The CEO of IOHK recently presented himself at the Zen Protocol and Input Output Hong Kong [IOHK] event which was held in Israel.
Cardano is a small team with 130 people and operating in 10 countries with two separate division for Engineering and research to build cryptocurrencies, introduced Charles. The engineering division focuses on high assurance development while the full-fledged research team studies the science of cryptocurrency.
Charles, who is also the Founder of Cardano, is in Israel with some medical research papers to attend the Eurocrypt, one of the most prestigious crypto conference hosted by Israel this year. An astonishing fact as stated by Charles is that Israel is home to the most number of cryptographers by population in the entire world.
He mentioned on a lighter note:
“You guys totally own the space.”
IOHK has various products relating to the crypto industry and Cardano, being the most popular one of them all. The founder himself began, “What the hell is Cardano? And my best guess would be, a third-generation cryptocurrency.”
Charles mentioned that to attain the 3rd generation cryptocurrency, three dimensions are to be satisfied which are scalability, interoperability, sustainability.
Scalability: Gaining people and resources, wherein the resources include transaction process capabilities and ability to move data around with targets. They also have protocols that can scale really well by moving a large chunk of data from the internet with hundreds and millions of users. The protocol is designed in such a way that more the number of people using it, the faster it gets, hence achieving scalability to the maximum.
BTC, ETH or other currencies do not have this currently. To illustrate in simpler words: putting a pie on the table and adding chairs around does not make the pie any bigger, it only makes it smaller for the many people on the chair. This is why Ethereum was killed, added Charles.
Interoperability: Moving volume and information around raises security questions and privacy concerns from one network to the other. This characteristic of interoperability with a secure network plays a very important role to achieve a third-generation currency.
Sustainability: Governance is the key factor for sustainability especially with the pressure on the founders to figure out a way and set things straight. All the talks and theories about Block size, Proof of Work [PoW], Proof of Stake [PoS], and every other aspect is a part of governance or a good decision-making team. What happens when the team makes a bad decision or is not able to make one or handle is the same that happened to Bitcoin Cash, Bitcoin Gold, Ethereum Classic and every other currency after that, he added.
Charles commented while explaining this:
“In this case, what Satoshi did was the very best solution – going away.”
Further Charles added:
“Nobody was in charge of Bitcoin and BTC to figure out a way of governance and manage to a certain extent until it began to see its boundaries of how far it can go and the need for an explicit help which is currently not quite available. This is not sustainable if a currency says you will have a classic version of me very often doubling the monetary aspects and keeping the taxes to sort out in future.”
As we enter the third-generation, we need to work with legacy systems, millions of users and lots of companies to build trust and reputation, concluded Charles.
ObiCryptoKenobi, an ADA holder says:
“ADA already one of my best performing bags in the past. Can’t imagine how the upcoming weeks will look #HODL on.”
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