Ouroboros is the consensus protocol for #Cardano, the first provably secure proof-of-stake protocol, and the first blockchain protocol based on peer-reviewed research.
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Combining unique technology and mathematically verified processes, Ouroboros guarantees and supports the security and sustainability of any blockchain implementing it.
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The result is a protocol with proven security guarantees, able to facilitate the propagation of global, permissionless networks with minimal energy requirements.
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In this thread, we look at the different ‘flavors’ of Ouroboros and how it continues to evolve over time.
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🤔But first, why is it called Ouroboros and how is it different from other consensus protocols out there?
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Ouroboros comes in different versions. It all began with Ouroboros Classic 🌿deployed on Cardano in 2017. This laid the foundations.
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Ouroboros BFT came next. Deployed on #Cardano in May 2020, it helped prepare Cardano’s network for Shelley’s release and, with that, its decentralization. BFT served as a transition point from Classic to Praos.
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Ouroboros Praos was deployed on Cardano in 2020 introducing decentralized block production, stake pools support, incentives 🍬 and enhanced security properties 🛡️
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The next evolutionary step in our journey is the deployment of Ouroboros Genesis. Development is currently in progress for #Cardano deployment in 2022.
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Ouroboros Crypsinous equips Genesis with privacy-preserving properties🔐 Crypsinous isn’t currently planned to be implemented on Cardano, but it can be used by other chains for increased privacy settings.
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⌛The research in the Chronos paper demonstrates how you can dramatically boost the resilience of critical telecommunications, transport & other IT infrastructures that require the synchronization of local time to a unified network clock that has no single point of failure
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Finally, Ouroboros Leios puts forth the concept of input endorsers. It implements a number of related accompanying innovations to optimize the throughput of the consensus protocol.
🏃We’re now into the final mile as we head towards the #Vasil upgrade and HFC event. Work is proceeding well and our operational focus remains on delivering the H/F by the most efficient route BUT MOST IMPORTANTLY to the right quality.
✔️It is IOG’s responsibility to execute a successful upgrade / hard fork that is safe and secure. It also requires minimal disruption to exchanges and ecosystem partners - from #Dapp developers to 3rd party tools providers. 2/n 🧵
👌The integration program towards Vasil is the most complex to date from a number of angles. It's a process that requires not only significant work, but also close coordination. 3/n 🧵
EUTxO differs from Ethereum’s account-based model. In Ethereum’s model, everyone has an account with a balance. When funds are transferred from one account to another, then balances are updated.
The ‘E’ in EUTxO stands for extended, improving on Bitcoin’s UTxO. Whereas UTxO smart contracts only interact with immediate requests to confirm a transaction, #Cardano’s EUTxO model improves on this.
As of today, nearly 900 projects are #BuildingOnCardano⚒️ And this number goes up day by day. Keeping track of all the news from this incredible ecosystem is not easy & this is why every week we compile an ecosystem digest with highlights & updates. 🧵⤵️