‘Been Waiting a Long Time For This’, Says Cardano Founder

Earlier today, Cardano Founder, Charles Hoskinson, shared a link to a newly published paper and said that he had been waiting a long time for this particular paper to see the light of day.

Hoskinson said:

It’s a major piece of work formalizing p2p and discussing how hard in practice getting proof of stake networking right is.

The paper begins by stating that the real-world implementations of peer-to-peer gossip-style networks used by blockchain protocols depend on numerous ad-hoc attack mitigation strategies that leave a huge gap between the idealized communication layer assumed in formal security arguments for blockchains and the real world.

The team behind the paper says they have tried to bridge the aforementioned gap by presenting a Byzantine-resilient network layer for blockchain protocols. “For the first time, we quantify the problem of network-layer attacks in the context of blockchain security models, and we develop a design that thwarts resource-restricted adversaries,” reads part of the abstract.

Importantly, we focus on the proof-of-stake setting due to its vulnerability to Denial-of-Service (DoS) attacks stemming from the well-known deficiency (compared to the proof-of-work setting) known as nothing at stake.

Many of Hoskinson’s followers have expressed their happiness at the update. “Congrats Charles. Another exciting scientific exploration for the history books”, says one follower. Meanwhile, another one remarks, “Incredible work Charles and team! IOG and Cardano really are at the bleeding edge of research in our industry, and we will all stand to benefit from this innovation and ones further to come. Great job everyone!”.

I’ve been waiting a long time for this paper to be publicly released. It’s a major piece of work formalizing p2p and discussing how hard in practice getting proof of stake networking right is: https://t.co/dSiNQwNAj5

— Charles Hoskinson (@IOHK_Charles) May 12, 2022

Cardano (ADA) has been going through a relatively difficult time, similar to many other coins. However, it seems to show consistent growth with increasing TVL and multiplying wallet numbers. Cardano, despite its current dull phase, appears to be promising.