How Ofelimos minimizes proof-of-work energy cost through proof of useful work
18 August 2022 <1 min read
For a more in-depth look at Ofelimos, read 'Ofelimos: a proof-of-useful-work consensus protocol'.
Introducing Ofelimos: a proof-of-useful-work consensus protocol
IOG research introduces a new, provably secure, consensus protocol to minimize the energy wastage of proof-of-work blockchains
16 August 2022 11 mins read
The minimization of proof of work's (PoW) energy cost and carbon footprint is one of the most hotly discussed topics in the crypto space. Substituting the PoW primitive in Nakamoto's longest-chain protocol with a proof of useful work (PoUW) has long been theorized as an ideal solution in many respects but, to this day, the concept has lacked a convincingly secure realization.
Today, at the leading international cryptology conference, Crypto, Input Output Global, Inc (IOG) introduces Ofelimos, a novel PoUW-based blockchain protocol whose consensus mechanism simultaneously realizes a decentralized optimization-problem solver. The…
Kachina: privacy-preserving smart contracts
Leveraging ZK Snarks to enable privacy-preserving smart contract functionality without sacrificing decentralization characteristics
5 August 2022 4 mins read
Smart contracts present a standard approach to expressing complex interactions between two or more parties willing to exchange currencies or data in a decentralized way. Smart contracts are effectively automated digital agreements on a blockchain. Written in code, they can track, verify and execute the binding transactions of a contract when predetermined conditions are met. To…
Layer 1 & Layer 2: all you need to know
When discussing blockchain architecture, the terms 'layer 1' and 'layer 2' are frequently mentioned. These are important concepts that serve two purposes: explain how a blockchain network is built, and provide an easy-to-understand visual representation of what a blockchain network looks like. Let's break these ideas down
5 August 2022 13 mins read
Layer 1: definition
Imagine a wedding cake, with different tiers -layers, if you will-, and the figurine of a couple on top. That beautiful cake rests on a solid stand, the base. For all intents and purposes, that robust and solid cake stand is the first layer (layer 1) that supports the cake infrastructure. You can probably see where this is going. In a blockchain, layer 1 is…
How to stake your ada?
By helping to validate the Cardano blockchain, you earn ada rewards
28 July 2022 <1 min read
For more details about staking and delegation, read 'Staking is the bedrock of Cardano'.