Cardano Settlement Layer
PoW vs PoS
PoS aims at making the blockchain less power-hungry and more seсure. Unlike preceding attempts of developing a PoS algorithm, Serokell's implementation was based on a proven-secure algorithm Ouroboros.
Some attempts to develop such an algorithm had already been made by other organizations in the cryptocurrency space but Ouroboros came out of the scientific community and its safety was proved mathematically. Serokell’s team helped IOHK to turn it into a functional software system.
Cardano SL project formation
As the foundation for development of a well-protected solution, we used the recently invented algorithm Ouroboros. Pioneer among its class, this PoS protocol motivated our software engineers to realize a practical implementation of the algorithm.
Serokell’s team turned a theoretical basis for a new consensus algorithm (Ouroboros) into a working cryptocurrency platform.
The particular achievement of Serokell was the development of the core of the Cardano Settlement Layer. It works as the basement layer for all other components of the Cardano platform and the main place where the creation of the new crypto blocks takes place.
Any technical issues that appeared due to internals of this new consensus algorithm were resolved by Serokell in collaboration with researchers from IOHK, the University of Connecticut, the University of Athens, the University of Edinburgh, Aarhus University, and Tokyo Institute of Technology.
Particular features we implemented:
- blockchain based on a new PoS consensus algorithm;
- ledger that allowed safe transactioning of users’ funds;
- embedded scripting language support;
- network implementation, CLI client for Cardano network;
- web backend for cryptocurrency’s wallet Daedalus;
- a block explorer for Cardano network (in collaboration with IOHK engineers);
- web app for delivering the ADA tokens sold during ICO;
- launch of cryptocurrency in a federated setup (7-node cluster) with a distribution of tokens from ICO.
Cardano has become one of the safest and most scalable cryptocurrency platforms on the market. All that is due to Ouroboros that uses mathematical proof of safety based on the stability of the transaction log.
At the moment of launch (2018), the platform was recognized #7 in the top of 100 cryptocurrencies by market capitalization. At the time of working on the project, Cardano market capitalization reached $311 308 025 with $1.09 per ADA (Cardano’s cryptocurrency).
Right now, PoS algorithm first implemented by Serokell and IOHK is being used by several blockchain companies.
At the time of working on the project, Cardano market capitalization reached $311 308 025 with $1.09 per ADA (Cardano’s cryptocurrency).