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Cardano, Litecoin Studying Cross-Chain Communication October 20, 2020 October 20, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY

Charles Hoskinson, founder of Cardano, has already rolled out the proposal of having a strong association with Litecoin in July 2020. In his latest article, David Schwartz, Director of Litecoin Foundation, discusses several possible applications in detail.

Schwartz details that Cardano and Litecoin could open the doors for new features using a velvet fork. He further points out that endorsement from network miners is not required for a velvet fork.

This could enhance cross-chain interaction, smart contract coherence and scalability in the years ahead. He explains that the far sighted impact for both cryptos need to be scrutinized further:

“Given the opportunity to research and provide input into the feasibility, pros, and cons of such an endeavor, I have had a number of informative exchanges with Charles’ team on not just what a Velvet Fork is, but also how it affects the base code and what it would mean potentially for the continued growth and utility of Litecoin as not just a store of value, but also as a means of exchange and method of settlement within smart contracts.”

Schwartz has clarified that a velvet fork can be neither categorized as a hard or a soft fork. In case of a velvet fork, a fresh code is included in the core, as it happens in a covenant upgrade, but does not necessitate consensus of majority.

Miners associated with the network can carry on with their duties as usual, irrespective of whether they have installed the overhaul or not. Participation is optional and not compulsory.

“It will allow clients that upgrade to the new rules to still be compatible with those that do not, and adds no rule modifications to the consensus layer.”

Schwartz additionally highlights that his findings are specifically encouraging in the research of NiPoPoWs (Non-Interactive Proofs of Work). NiPoPoWs permit blockchain to function like an API, permitting cryptos such as Litecoin administered by a smart contract hosted on a blockchain to communicate with other smart contracts hosted in a different blockchain, for example Ethereum or Cardano:

Basically the smart contract capable blockchain validates the NiPoPow used within the Litecoin sidechain that has had the velvet fork added to allow for this action to take place.

SPV wallets can also be made use of through NiPoPoWs. Only a download of the blockheader is required, rather than the entire blockchain. Schwartz has invited the entire Litecoin community and also Cardano to additionally study these plans so as to trial new ideas together.

Velvet forks can also be utilized by other ventures and because of their adaptability, protocol upgrades can be carried out practically without a need for majority consensus.
As per Schwartz, the extent of application is not restricted to Litecoin or Cardano but the overall ecosystem of cryptos can can gain in the years ahead.

(Excerpt) Read more Here | 2020-10-20 02:33:33
Image credit: source

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