Ouroboros Praos
Ouroboros Praos Key Points
- Ouroboros Praos is a revolutionary secure proof-of-stake blockchain protocol.
- It is the second version of the original Ouroboros protocol, developed by IOHK (Input Output Hong Kong).
- Praos is designed to be robust against fully-adaptive corruption, including Sybil attacks.
- Its underlying mathematical model provides a high level of security and scalability.
- Praos is the protocol that powers Cardano, a leading third-generation cryptocurrency.
Ouroboros Praos Definition
Ouroboros Praos is an advanced proof-of-stake blockchain protocol designed by IOHK, the company that also developed Cardano. It is the successor to the original Ouroboros protocol and is designed to offer increased security and scalability. The protocol offers robustness against fully-adaptive corruption and Sybil attacks, making it a secure and efficient choice for blockchain transactions.
What is Ouroboros Praos?
Ouroboros Praos is a sophisticated version of the Ouroboros protocol, which is a blockchain protocol based on the proof-of-stake consensus mechanism. Unlike the original Ouroboros, Praos is designed to be resistant to fully-adaptive corruption, where an adversary can corrupt any party at any time. This makes it more secure and reliable for conducting blockchain transactions.
Who Developed Ouroboros Praos?
Ouroboros Praos was developed by IOHK, a technology company committed to using peer-to-peer innovations to provide financial services to the three billion people who don’t have them. IOHK is also the creator of Cardano, a cryptocurrency that uses the Ouroboros Praos protocol.
When was Ouroboros Praos Created?
The exact creation date of Ouroboros Praos is not publicly disclosed. However, it followed the development of the original Ouroboros protocol and has been in use since the launch of the Cardano blockchain in 2017.
Where is Ouroboros Praos Used?
Ouroboros Praos is used as the underlying blockchain protocol for Cardano, a third-generation cryptocurrency that aims to solve some of the scalability and security issues faced by first-generation cryptocurrencies like Bitcoin and second-generation ones like Ethereum.
Why is Ouroboros Praos Important?
Ouroboros Praos is important because it provides a secure and efficient method for conducting blockchain transactions. Its resistance to fully-adaptive corruption makes it a reliable choice for large-scale applications. Furthermore, its use in the Cardano blockchain shows its potential for use in other third-generation cryptocurrencies and blockchain projects.
How Does Ouroboros Praos Work?
Ouroboros Praos works by using a proof-of-stake consensus mechanism, where the creator of the next block is chosen via a combination of their wealth (the number of tokens they hold) and a random selection process. This differs from proof-of-work mechanisms, where miners compete to solve complex mathematical problems. Ouroboros Praos adds an extra layer of security by being resistant to fully-adaptive corruption, thereby offering a more secure and efficient method for conducting blockchain transactions.