Intro

Anyone who read my article from yesterday would already know about the Zcash fork on the 18th. So for the continuation of the whats in my crypto wallet series i though i would cover the velvet fork upcoming in Litecoin and Cardano scheduled for November 17th. As well as explain exactly what a velvet fork is.

Velvet fork

So what is a velvet fork a velvet fork is a upgrade on a cryptocurrency node that is not a hard fork or a soft fork. Due to the operation not requiring majority consensus. This particular velvet fork for Litecoin will allow for cross chain communication while also improving scalability & the inclusion of smart contracts.

(NIPoPoWs)

A (NIPoPoW) Non Interactive Proofs of Proof of Work is a short stand alone strings that get inspected by a program to verify an event happened on a (PoW) blockchain without getting connected to a blockchain. Compared to the original (PoW) Proof of proof of work besides allowing cross chain integration has the added benefit of potentially eliminating adversarial mining. This in essence would drastically improve the efficiency of mining. Which on the (PoW) is set up to have miners compete to solve the same problem first adversarial in other words. Where as (NIPoPoW) has the potential to allow for cooperative mining where all miners work on separate sections of the math problem drastically improving efficiency.

Cardano

How does Cardano come into play? A blockchain like Cardano has a smart contract ability whereas litecoin does not. With this new methods help Litecoin can be used in the smart contracts of Cardano. Cardano will in essence Validate (NIPoPoW) used within the velvet fork enabled Litecoin side chain.

Conclusion

My apologies for the shortness of this article but im attending the futurist conference today. However the forks for BCH on the 15th and Etherium 2.0 on the December 1st. Means i need to double time these Whats in my wallet articles to make sure i cover them all before there respective forks.