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Cardano: Hoskinson speaks about cooperation with Litecoin and IOTA

  • Cardano and Litecoin’s proposal for interoperability could be applied on Zcash, Dash, and other networks with similar consensus.
  • IOHK and IOTA Foundation will explore if there is a protocol that allows the construction of a bridge between their networks.

In his latest video for his YouTube channel, Cardano creator and CEO of IOHK, Charles Hoskinson, gave an update on a potential collaboration with IOTA and the already ongoing relationship with Litecoin. In addition, he shared his expectations for 2021 in terms of interoperability and spoke about the key factor in creating a bridge between two blockchains.

A bridge between Cardano and Litecoin

First, Hoskinson gave an update on the collaboration with the Litecoin Foundation.  In late 2020, Litecoin Foundation director David Schwartz and Hoskinson discussed that Litecoin and Cardano could implement the “Velvet Fork” in conjunction with a Non-Interactive Proof-of-Work (NiPoPoWs). This fork would allow changes to be made that users can voluntarily choose to adopt or ignore.

Giving an update, Hoskinson now stated that Litecoin is a cryptocurrency that does not adopt changes quickly which is why there aren’t big news yet. However, he described this as a “feature, not a bug”. In the coming months, both parties will conduct tests. Furthermore, the proposal still needs the support of the community:

The advantage of NiPoPoWs is that they are special, they do not require much to enter and do not require dramatic changes to consensus or validation. You get a big bank for your money, you don’t lose security. It’s very rare in protocol design to see something where you gain something and you don’t have to give up anything else for it.

For this reason, Hoskinson is optimistic that the NiPoPoWs proposal will be implemented, although it may take some time to gain support. If successful, other networks with similar consensus mechanisms could implement it, such as Zcash and Dash.

About a possible cooperation with IOTA

IOTA co-founder Dominik Schiener hopes to implement something similar for IOTA, as explained by the inventor of Cardano. As reported by CNF, Schiener recently contacted Hoskinson. Both have already arranged a meeting soon to discuss details about creating a bridge between the networks.

Hoskinson, however, clarified that they must first see if there is a protocol that allows for interoperability and if there is sufficient community support.

If the community does not support it, it is not worth anyone’s time to pursue an implementation because it would be void.

As further explained, IOHK will focus more on interoperability in the first and second quarters of 2021. Within this timeframe, IOHK will review the development of the IOTA Foundation regarding IOTA 2.0. Currently, developers are working on components for the deployment of the second phase of Chrysalis known as IOTA 1.5 that will allow them to move toward Coordicide. Hoskinson admitted that he is not familiar with the details of that progress, but considers the Internet of Things (IoT) to be an “interesting field”.

In addition, Hoskinson emphasized that a key aspect of building an interoperable cross-chain bridge is collaboration, which is why he stressed several times that there must be community adoption to support the project.

Hoskinson also believes interoperability with IOTA will be difficult due to the complexity of the protocol. However, he expects 2021 to be an important year for building bridges between networks, assets, asset transfer protocols, oracles and others.

Der Beitrag Cardano: Hoskinson speaks about cooperation with Litecoin and IOTA erschien zuerst auf Crypto News Flash.