Input Output Global (IOG) chief scientist Professor Aggelos Kiayias has emphasized that the uniqueness of Cardano (ADA) lies in the fact that it is built with interoperability in mind.
In an interview with Cyber Protection Magazine published on June 4, 2021, Professor Kiayias spoke about blockchain interoperability, power consumption, and security.
On Cardano's uniqueness based on interoperability, Professor Kiayias said:
“Blockchain companies need to create solutions that can work together. Cardano is unique because it was built with interoperability in mind, and much of our work is focused on making blockchain systems work with each other through our work on interoperability. "
Elon Musk's suggestion on speeding up Dogecoin (DOGE) is risky
The professor also referenced Elon Musk's suggestion to speed up Dogecoin (DOGE), stating that any attempt to increase the speed of the transaction without making fundamental modifications to the underlying protocol design will hamper network security:
“Elon Musk has talked about speeding up Dogecoin, but how fast can you do a block production on a cyber currency before it becomes too fragile? As we have shown in recent work, the number of blocks that the network produces in a given period of time, each block travels through the network in a predictable time and miners can stop an adversary following established protocols.
However, if one dares to increase that travel time by an order of magnitude as Musk suggests without making fundamental modifications to the underlying protocol design, protection against adversaries is lowered accordingly. "
Bitcoin's energy inefficiency will continue to rise as its price rises
Professor Aggelos Kiayias also spoke about the energy consumption of Bitcoin (BTC), a topic that has become mainstream of late in the crypto ecosystem.
According to Kiayias, Bitcoin will not improve in terms of energy consumption as it will continue to experience a price increase:
“Energy inefficiency is built into Bitcoin and will only get worse as its price rises… Bitcoin gets its security from the energy-intensive 'proof-of-work' process, in which Bitcoin miners use their computing power to compete and Solving complex and random cryptographic puzzles, with the first to solve the puzzle gaining the right to mint the next block of data in the Bitcoin ledger …
In response to this, we have developed a highly energy efficient proof-of-stake protocol, and we were the first to formally propose such a system and have it accepted for publication at a major cryptology conference… Ouroboros protocol sees it all Global blockchain network powered by the energy use of a single family home ”.