Cardano, the third-generation blockchain, has started to gather traction in the retail sector. However, the Cardano team wishes to extend their blockchain project with institutional adoption for a faster growth spurt. In the same vein, Prof. Aggelos Kiayias, a chief scientist at IOHK, was interviewed by journalists from a prominent IT Magazine. His commentary breaks down technical aspects of Cardano in terms that it would more useful for corporate heads and institutions.
It should be noted that the interview is published with a Cyber Protection Journal that is a print media magazine focused on commercial cybersecurity protocols. The first agenda on the article published last week is about speeding up blockchain production without creating security cracks. Kiayias was addressing the issue about Elon Musk, who aims to speed up the Dogecoin production. The article reads that a set number of blocks are produced in the given amount of time. By following established protocols, the blockchain project could be saved from adversaries.
IOHK Scientist Claims that Bitcoin has a Built-in Energy Deficiency Problem
As per the interview with IOHK scientist Kiayias, the Bitcoin blockchain can prove to be inherently energy inefficient. As the blockchain keeps dividing and the price is increased, the miners would have to solve more difficult cryptographic puzzles. As the complexity increases, the miners would want to hoard more computing power and energy to compete for earning the right to mint the blocks on Ledger.
The presence of proof of work creates a higher energy demand for every next level of puzzle-solving. However, the Cardano project has created the proof of work consensus model to remedy this issue. With this innovative approach, the whole blockchain system operating on an international level can be powered by the energy required to keep one household alight. Kiayias also added that the Cardano blockchain was built with a focus on higher interoperability. In this manner, it would be able to associate and work in coordination with other blockchain projects without any limitations.
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Kiayias Claims that Cardano has Cracked the Code for Quantum Cryptography
The Chief Scientist at IOHK claimed at one point that the Cardano blockchain project had championed Quantum cryptography. Quoting the claim of the researchers at Google LLC, who announced in 2019 to have acquired the control of Quantum supremacy, he discussed the related issues. With Quantum supremacy, many were worried that it would expose traditional security protocols to threats and put blockchain projects at risk.
However, with the help of technical researchers at the Universities of Edinburg and Texas Agriculture and Mechanical, the team has proved that Bitcoin blockchain can adopt post-quantum immunity. With the help of Ouroboros protocol, the proof of stake blockchain like Cardano would also overcome the challenge.