Ouroboros Praos is a type of consensus protocol used by blockchain networks to securely and efficiently reach a consensus on the state of their ledger. It is an adaptation of the Ouroboros algorithm, which was first proposed in 2016 by IOHK researchers Aggelos Kiayias, Alexander Russell, Bernardo David and Roman Oliynykov.
The Ouroboros Praos protocol was designed with an emphasis on security and scalability. Unlike other popular protocols like Bitcoin’s Proof-of-Work (PoW) or Ethereum’s Proof-of-Stake (PoS), it does not require miners or validators to expend energy for network use; rather, users can simply stake their coins as collateral in order to approve transactions. Additionally, because there are no miners needed for transaction approval, this makes it possible for blockchains using the protocol to scale more easily than those using PoW or PoS algorithms.
In order to achieve its desired level of security, Ouroboros Praos requires that each node participating in the network have access to sufficient cryptographic keys known as “secret shares” that can be used together with one another in order validate transactions without revealing any individual user’s identity or holdings. This allows nodes within the network to remain anonymous while still being able to trust one another and verify transactions accurately.
Overall, Ouroboros Praos offers many advantages over traditional proof-based models such as faster transaction times and improved scalability potential thanks its unique consensus mechanism design; however it also comes with some drawbacks such as needing a larger set up cost due to having multiple secret shares per node involved in validation process. Ultimately though if implemented correctly this could provide a secure yet efficient platform where users can transact quickly without having worry about sacrificing privacy data safety concerns when doing so
