Tuesday, August 4, 2020

The Blockchain Revolution That Began with Bitcoin, Continues with Cardano's Ouroboros

The Ouroboros Proof of Stake Protocol, Highly Scalable and Sustainably Secure

The Ouroboros proof-of-stake protocol (PoS) provides, and improves upon, the security guarantees of the proof-of-work protocol (PoW) established by Bitcoin - at a fraction of the time & cost. 
Ouroboros Proof of Stake Protocol for the Cardano Blockchain
Ouroboros is the 1st provably secure PoS protocol, and the 1st blockchain protocol to be based on peer-reviewed research; consequently, the result is a protocol with proven security guarantees able to facilitate the propagation of global, permission-less networks with minimal energy requirements.

"Ouroboros exists to define the parameters of the new world:
a protocol more secure, scalable, and energy-efficient than
anything that has come before."

 Incentives For Participants

To ensure the sustainability of the Cardano blockchain, the protocol features reward mechanism via the native ADA cryptocurrency;

  1. Rewards stake pool operators
  2. Passive income to ADA holders that delegate their ADA to a stake pool.
The Cardano Team
3 Entities supporting the Cardano Blockchain/ADA cryptocurrency are Input Output, Emurgo and the Cardano Foundation.
 Cardano Blockchain 3.0 ~ ADA Cryptocurrency

The Cardano Foundation, an independent-entity based in Switzerland, supervises the development of Cardano and its ecosystem; they are committed to protecting and promoting Cardano, and to advocating on behalf of the users and community of the protocol.
Input|Output is the engineering firm developing the Cardano platform, which has more advanced features of any protocol to date, and is the first to evolve out of a scientific philosophy. The large team of expert engineers and researchers, drawn from around the globe, began by deconstructing the concept of a cryptocurrency and incorporating a ground-breaking Proof of Stake Algorithm, Ouroboros. The IOHK team employed a first principles approach driven by peer-reviewed, academic research to build Cardano from the ground up.
Emurgo is a global blockchain technology company providing solutions for developers, startups, enterprises and governments integrating onto the Cardano blockchain. EMURGO develops enterprise-grade applications, builds developer tools, invests in startups, and provides blockchain education; the company has offices and manages projects in Singapore, Japan, the USA, India, and Indonesia.