Blockchain Firm IOHK’s Chief Scientist Considers Cardano Unique: Here Is Why
No matter how one may look at it, Cardano (ADA) is definitely one of the key cryptocurrencies to watch this summer, with many speculating that it will be able to experience a substantial increase in price and value over the next couple of months. As of the time of this writing, ADA is trading at $1.74, which is a 3.4% increase since yesterday.
To this end, IOHK’s Chief Scientist, Professor Aggelos Kiayias, discussed various topics in detail, including but not limited to energy consumption, blockchain interoperability, security, quantum cryptography, and various cryptocurrencies in general such as BTC, DOGE, and of course ADA.
Security and energy consumption
The professor brought up how billionaire Elon Musk has continuously shown support for Dogecoin (DOGE) and wishes to speed it up, but the question remains as to how fast the process can realistically function without block production becoming potentially too brittle. With this in mind, the chief scientist praised Cardano’s capacity and said that as had been proven by IOHK’s own previous work, with the overall blocks that the respective network manages to produce within any given amount of time, every block thus has the ability to go through the network in a manner that is predictable.
However, he added, if someone wants to increase this aforementioned travel time via a process of considerable magnitude such as Elon would appear to be suggesting, without taking on the responsibility to make any kind of key modifications to the main underlying design of the protocol, then it would be very likely that the overall protective capabilities would decrease as well.
Regarding energy consumption, the professor believes that Bitcoin (BTC) was not built with energy efficiency in mind, and so this matter will only get worse in the near future. As such, he believes that a potential solution could be ‘proof-of-stake that the IOHK has been developing, which is also said to be very energy efficient. Through the Ouroboros Protocol, he added, the blockchain network can now be powered using the same amount of energy required to run one family home.
Cryptography and interoperability
Thanks to the collaboration with Texas A&M University’s top researchers, along with the University of Edinburgh, IOHK’s top scientist had claimed that his team has already proven that Bitcoin’s design may, in fact, be successfully adaptable for the purposes of post-quantum resilience. He later added that these results should also be extended to protocols such as Ouroboros when the time comes.
Lastly, regarding blockchain interoperability, the professor simply stated that Cardano is truly unique simply because the project had been constructed whilst keeping interoperability as the main goal. Most of the work is, therefore, focused on having various blockchain systems be able to work in tandem with one another, thanks to IOHK’s work on the process of interoperability, he concluded.