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