The co-founder of Cardano, Charles Hoskinson, who is also the CEO of IOHK, the organization behind Cardano (ADA) has just announced that he and his development team has crossed a milestone in providing a solution for blockchain interoperability. The paper, which was released by IOHK, shows a significant step forward in interoperability with blockchains that still run on the proof of work algorithm. The paper gives vivid explanations on how it has contributed to blockchain development. Hoskinson said:
“In this research paper, we introduced the first ever trustless construction that can be applied to proof of work sidechains. We also talk about how to build generic communications between different blockchains”.
Cardano (ADA) Price Today – ADA / USD
One of the applications listed on the paper is about creating a two-way pegged asset that can move efficiently from one blockchain to the other while it retains its nature. We offer high-level construction in Solidity. This construction is applicable on different blockchains. This is as long as the blockchains are based on the proof-of-work algorithm and has support for NIPoPoWs.
This solution can be introduced into virtually any cryptocurrency based on proof-of-work like Ethereum, Bitcoin, Monero, Bitcoin Cash, and Litecoin without a soft or hard fork. The blockchain being targeted will be able to validate the proofs. So, blockchains that support advanced smart contracts are good to go.
The research by IOHK has been submitted to major conferences for peer review. One of such is CCS. CCS is a leading international forum that discusses information security, academia government, developers and practitioners who are pioneering practical & theoretical sides of computer security as well as other innovative ideas.
Charles Hoskinson founded IOHK after he left Ethereum in 2014. His new company is currently revenue-driven with no venture capital. With over 160 employees, IOHK is spread across 16 countries.
Cardano (ADA) Price Analysis
ADA is currently the eight largest cryptocurrency per market capitalization. It was trading red against the USD at $0.078085 at the time of writing. This means it is down by -1.85% against the USD and 1.09% lower against Bitcoin. The trading volume over a 24 hour period is $28,470,494 and the market capitalization is $2,024,514,585.