Charles Hoskinson, co-founder of Ethereum and CEO of IOHK, the blockchain engineering company behind Cardano (ADA), says he and his team have taken “a major step forward” in the interoperability of blockchains.
IOHK’s recent research paper explains its contributions to blockchain development, and how it improves on Ethereum.
“In this paper, we introduce the first trustless construction for proof-of-work sidechains. We describe how to build generic communication between blockchains.
As one application, we give the construction of a two-way pegged asset which can be moved from one blockchain to another while retaining its nature. We provide a high-level construction in Solidity. Our construction works across a broad range of blockchains requiring only two underlying properties….
Support for NIPoPoWs (Non-Interactive Proofs of Proof-of-Work) can be introduced to practically any work-based cryptocurrency such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin or Monero without a hard or soft fork. Second, that the target blockchain is able to validate such proofs by, for instance, being Turing-complete, such as, e.g., Ethereum or Ethereum Classic. Any blockchain supporting advanced smart contracts is sufficient.”
To pass the peer-review process, most IOHK papers are submitted to major conferences such as CCS, a leading international forum for academia, government, information security researchers, practitioners and developers who are pioneering innovative ideas and presenting research on theoretical and practical aspects of computer security.
Hoskinson built IOHK after splitting from Ethereum in 2014 to grow his new company into a “revenue-driven business with no venture capital” across 16 countries with 160 employees.
Cardano, the eighth most valuable cryptocurrency, now has a market cap of $2.47 billion, according to the most recent data from WorldCoinIndex.
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