The co-founder of Cardano, Charles Hoskinson, and CEO of the blockchain and cryptocurrency research and development company, IOHK, has publicized a breakthrough in the interoperability of proof of work blockchains.
This progress originates from a research paper that they believe has crossed an important turning point in the interoperability of blockchain.
IOHK’s research paper notes specifies that a lot of cryptocurrencies have been created in the last decade. The problem with them is that they all run on their own separate blockchains, although a lot of them, comprises of different features.
Reports have it that sidechains could allow blockchains to correspond with each other, but there has really been no decentralized explanations. On this account, IOHK released a paper on the issue with their findings.
Sidechains Are The Solution
A proposed method of interconnecting blockchains is by making a 2-way pegged asset that can transfer between blockchains without losing its nature.
The paper outlines how it can be arranged in the programming language of Solidity. It also mentions two properties that must be met before the construction is possible on different blockchains.
The first is that the blockchain should have support for NIPoPoWs (Non-Interactive Proofs of Proof-of-Work). This includes proof-of-work cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Monero.
The second property is that the blockchain being targeted must be able to validate proofs. Hence, any blockchain supporting smart contracts is adequate.
IOHK’s research paper also goes into great detail on the construction and effectation of sidechains through IOHK’s method. The whole of its 20 pages are filled with complicated explanations, diagrams, and overcomplex algorithms.
Cardano: Slow But Steady Progress
It is not surprising, the depth and sophistication of this paper as IOHK has presented these papers to academic institutions, government entities, and corporations for peer review.
Cardano and IOHK have been castigatedin the past their tardy process which demands a peer review of all their works before development and implementation can occur.
Still, Cardano’s approach is not a bad idea at all and doesn’t necessarily need to face criticism, as the cryptocurrency space needs more companies who believe that taking time to get things done right the first time is the best approach.
More so, the development of the blockchain technology now is indispensable to the entire blockchain and cryptocurrency ecosystem. Also the fintech revolution that is taking place will benefit from an improve in the blockchain technology.