Great to see the advancements made by IOHK in the provably secure Ouroboros POS protocol - awesome advancements being made in cryptography by engineers & cryptologists using a scientific approach that includes auditing and academic peer-review. Love that Cardano, a global organization, is so transparent...the platform has a great future, IMO.
Can somebody explain 41:22 ? "As the honest parties operate - they follow the longest chain rule". Why then the honest party on position 5 selected the bottom chain with a length of 3 while there is a middle chain with a length of 4?
What he explains very poorly is that while all honest nodes know about every block published by HONEST nodes, DIShonest nodes can selectively publish their blocks to certain sub-populations. The honest party at position 5 apparently didn't know about the middle chain - the way we know this is precisely that he didn't follow the longest chain rule! The dishonest party at position 4 published one version of his block to a sub-population that included 5, and a different version to a sub-population that apparently included 6.
can someone explain me the election process please? is there a dealer ? in each epoch we have a secret, how we generate it ? is it the smallest coefficient of polynomial ? thank u :)
I'm open minded to an improved proof of stake protocol, but this video did very little to explain the fundamentals of a working, scalable pos system. Also, surely full decentralization should be mandatory, and not an area open for compromise?
"It is reasonable to aks where it is necessary to achive this level of decentralization that bitcoin has." One of the main points of cryptos is decentralization, so that no particular body like some bank or group of banks could control the currency. And Bitcoin is not the most decentralized crypto out there. We have lots of other cryptos that are more decentralized than btc.
I'm not 100% sure he meant it that way, it was very poorly worded. I think what he wanted to say was that there are other means to achieve that decentralization - not necessarily by using hash power to "vote".
He definitely was saying this with regards to the massive computational power and energy necessary to guarantee decentralization and wether that's a reasonable thing to do to achieve decentralization.
A proof of stake coin that is premined is inherently insecure, because for proof of stake it's even more important to have a real wide initial distribution. Any owner of wallet(s), that holds a significant amount of the coins, can manipulate the blockchain much more easily than with proof of work, because in proof of stake it costs nothing to create a block while in proof of work, someone manipulating blocks has to do the whole work process again and again. The only way proof of stake can be secure is, when a good distribution of the coins exists from the start. That ensures, that it is difficult and extremely expensive to collect more than 51% to have a benefit over everyone else in the network creating blocks and being at the risk of losing all investment value by manipulation of the system.
It is solved by the rewarding system, for example you can divide the full reward by the amount of contributions during the year so the person who signed a lot of blocks would receive the same as the person who signed just one.
only if they can get hold of 51% of all the tokens currently staked... due to incentives and 0 barriers to entry (a key distinction to BTC) the vast majority of ADA tokens will be staked, probably more than 90% of the circulated tokens... initial distribution was to 10,000 people for about 20 billion tokens, 100% of market liquidity has came from those 10,000 initial investors and since mainnet went live more than 7.7 trillion tokens have been transferred between accounts... trying to control 51% of stakable tokens at this point in time will probably result in a marketcap of bitcoin, this only increases in cost/difficulty with time.. compare that to bitcoin where you have 4 entities that control > 51% of all hash power... so much for the premined argument - it all depends on current distribution, it's practically impossible to launch a 51% attack on cardano
On the Ouroboros Design: How rigour and engineering are essential for critical infrastructure, read the latest IOHK blog now: iohk.io/blog/on-the-ouroboros-design-how-rigour-and-engineering-are-essential-for-critical-infrastructure/
Cardano will touch $20 in 3 to 6 months...Next generation crypto currency with all features. Cardano can serve the world due to large circulation of coins. It can balance the demand supply in any business situations.
I am going to check my Genie...She lives down the street on a top floor flat - dimly lit, of course, along with tons of beads and multi colored clothing. ...Ok she says that the price of ADA will be......Actually, she told me to piss off while she bought some ADA online.
If you guys are truly trying to achieve NASH EQUILIBRIUM, why would you choose a database where the Users and Validator have a decouple interest, instantly that put an insuperable roadblock towards your objective. The most advanced and experienced academics who have been developing and deploying Distributed Accounting Tech, have discarded Blockcahains databases along since 2012, if you still proposing global collaborative network by using a Blockchain Database, you are not paying attention to the realities that exist today. Not one industry which uses a Consistently Synchronized, Partition Intolerant type of databases then which requires ASICs driven to the extream of complexity just to solve a different puzzle which STILL remains diametrically opposed from the single objective which is just to move ur data across the cluster. Dude seriously Blockchains are so 2015, if you are Not producing Graphs in 2018 You are just wasting everyone's time by just creating New data silos!
This will be the number 1 world currency. No doubts. Good job IOHK!
ya called it
Great to see the advancements made by IOHK in the provably secure Ouroboros POS protocol - awesome advancements being made in cryptography by engineers & cryptologists using a scientific approach that includes auditing and academic peer-review. Love that Cardano, a global organization, is so transparent...the platform has a great future, IMO.
Shelly hard fork today July 29th 2020
wow thisis amazing!! ADA to the MOON!!✌🚀
Can somebody explain 41:22 ?
"As the honest parties operate - they follow the longest chain rule". Why then the honest party on position 5 selected the bottom chain with a length of 3 while there is a middle chain with a length of 4?
What he explains very poorly is that while all honest nodes know about every block published by HONEST nodes, DIShonest nodes can selectively publish their blocks to certain sub-populations. The honest party at position 5 apparently didn't know about the middle chain - the way we know this is precisely that he didn't follow the longest chain rule! The dishonest party at position 4 published one version of his block to a sub-population that included 5, and a different version to a sub-population that apparently included 6.
@@SirBastian200 Thanks for the explanation even though it was 3 years ago. That was the only part I didn't follow!
can someone explain me the election process please? is there a dealer ? in each epoch we have a secret, how we generate it ? is it the smallest coefficient of polynomial ? thank u :)
I'm open minded to an improved proof of stake protocol, but this video did very little to explain the fundamentals of a working, scalable pos system. Also, surely full decentralization should be mandatory, and not an area open for compromise?
bob dylan lol that is because it havn’t been developed yet lolololol
he always skipped the meat of it, like how the random selection actually occurs.
th-cam.com/video/hMgxZOsTlQc/w-d-xo.html
@@hiddenemperor653 Done now boi
Español por favor
CARDANO mi favorito en COLOMBIA estoy de acuerdo que en poco tiempo llegara hasta la luna
yes parce!!!
Ya va
I'm off... BUT... this is a very cool blockchain!!!
"It is reasonable to aks where it is necessary to achive this level of decentralization that bitcoin has." One of the main points of cryptos is decentralization, so that no particular body like some bank or group of banks could control the currency. And Bitcoin is not the most decentralized crypto out there. We have lots of other cryptos that are more decentralized than btc.
I'm not 100% sure he meant it that way, it was very poorly worded. I think what he wanted to say was that there are other means to achieve that decentralization - not necessarily by using hash power to "vote".
He definitely was saying this with regards to the massive computational power and energy necessary to guarantee decentralization and wether that's a reasonable thing to do to achieve decentralization.
Cardano será o rei de copas entre as cryptos em poucos anos... Desde Brazil.
Salve
daqui uns 4 anos ja vai estar valendo 2 mil dólares :)
comprei 1.336 moedas
A proof of stake coin that is premined is inherently insecure, because for proof of stake it's even more important to have a real wide initial distribution. Any owner of wallet(s), that holds a significant amount of the coins, can manipulate the blockchain much more easily than with proof of work, because in proof of stake it costs nothing to create a block while in proof of work, someone manipulating blocks has to do the whole work process again and again.
The only way proof of stake can be secure is, when a good distribution of the coins exists from the start. That ensures, that it is difficult and extremely expensive to collect more than 51% to have a benefit over everyone else in the network creating blocks and being at the risk of losing all investment value by manipulation of the system.
It is solved by the rewarding system, for example you can divide the full reward by the amount of contributions during the year so the person who signed a lot of blocks would receive the same as the person who signed just one.
only if they can get hold of 51% of all the tokens currently staked... due to incentives and 0 barriers to entry (a key distinction to BTC) the vast majority of ADA tokens will be staked, probably more than 90% of the circulated tokens... initial distribution was to 10,000 people for about 20 billion tokens, 100% of market liquidity has came from those 10,000 initial investors and since mainnet went live more than 7.7 trillion tokens have been transferred between accounts... trying to control 51% of stakable tokens at this point in time will probably result in a marketcap of bitcoin, this only increases in cost/difficulty with time.. compare that to bitcoin where you have 4 entities that control > 51% of all hash power... so much for the premined argument - it all depends on current distribution, it's practically impossible to launch a 51% attack on cardano
On the Ouroboros Design: How rigour and engineering are essential for critical infrastructure, read the latest IOHK blog now:
iohk.io/blog/on-the-ouroboros-design-how-rigour-and-engineering-are-essential-for-critical-infrastructure/
Cardano will touch $20 in 3 to 6 months...Next generation crypto currency with all features.
Cardano can serve the world due to large circulation of coins.
It can balance the demand supply in any business situations.
No, it will be between 4$ and 6$ by the end of 2018
it will hit $2,000.00 by end of 2018
@aldo rofl
I am going to check my Genie...She lives down the street on a top floor flat - dimly lit, of course, along with tons of beads and multi colored clothing. ...Ok she says that the price of ADA will be......Actually, she told me to piss off while she bought some ADA online.
how's that going for you bro
What's up with the demonic snake on the thumbnail? Creepy.
29:36
That symbol is called Ourosboros the mythological snake eating its tail is the name of Cardano's one subsidiary.
If you guys are truly trying to achieve NASH EQUILIBRIUM, why would you choose a database where the Users and Validator have a decouple interest, instantly that put an insuperable roadblock towards your objective. The most advanced and experienced academics who have been developing and deploying Distributed Accounting Tech, have discarded Blockcahains databases along since 2012, if you still proposing global collaborative network by using a Blockchain Database, you are not paying attention to the realities that exist today. Not one industry which uses a Consistently Synchronized, Partition Intolerant type of databases then which requires ASICs driven to the extream of complexity just to solve a different puzzle which STILL remains diametrically opposed from the single objective which is just to move ur data across the cluster. Dude seriously Blockchains are so 2015, if you are Not producing Graphs in 2018 You are just wasting everyone's time by just creating New data silos!
Really boring. Typical professor that likes to talk giving extra complexity to simple things while thinking how smart and important I am.
Nothing at stake? I'm sorry but a bitcoin attack off course will have the processing power at stake and that would be a lot in terms of $$$