Charles Hoskinson: It will be easier to publish and maintain digital assets on Cardano than Ethereum

IOHK CEO Charles Hoskinson said a lot of time, effort and money was spent on a unique product on the market that could meet even the highest expectations. Issuing and maintaining digital assets on Cardano will be easier than on the current Ethereum. IOHK, the company behind the ambitious Cardano project, is fulfilling all the commitments they made for 2020.


Charles Hoskinson - CEO IOHK

This year will be the best year for Cardano

The current volatility in the cryptocurrency market makes the price the hottest topic in all discussions but it is unfair to ignore the other topics. Enlarging an hourly or daily candle will not be able to observe the whole market and appreciate the effort and progress taking place somewhere in the industry.

Most of that progress comes from Cardano - the ambitious blockchain project created by IOHK. The well-researched and unfinished network has grown rapidly over the past 6 months which, according to Charles Hoskinson, is on its way to fulfilling all its promises for 2020.

IOHK CEO shared his optimistic view of Cardano during a recent live broadcast, saying that years of research and development have allowed the company to confidently assert that ADA will become one of the currencies. Best electronics on the market this year.

However, this has little to do with the price aspect. Instead, Hoskinson claims the successes are from the net. To be frank and transparent, he explained that the company started working online as an ambitious research project 5 years ago.

They are committed to researching both proof-of-stake and proof-of-work protocols in a bid to find out which protocols better suit the needs of the network. Research on two very different protocols is done at the same time to find the pros and cons of each.

According to Hoskinson, this approach allows the company to create such a reliable and scalable proof-of-stake protocol. From a research perspective, Cardano's Ouroboros PoS protocol has been a huge success. Ouroboros Genesis with staking components can now run a full smart contract system and allows building a complete cryptocurrency online.

Millions of dollars have been invested in the development of Cardano's UTXo model, delivering the best multi-asset support this year. Hoskinson confirmed that the issuance, maintenance and tracking of assets on Cardano will be easier than Ethereum by the end of 2020. At the same time, Cardano will not handle other cryptocurrencies issued on its network such as in case of Ethereum, ETH and other standard coins. All of this will make the Cardano model look very appealing to dApp developers, as this is a natural and organic way for Bitcoin to upgrade and create smart contracts.

IOHK's approach fixes things that are not right

Although Hoskinson seems very optimistic about Cardano's future and the current market situation is uncertain, he notes that there is still a lot of work to be done. Cardano Foundation, Emurgo and IOHK are struggling because they have not been able to develop some essential parts of the Cardano ecosystem such as: blockchain explorer, smart contract system and decentralized exchange.

When it comes to launching the explorer for the Cardano blockchain, Hoskinson explained that this process will take more time. The explorer for Cardano is significantly more complex than the explorer for any other blockchain because Cardano is a much more complex network.

According to Hoskinson, while Bitcoin explorers only need to consider transactions made online, Cardano explorer will have to consider the voting system, smart contracts and pool stake.

Smart contract systems with different programming languages ​​will be introduced later this year. When it comes to decentralized exchanges on Cardano, it's "an important commercial element" but will do once Ouroboros is fully optimized.

Other issues still need to be manipulated a lot like Cardano Docs (archive of all documents related to Cardano's development process). Hoskinson said that it is currently "out of date" and they are trying to update it, which is expected to be completed in June or July of this year. Once completed, Cardano Docs will include a repository containing all the key technical specifications and architectural diagrams of the network, where users can access mathematical descriptions of the code the network is built on. .

All this goes hand in hand with IOHK's "lingua franca" approach. Hoskinson says that rather than using sensational marketing and language, he prefers to back up everything with pure mathematical data and specifications.

What will Cardano's future be like?

One of the biggest updates Cardano will have this year is philosophy, not engineering. Specifically, IOHK will have a full idea of ​​what interoperability is about.

The first efforts to learn how to talk to other cryptocurrencies, including proof-of-work networks, were started in 2015 and are continuing. Hoskinson said that time will tell if interoperability is going to be Cardano's direction? It depends on whether the top 3 coins that control the value in the cryptocurrency industry - Bitcoin, ETH and XRP - will move in the direction of compatibility. If so, that would be Cardano's way.

However, other major technical upgrades will also occur on Cardano. According to Hoskinson, optimizing Ouroboros and finalizing all its components is almost done and the protocol should be transferred to a second team funded by another long-running entity.

IOHK partners now implement Hydra, while the company itself is working in the Voltaire era with designated product managers and product groups. Hoskinson believes that Voltaire will be the most important release for Cardano this year, as it includes an improved proposal system, funding requirements and a voting system.

The Byron reboot will be implemented in April and is set to show how good the principles that IOHK has set since 2015.

Hoskinson also mentioned the concerns of many in the Cardano community, including the lack of specific launch dates for key products and continued delays. He explained that neither IOHK nor the Cardano Foundation have any purposeful motive to postpone the release, since all research on Cardano is funded by Hoksinon and IOHK.

New products and updates are limited by Cardano's solid principles and by the process established by IOHK. The company did not speed up the launch event to push ADA prices up.

To ensure that Cardano is as competitive as possible, activities such as building new tools, removing old tools and bringing new partners to join will be implemented for Cardano in 2020.

Thuy Trang

According to Cryptoslate

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