A supposedly lost-in-the-system token, Cardano, happened to resurface this weekend in what seemed to be an eye opener for most people. One of the core leaders in the development of the Cardano token, Charles Hoskinson, has mentioned in an interview which surfaced on Saturday how he believes trading in the market is going. He also some shared some thoughts on a supposed competition his creation, ADA, is in with EOS. Charles Hoskinson is the founder of the blockchain company Input Output (IOHK).
The interviewer was Andrew McDonald, and one of his goals was to get Charles to explain his token and its operational mode to people who were not so tech geeky. Hoskinson stated that the operation of Cardano was very much similar to that of the Ethereum token, the only difference being that Cardano worked with proof-of-stake, whereas Ethereum still uses the proof-of-work. This he said was to improve speed of transactions of the tokens while maintaining security in the decentralisation structure.
The decentralisation, security and speed of blockchain are not exchangeable for anything else; without them a blockchain cannot be. Hoskinson believes that the current system, proof-of-work, being used for Ethereum and Bitcoin is already at a dead end and will need to be changed if the technologies intend to outlive the short shelf lives given to them by most sceptics.
On the issue of EOS being a sharp contrast to Cardano and its greatest competition at the moment na probably in the years to come, he mentioned that EOS functioned on a DPOS. Larimer Daniel, CTO of EOS, designed EOS with enablement of wide scale consumer adoption in mind, thus the mostly pressing need to use a Delegated Proof-of-Stake (DPoS).
Delegated Proof-of-Stake sacrifices the decentralised nature of blockchain on the altar of achieving the goal of widespread scale adoption. According to Charles, any blockchain that has to ask the question of whether centralisation and control are okay has already lost the cote objective of its making as a “blockchain”. He went on to further state that the layered system Cardano on the other hand was undergoing some intense developments at the moment.
He also mentioned how the bearish nature of the market since mid January has largely affected him on terms of losses. He mentioned that on paper, he ahd lost some $2 billion. However, he remained optimistic saying that the nature of cryptocurrencies now would definitely mean such losses should be expected and that it was long term investments that were most important and not a rush for quick profits.
On the matter of most people eventually creating cults out of their crypto creations, he entreated most people to make Satoshi a role model. Satoshi Nakamoto, the famed creator of Bitcoin, abruptly left the cryptocurrency community after he had created the digital token just to avoid people idolising him and focusing on him much more than the tech creation.
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