IOHK’s Ouroboros Praos paper accepted to Eurocrypt 2018

IOHK, a blockchain research and development company, announced its research paper describing Ouroboros Praos, an adaptively secure proof of stake algorithm, has been accepted to Eurocrypt 2018. The flagship conference, hosted in Tel Aviv by the International Association for Cryptologic Research, is one of the most prestigious academic events in the cryptography field.

Ouroboros Praos is the latest version of the Ouroboros protocol, which was released in February 2017. The protocol is the first proof-of-stake blockchain to provide security against adaptive attackers and is fit to scale for truly widespread use. Ouroboros Praos offers the same security guarantees as Bitcoin in that it can withstand attacks from stronger adversaries in harsh network conditions. No other proof of stake protocol can provably offer this level of security guarantee under these conditions.

Ouroboros Praos was designed by a highly skilled team of cryptographers, led by IOHK chief scientist Professor Aggelos Kiayias, who is chair in Cybersecurity and Privacy at the University of Edinburgh’s School of Informatics, and director of the Blockchain Technology Laboratory at the University of Edinburgh.

Dr. Aggelos Kiayias

“We are delighted to have the opportunity to present Ouroboros Praos at Eurocrypt 2018,” Prof. Kiayias said. “The protocol is a substantial leap forward compared to Ouroboros and we are glad to share our results with fellow cryptographers in Tel Aviv this May. The 37th Annual Eurocrypt conference is one of the flagship conferences of the International Association for Cryptologic Research and a major attractor for the very best of current cryptography research.”

The Ouroboros Praos protocol is a key component of a third generation blockchain and helps to address the issue of scalability by enabling more efficient and secure blockchains capable of processing a high level of transactions.

Its predecessor, Ouroboros, is the only proof of stake protocol to have been academically peer reviewed through its acceptance to the prestigious Crypto 2017 last August, and has gained significant recognition in the academic community as an innovation in cryptography. It was the first proof of stake protocol to be accepted at a flagship conference undergoing a peer review process.

“The acceptance of Ouroboros Praos to Eurocrypt is a significant and well deserved recognition of the achievement of Aggelos and the team,” IOHK CEO Charles Hoskinson said. “I’m proud to see yet another IOHK research paper admitted to a flagship industry conference.

“IOHK’s philosophy is that research should undergo robust and scientific testing through the centuries-old process of academic peer review. That rigour is essential when you are building secure and scalable protocols that will be capable of serving the world’s billions of unbanked people.”

Ouroboros is the blockchain protocol underpinning Cardano, a top five cryptocurrency by market capitalization.

Eurocrypt 2018 is the 37th Annual Eurocrypto Conference and will be held in Tel Aviv from April 29 – May 3.