Cardano Rolls Out Features to Reduce Energy Waste From Bitcoin and Other Networks

Cardano has taken a significant step toward solving real-life problems by introducing a new consensus protocol to reduce the energy waste of the Proof-of-Work (PoW) blockchain via the research and development company, Input Output Global (IGO).

During the Cryptology conference, the research team unveiled the protocol called Ofelimos. According to the IOG, the research was jointly carried out by some of its members, including Matthias Fitzi, Aggelos Kiayas, Giorgios Panagiotakos, and Alexander Russel.

IOG also said during the conference:

“Today, at the leading international cryptology conference, Crypto, Input Output Global, Inc (IOG) introduces Ofelimos, a novel PoUW-based blockchain protocol whose consensus mechanism simultaneously realises a decentralised optimization-problem solver.”

Ofelimos Features and Offerings

The goal of Ofelimos is to transform PoW into a proof of useful work (PoUW) algorithm. This is mainly because the PoUW algorithm intends to solve the energy efficiency problem. Therefore, the new protocol introduced by the IOG will redirect the computational effort used to maintain blockchain security, as required in the PoW model, to solve other real-world problems.

Some of the sectors Ofelimos aim to repurpose PoW computational efforts, including optimising company logistics and event schedules.

The IOG added that Ofelimos would tackle fraudulent miners’ behaviour to direct the system to pose easily solvable problems or problems that have already been solved. Additionally, Ofelimos will deploy provable security for high levels of corruption through IOG.

“Ofelimos is only a first step towards provably secure and useful PoUW. Whereas the current work readily gives provable security for high corruption levels, more research is still needed on the algorithmic side to provide suitable classes of optimisation problems for which high usefulness can be demonstrated,” the IOG concluded.

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