IOHK | Bernardo David Presentation - Ouroboros & Ouroboros Praos

The inaugural Cardano meetup in the Netherlands was held in Rotterdam in July. From the beautiful event space, the amazing speaker line up and the overwhelming attendance from the Dutch community, it’s an understatement to say this meetup was a success.
Bernardo is a research fellow at IOHK and assistant professor at Tokyo Institute of Technology. His presentation was on Ouroboros, the main consensus protocol used in Cardano and how it differs from Bitcoin and other blockchains.
The Ouroboros protocol stands out as the first proof of stake algorithm that is provably secure, meaning that it offers security guarantees that are mathematically proven. This is essential for a protocol that is intended to be used in cryptocurrency, an infrastructure that must be relied on to carry billions of dollars worth of value. In addition to security, if blockchains are going to become infrastructure for new financial systems they must be able to comfortably handle millions of users. The key to scaling up is proof of stake, a far more energy efficient and cost effective algorithm, and as such this research represents a significant step forward in cryptography. Ouroboros also has the distinction of being implemented - the protocol will be an integral part of Cardano, a blockchain system currently in development.
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