The scientific approach leveraged on by Cardano (ADA) blockchain is taking the network to honorable places. The team behind the cryptographic project previously boasted of matching the high security offered by Bitcoin’s proof-of-work protocol with Ouroboros Genesis proof-of-stake protocol.
Cardano further stated that migrating for the Byron era to the Shelley era, initiated by the 1.5 upgrade, will birth the usage of Ouroboros Genesis proof-of-stake protocol on the blockchain network.
However, the CEO of IOHK and Cardano, Charles Hoskinson, today announced via twitter that ‘The soul of Shelly is out.’
The soul of Shelley is out https://t.co/5Hcwt40BsU
— Charles Hoskinson (@IOHK_Charles) April 17, 2019
While the Shelley era brings in Ouroboros Genesis, it is designed to help Cardano achieve full decentralization by handing over ledger control to the community through stake pools.
New Specifications in the Cardano (ADA) Shelley Era
The Shelley code is made compatible with the Byron rules to allow smooth transition to the Cardano Shelley era. However, the new upgrade comes with new specifications.
The Engineering Design specification describes necessities for delegation and incentive mechanisms, and the formal specification explains the ledger rules used in the new era.
The Non-Integral Calculations specification clarifies how to make non-integral calculations in the new era, as well as preventing chain forks due to alterations in calculated results. Cardano stated it is yet to reveal the complete version of the specification even though this level marks an important milestone in the Shelley era journey.
Benefit of Bitcoin’s Proof of Stake Security
The 51% “double-spend” attacks have been a major hurdle for most cryptographic projects in the ecosystem. The attack allows hackers to reclaim sent fund in transactions as they gain control with more CPU power. Furthermore, hackers also have the option of minting new coins.
It has been noticed that Bitcoin, ever since history, has been quite resilient to this attack, all thanks to the security offered by its Proof of Stake protocol.
After examining the security framework of Bitcoin under three conditions (Stealth, tampering with transaction and disrupting operation on the protocol), an Associate Professor at the Department of Electrical Engineering, IIT Bombay, Saravanan Vijayakumaran, affirmed that 51% attack is almost impossible on the network.
Vijayakumaran, in the study titled “the security of Bitcoin protocol” concluded huge expenditure would be required to complete an attack on Bitcoin while the reward is minimal. The research further affirmed that hackers cannot alter transactions or steal on Bitcoin’s network.
Cardano (ADA) In for Greatness
As the world continues to clamor for decentralized means of transaction, 51% attack remains a major impediment to some cryptocurrencies. If Cardano (ADA) can make it up to achieving a secured protocol that matches Bitcoin’s Proof of stake protocol security, beyond the sky is its limit.