Is Ouroboros Genesis the solution to Cardano (ADA) and IOHK’s proof of stake issues? $ADA

Cardano ADA

Cardano’s IOHK team announced the latest release of the Ouroboros Genesis paper highlighting the continuous developments witnessed in IOHK development team. The back end technology will see users introduced to a new world of building on the Cardano blockchain without needing to bootstrap from the genesis block. This will be the advent of the technology in the proof of stake, herein labelled PoS, consensus mechanisms on distributed ledgers. The technology that was heavily praised amongst the proof of work, herein labelled PoW, community protocols, will be available to their PoS counterparts improving the overall system. Users on Ouroboros have the access to match security guarantees of PoW blockchains in a previously infeasible way.

The systemic challenges facing the proof of stake mechanisms are to be solved by the Ouroboros which has evolved from the first version, Ouroboros, progressing to Ouroboros Praos, and now reaching Ouroboros Genesis. Here we look at the latest version of the latest Ouroboros Genesis version.

Ouroboros platform evolves to the ‘Ouroboros Genesis’

Since the first Ouroboros paper was published late last year, the protocol has been used as the underlying Cardano blockchain engine to run the technology. Building the platform on the Cardano blockchain offers a decentralized, trustless, cryptographic, and highly secure platform that allows fast payments and value transfer across the globe.

Ouroboros Genesis introduces a new concept with the bootstrapping feature as it was not available in previous versions. Users are currently able to access the chain without the knowledge of how many users are active on the system or checkpoint blocks. As the system continues to focus on its Proof-of-stake (PoS) switching from the advent energy intensive proof-of-work (PoW) mechanism, new developments on the blockchain are crucial to growth.

Previous PoS consensus mechanism on distributed ledger technologies lacked this feature while PoW consensus mechanisms such as Bitcoin could have a Genesis block. This improvement will see users on the Ouroboros Genesis improve their security measures by matching the security guarantees seen on PoW mechanisms signaling a new dawn for the Cardano blockchain.

The two Ouroboros Protocols explained by Peter Gazi

On 26TH July, one of the IOHK leading team researchers, Peter Gazi, explained in a video the Ouroboros protocol, the various features associated with the platform and the importance. The latest version emanating from the original protocol is the Ouroboros Praos that is expected to offer better security measures to users on the platform. Having a stronger mechanism to fight off strong hacks and bugs in the system will allow messages to be sent faster as well as allowing users uninterrupted control over the protocol. The new version also prevents adversaries in the system that at times corrupts user’s profiles on Ouroboros and the message delivery process.

After the launch of the first Ouroboros protocol paper gained publishing in early 2017, other protocols followed suite and developed the security guarantees. The IOHK team tasked with research and development of the Ouroboros protocol chose the Cardano platform to implement it. The paper was peer reviewed at Crypto 2017 while Ouroboros Praos was presented to Eurocrypto 2018 in early May.

An upgraded version of the Ouroboros Praos, the Ouroboros Genesis allows users to have more knowledge on the workings of the protocols, how they interact with each other and increase user ability in functionality on the Cardano blockchain proof of stake consensus mechanisms.