The Chief Scientist at Input Output Global (IOG), Professor Aggelos Kiayias, has stressed that the uniqueness of Cardano (ADA) lies in the fact that it’s built with interoperability in mind.
In an interview with Cyber Protection Magazine published on 4th June 2021, Professor Kiayias discussed blockchain interoperability, energy consumption, and security.
On Cardano’s Uniqueness based on interoperability, Professor Kiayias said:
“blockchain companies need to build solutions that can work together. Cardano is unique because it was built with interoperability in mind, and a lot of our work is focused on making blockchain systems work with each other via our work on interoperability.”
Elon Musk’s Suggestion about Speeding up Dogecoin (DOGE) Is Risky
The professor also referenced Elon Musk’s suggestion on speeding up Dogecoin (DOGE), stating that any attempt to increase the transaction speed without making any fundamental modifications in the underlying protocol design will hamper the security of the network:
“Elon Musk has talked about speeding up Dogecoin, but how fast can one make block production in a cybercurrency before it becomes too brittle? As we have shown in recent work, the number of blocks that the network produces in a given length of time each block travels the network in a predictable time and an adversary can be held off by the miners following established protocols.
“However, if one dares to increase that travel time by an order of magnitude as Musk suggests without making any fundamental modifications in the underlying protocol design, protection against adversaries decreases accordingly.”
Bitcoin’s Energy Inefficiency Will Keep Rising as Its Price Surges
Professor Aggelos Kiayias also spoke about the energy consumption of Bitcoin (BTC), a topic that has become widespread in the crypto ecosystem lately.
According to Kiayias, Bitcoin will not get better in terms of energy consumption since it will continue to experience an increase in price:
“Energy inefficiency is built into Bitcoin and will only worsen, as its price rises… Bitcoin draws its security from the energy-intensive ‘proof of work’ process, in which Bitcoin miners use their computing power to compete to solve random, complex cryptographic puzzles, with the first to solve the puzzle earning the right to mint the next block of data on the Bitcoin ledger…
As an answer to this, we have developed a highly energy-efficient ‘proof-of-stake protocol, and were the first to formally propose such a system and have it accepted for publications to a major Cryptology Conference… The Ouroboros protocol sees the entire global blockchain network powered with the energy usage of just a single-family home.”