Charles Hoskinson, the 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.
This paper by IOHK Research is a major step forward in interoperability with proof of work blockchains https://t.co/GYOuE5qJQT a proof of stake one will follow
— Charles Hoskinson (@IOHK_Charles) November 2, 2018
IOHK’s recent research paper explains its contributions to blockchain development, and how it improves on Ethereum.
Research paper reviewed across industries
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. A spokesperson from IOHK stated,
In this paper, we introduce the first trustless construction for proof-of-work sidechains. We describe how to build generic communication between blockchains.
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, e.g., Ethereum or Ethereum Classic. Any blockchain supporting advanced smart contracts is sufficient.”
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.
According to the data from CoinMarket Cap, Cardano is the eighth most valuable cryptocurrency and has a market cap of around $2 billion as of today. It is currently trading around $0.75. It showed great profits in the bull run last week when it went from $0.69 to $.0815. Fundamentally things are looking good for ADA in the long term as it is trading above strong support levels.
You can check out the long-term technical analysis of Cardano(ADA) here.