IOHK today announced that its most recent paper of the sidechain protocols has been approved to the top Oakland cybersecurity conference. IOHK is a blockchain development and research firm that is behind the best 10 cryptocurrencies, Cardano. The paper offers first formal sidechain system definition which demonstrates how the assets can be securely moved among the blockchains and layout construction of sidechain suitable for blockchains proof of stake.
The sidechains have been envisioned as a method of improving scalability blockchain issues that enables efficient and seamless interoperability among the blockchain protocols.
Till today, there have been no attempts at any provably secure construction. The IOHK research does detail the firewall properties to reduce the sidechain failure impact on the blockchain.
“With our industry working towards coming up with more enterprise-ready and scalable blockchains, acceptance of our paper to this top research conference does present an important validation of significance of this research as it aims in supporting the initiative. The ability to carry out operations across blockchains for example from the top blockchain to the sidechain while supporting improved functionalities such as smart contract operations is an important technological growth in the blockchain industry. The paper we use lay down a comprehensive foundation for the development of all the protocols on the future generation blockchain such as Cardano,”
said Aggelos Kiayias, the IOHK Chief Scientist.
Dionysis Zindros, IOHK Researcher said,
“We do propose the first definition of cryptographic for sidechain security in this paper. This richly captures the firewalling notion between the chains and much more. We do offer construction that makes possible for blockchains that are proof-of-stake-based to interoperate a protocol that we will thereafter prove formally to be sure in our model. I have lots of confidence that this paper will mark the start of follow up constructions in the space by most researchers who work hard trying to pursue chain interoperability ideas. ”
The Symposium on Security and Privacy which was held back in May 2018 in San Francisco, California by IEEE focuses on high caliber academic developments and research in electronic privacy and computer security. This IOHK paper was written by Dionysis Zindros and Professor Kiayias of Edinburgh University and the Kapodistrian and National University of Athens and IOHK Research, Peter Gazi.
IOHK was founded by Charles Hoskinson and Jeremy Wood back in 2015. The IOHK refers to a technology firm that is committed to using peer to peer discoveries to help provide for financial services to the over three billion individuals who do not have them.
IOHK refers to an engineering firm responsible for building blockchains and cryptocurrencies for academic institutions, government corporations, and entities. IOHK is a decentralized firm that is in love with the small and innovative teams that execute and form ideas that are behind cascading disruptions. IOHK is currently studying new paradigms and tools for cryptocurrencies Architecture and cryptographic research. The company is also committed to developing and identifying new technology to direct perturbations in order.