IOHK CEO Charles Hoskinson Advances in Crypto Interoperability

Crypto-VIP, co-founder of Ethereum, and CEO of IOHK, the blockchain company behind cryptocurrency Cardano (ADA), Charles Hoskinson has claimed that his team has made advances in interoperability of blockchains. This will allows the various systems to better communicate with each other.

Hoskinson created the blockchain company IOHK after leaving from Ethereum back in 2014 in order to make revenue-driven business without the support of venture capital.

On Hoskins personal Twitter account, he tweeted out:

“This paper by IOHK Research is a major step forward in interoperability with proof of work blockchains https://eprint.iacr.org/2018/1048.pdf  a proof of stake one will follow”

The IOHK research paper released “Proof-of-Work Sidechains” authored by Aggelos Kiayias and Dionysis Zindros, explained the development the company’s teams have been making to blockchain and Ethereum:

“In this paper, we introduce the first trustless construction for proof-of-work sidechains. We describe how to build generic communication between blockchains.

As one application, we give the construction of a two-way pegged asset which can be moved from one blockchain to another while retaining its nature. We provide a high-level construction in Solidity. Our construction works across a broad range of blockchains requiring only two underlying properties….

Support for NIPoPoWs (Non-Interactive Proofs of Proof-of-Work) can be introduced to practically any work-based cryptocurrency such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin or Monero without a hard or soft fork. Second, that the target blockchain is able to validate such proofs by, for instance, being Turing-complete, such as, e.g., Ethereum or Ethereum Classic. Any blockchain supporting advanced smart contracts is sufficient.”