Ouroboros (OURO) is a next-generation cryptocurrency that aims to acquire high transaction throughput while being easy to manage. According to the whitepaper, the platform focuses on fast and secure transactions. The network claims that one of its main features is the transaction throughput; the blockchain develops a new block every six seconds, and it can handle up to 1,000 transactions per second (based on their stress testing results).
Another feature offered by Ouroboros is Posmining. Posmining is a blockchain-based technology that generates new coins to the wallet, depending on the current balance in the user's wallet. According to the whitepaper, mining is a costly, inefficient process that is challenging for users because it often requires particular hardware and immense amounts of energy. In contrast, Posmining requires a user to have only 0.1 OURO in a wallet. After that, additional coins are Posmined into the wallet. The main advantage of Posmining is that no network user can intrude with this mechanism and falsify new coins.
As per the whitepaper, cryptocurrencies have been anticipated to transform the online payment system and other aspects of the world. But in order to achieve this goal, they must be user-friendly, convenient, and highly scalable. In the following years, many blockchain-based technologies were created to fix the challenges posed by providing high transaction throughput while remaining less expensive, but little success has been achieved. Another challenge faced here is the absence of trust between unknown parties, which leads to countless transaction cancellations and chargebacks. To solve these issues, Ouroboros has been created.
The Ouroboros network is built on Cosmos-SDK and Tendermint. The Cosmos SDK is a framework for making blockchain applications. Tendermint is an open-source blockchain launcher that enables users to develop apps in any language. The main goal of Cosmos is to build an "Internet of Blockchains" that lets multiple easy-to-develop blockchains scale and interact with each other.
