Back in April, Cardano’s IOHK team announced the release of the Ouroboros Genesis paper that outlined the latest version of Ouroboros. This is the background algorithm that powers the Cardano blockchain and gives new users in the blockchain world an opportunity to bootstrap from the ‘Genesis Block’ which is a foreign concept in this young field of blockchain technology.
Ouroboros Platform Evolves To The ‘Ouroboros Genesis’
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.
Since the first Ouroboros paper was published late last year, the protocol has been used as the underlying Cardano blockchain engine. 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.
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.
According to him, the first Ouroboros protocol was published in the year 2017, which is presently underlying the implementation of the Cardano network. However, soon other protocols were being developed to improve the security guarantees.
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 mechanisms.
“A secure way how a party that wants to join the protocol later, can do that securely with only having a trusted copy of the Genesis block but no need for particular guaranteed checkpoint.” -Peter Gazi.