Input Output Hong Kong Takes Its Stab At ‘Bitcoin 2.0’

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A blockchain developer, Input Output Hong Kong (IOHK), has entered the Bitcoin 2.0 sweepstakes with a protocol designed to support a blockchain capable of handling more transactions.

The company’s proof-of-stake Ouroboros protocol is a consensus algorithm designed to improve user governance, system maintenance, transaction processing speeds and blockchain scalability.

IOHK’s chief scientist, Professor Aggelos Kiayias, chair in cyber security and privacy at the University of Edinburgh, authored a white paper on the protocol.

Proof-Of-Work Limits

Charles Hoskinson, IOHK CEO and co-founder, said bitcoin’s proof-of-work algorithm is energy intensive, rewards only a small set of actors who are becoming increasingly more centralized, and can process few transactions compared to Visa and PayPal.

“It also takes miners – despite their state of the art equipment, access to electricity, and cooling – increasingly longer to verify bitcoin transactions as the number of traders and investors rises,” said Hoskinson, who is also one of Ethereum’s founders.

“We wanted to develop a more efficient algorithm that saved energy, performed better, and connects the stakeholders of the system – the people who own the

Read more ... source: CryptoCoinsNews

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