ATMS – ad hoc multi-signatures, which is a new cryptographic primitive.
ATMS is due to represent a new security-oriented property on Cardano network, said to be a form of safeguard with a purpose of securing each blockchain from its sidechains.
This solution should offer protection against sidechain attacks, preventing the network from being directly affected by the initial attack while the sidechains are being taken care of.
The team is hoping that the new Ouroboros Proof of Stake algorithm will set a new standard for all PoS compatible systems, describi9ng the new algorithm as scientifically proven to be secure and safe, while being able to solve complicated mathematical equations at the minimal level of energy consumption.
As stated by the team behind Cardano network, the aim is to prove that their new PoS construction ensures safe cross-chain transfers of value when security requirements on both sidechains and parent chains is satisfied.
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