Cardano uses a new proof of stake algorithm called Ouroboros, which determines how individual nodes reach consensus about the network. The algorithm is a crucial part of the infrastructure that supports the Ada cryptocurrency and is a major innovation in blockchain technology. Ouroboros eliminates the need for an energy-hungry proof of work protocol, which stands as a barrier to blockchain scaling up for much wider use.
Written in Haskell, Cardano emphasizes peer review and formal methods as a way to produce high assurance software. Its core protocol is Ouroboros, a provably secure proof-of-stake algorithm for reaching consensus on the next block in the chain.
Eventually, Cardano will compete with platforms like Ethereum and Tezos.
This video is an excerpt from ‘IOHK | Symphony of Blockchains Meetup in London https://youtu.be/_Xw-0ANS2X0′ published under a creative commons licence https://creativecommons.org/ on 23 Jul 2018 by the IOHK YouTube channel https://www.youtube.com/channel/UCBJ0p9aCW-W82TwNM-z3V2w
Music: TeknoAXE’s Royalty Free Music: Cavern Starting Area https://youtu.be/1DtfwcfXJss
Suggested: Cardano Q&A: Backwards compatibility – Charles Hoskinson https://youtu.be/dyD6baZnbq4
Cardano Q&A: Consensus & ideology https://youtu.be/CaULMJr-Qww
Paperless letters of credit, escrow and permissionless ledger https://youtu.be/8zirzSRF2bU
Why did Charles Hoskinson leave Ethereum https://youtu.be/g_B-eAERsLk
Charles is a well-known figure in the blockchain space. One of the original founders and the initial CEO at Ethereum, he eventually went on to establish IOHK with Jeremy Wood, another Ethereum veteran.
Follow Charles on twitter https://twitter.com/IOHK_Charles
more at: https://iohk.io
Get the latest news updates: https://iohk.io/blog/
Meet the team: https://iohk.io/team/
Learn about iohk projects: https://iohk.io/projects/cardano/
Read iohk papers: http://iohk.link/paper-ouroboros
Visit the iohk library: https://iohk.io/research/library/
In the press: https://iohk.io/press/
Work with iohk: https://iohk.io/careers/
See more on Cardano: https://iohk.io/projects/cardano/
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