Ouroboros generally means a snake or dragon swallowing its tail an emblem of wholeness of infinity.  However, with Cardano Ouroboros refers to the proof of stake algorithm.  This therefore determines how individual nodes will be able to reach consensus about the network.  This algorithm is a very crucial part of the Network which supports the ADA cryptocurrency.  This is also a major innovation in blockchain technology.

IOHK Media tweeted:  “Ouroboros also guarantees the dynamic availability a proof-of-work system never could”

The good thing about Ouroboros is that it eliminates the requirement for an energy-hungry proof of work protocol.  POW is considered to be standing in the way of blockchain scaling meant for much wider use.

Of note, Ouroboros is the first of its kind proof of stake protocol which has been mathematically proven to be secure.  This is also the first protocol to have gone through peer review after it has been accepted in Crypto 2017, which is a leading cryptography conference. The security facilitated by Ouroboros compares to the Bitcoin’s blockchain, in the sense that it has never been compromised.

Sydney Ifergan, the crypto expert tweeted: “Cardano (ADA) Ouroboros doing away with the proof of work with its proof of stake working model is definitely a major innovation that is helping break scalability barriers.”

Proof means that we have evidence that the blocks of transactions are legitimate.  Stake refers to the relative value, which is held in the address on the node.  While several POS models have been attempted, the Ouroboros had provided for proven security.  There is also a video from IOHK depicting clearly about how the Ouroboros algorithm works

Cardano (ADA) Charles Hoskinson on Tool Deficit

The Cryptonites TV team recently stated that their interview with IOHK Charles to be the best of their entire collection.  This is considered to be a must see.  And they opine that the ADA hype is real.

Charles Hoskinson in the interview opined on how the relationship that we have with the government is changing.  Demands for transparency are significantly higher, demands for checks and balances, we are no longer just tolerating lack of inequality. 

He stated that there is a problem with tools and stated there is a tool deficit.  Blockchain is not only money, it has the potential to redefine our relationship with the government, businesses, and with each other. We tend to think of all of these in terms of the price or technological capabilities. And, that is blind.  The amazing social power of belonging to a system, where we really are starting with a conversation of how should we live in the 21^st century.