Ouroboros, as explained by IOHK researchers – Altcoin Buzz

Most of us usually see the superficial side of Blockchain during our daily interactions in this space. We get overwhelmed by price discussions, insane gains, new offerings, hacks, or fake news. In the Cardano Shelley Summit 2020, we got a chance to interact with real people IOHK scientists and blockchain researchers who are building the network.

There were some eminent researchers on the panel Ouroboros: Cardanos Proof of Stake Blockchain Protocol. The panelists included

Dr. Christian Badertscher (Host): Research Fellow, IOHKProf Aggelos Kiayias: Chief Scientist, IOHKProf Alexander Russell: Senior Research Fellow, IOHKDr. Vassilis Zikas: Research Fellow, IOHKDr. Peter Gai: Research Fellow, IOHK

Ouroboros is Cardanos Proof of Stake Blockchain Protocol. It is developed by IOHK from First Principals. It is guided by academic research and peer review.

Ouroboros goal is simple. It wants to be a transaction Ledger with immutable history. It has 4 basic features:

Along with this, Ouroboros brings a few important aspects like consistency and liveness.

Critical challenges with distributed computation over a network include:

Bitcoin works in a Proof of Work consensus. To keep it simple, the goal is to find the Nonce. The more Hashing Power a person has, the more power he holds in the network. This process is also not energy efficient. Profit-optimization strategies favor centralized structures.

Ouroboros has gone through multiple development phases until now.

Epoch: Time is divided into several slots. These are called epochs.

Randomness: An epoch has a Random Seed. Creating randomness is one of the fundamental challenges of Proof of Stake Blockchain. There is clean randomness built-in Ouroboros to determine the leaders of the blocks

Stakeholders: The Stakeholders have 3 main tasks

Switch: Once Epoch boundary is reached, the switch needs to happen. The below parameters needs to be taken care of.

The above process repeats.

This is not a black and white statement. There are different levels of the solution. Algorand operates in an environment where the randomness is less. It has to predict the number of operators. It is capable of providing a fast response as it can make that assumption. That is their trade-off. Ouroboros can not use such a setting. That will mean giving up dynamic availability. Ouroboros can offer the same type of properties with a dynamic setup.

Previously, we covered Cardano Announces Big Product Launches and Bigger Funds.Stay tuned, we have more updates coming from the Cardano Shelley Summit 2020.

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Ouroboros, as explained by IOHK researchers - Altcoin Buzz

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